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FAQ

Why are IRS forms so badly designed?
Without a doubt Erik Fair has identified the root cause but anothercontributing factor is that many people who might complain about the forms donot actually fill them out. If you like your abstractions to be human you can engage a certified publicaccountant. If you prefer to gloss over the gross realities of life withsoftware you have a lot of options. Ive used HR Blocks web application forthe past several years. It aint great but its faster and more forgivingthan handfilling forms and it remembers information from the previous yearsreturn. I guess this is an instance of the general principle that if you give people atolerable escape valve you delay the solution of the underlying problemindefinitely.
Is there a free IRS form 1099 template?
You can use Form 1099MISC Miscellaneous Income for the copy you send to theindependent contractor but the IRS requires that you send them the redscannable copy you purchase at an office supply store or you fileelectronically.
What is the IRS Form 941?
The third quarter filing deadline for Form 941 is fast approaching If youdon’t have a fullservice payroll solution for your small business likePayWow manually filing Form 941 can be tricky but it neednot be difficult.We’re sharing a complete small business guide to IRS Form 941 to help duringthis tax seasonThe Complete Small Business Guide to IRS Form 941What is Form 941Form 941 the Employer’s Quarterly Tax Return is used to report employmenttaxes. If you pay wages for employment you will need to file IRS Form 941quarterly. You the employer are responsible for withholding and reportingsocial security tax income taxes and Medicare tax from employee wages. Form941 is also used to calculate your portion of social security and Medicaretax.Fourth Quarter Form 941 Deadline January 31stDo I Need to File IRS Form 941All businesses that pay wages for employment are required to file Form 941 andcontinue to do so even if there are no employees present during selectquarters. Seasonal and agricultural employers are the only exception and arenot required to file for each quarter.What Do I Need to File Form 941To file Form 941 you will need your business details such as your EIN andpreferably an Online Signature PIN. You do not necessarily need a PIN to filehowever if you choose to file online it will make the process simpler. If youdo not have a PIN you will need to complete and esign Form 8453EMP.In addition to your business information you need these three pieces ofpayroll information in order to file Form 941. Number of Employees Total Paid Wages IRS Tax Amount WithheldWhat are the Penalties Associated with Form 941A failuretofile tax penalties for Form 941 result in a 5 penalty based onthe total tax amount due. Your business is then charged an additional 5 eachmonth the return remains unpaid for up to five months.You’ll be penalized for depositing tax payments late. Initially you will bepenalized .5 of the unpaid tax amount and will be charged each monthfollowing the deadline. The penalty amount will increase to 1 of the taxamount ten days following notice that the IRS intends to levy. This noticeshould be taken seriously and is a final warning that the IRS is prepared toseize your property to satisfy the unpaid debt.Warning The IRS can garnish your wages withdraw money from your bankaccounts or posses other personal property to settle the owed debt. Howeverthe tax penalty will be capped at 25 of the total unpaid tax.I hope this was helpful For the full article click hereThe Complete Small Business Guide to IRS Form 941 PayWow I know that filing employment taxes can be hard from personal experince sowhy not seek help
Do convertible note investors need to receive IRS form 1099INTs from thecompany after their note converted to equity?
Convertible notes Reg D investment are almost always converted into sharesof the issuing company including any interest earned. Generally companiesthat issue convertible notes to raise capital are not in a position to redeemnotes with cash. They are simply not in the financial position to do so.Companies treat the interest portion their own way issuing interest shares indrips and drabs or they wait until the principal part of the note has beenconverted and then convert the interest amount. There really isnt a set rulebasically CFOs choice. If you are paid in cash your taxable amounts are straightforward. If you exitthrough a conversion you would need to sell every share converted to trulyunderstand the notes genuine return. And of course you dont know yourbasis or cost basis until the entire note including any and all interest hasbeen converted into stock.Things can get messy when the note requires manyconversions and the time require for liquidation is drawn out for many monthsand for multiple years. The only rule for Convertible notes is that its paper cash is king. And paper is 19¢ a pound.
For taxes, does one have to fill out a federal IRS form and a state IRS form?
No taxes are handled separately between state and federal governments in theUnited States.The IRS Internal Revenue Service is a federal not stateagency. You will be required to fill out the the necessary tax documentation for yourfederal income annually and submit them to the IRS by April 15th of that year.You can receive extensions for this but you have to apply for thoseextensions. As far as state taxes go 41 states require you to fill out an income taxreturn annually. They can either mail you those forms or they be downloadedfrom online. They are also available for free at various locations around thestate.Nine states have no tax on personal income so there is no need to fillout a state tax return unless you are a business owner. Reference www.irs.gov
Are IRS forms for year 2018 available?
The short answer is no. They typically are finalized and available by January15th. However the current situation in Congress has “delayed” the final taxcode for 2018. Congress has released memo’s to tax servicers stating finalizedforms may not be available until February or March next year. Congress and thepresident have made so many changes that the tax code which is normallypretty much finalized in November may not be finalized until after Congress’schristmas break. It’s going to be a challenging tax year so be prepared andkeep informed.
What is the definition of "Qualified Widower" in IRS Form 1040?
A federal tax filing status available to widows and widowers for two yearsafter their spouses death. In the year the spouse dies the widow or widowercan but is not required to still file as married filing jointly he or shecould then file as qualifying widowwidower for the two years after thatunless he or she remarries during that period. While the surviving spousecannot continue to claim an exemption for the deceased spouse he or she cantake the same standard deduction as a married couple filing jointly. Thisfiling status can ease the financial sting of losing a spouse.
Which IRS forms do US expats need to fill out?
Many Assuming you are an expat with a reasonable income say 70k and you havesome back accounts maybe some stock investments and just for fun a personalpension one you contribute to rather than a company contributes to.You will need to file1040 and relevant sections1116 for each income class Gen Limit Passive and possible others2555 Income exclusion3520 Foreign trust3520A Foreign trust8938 for each foreign financial asset covering bank accounts brokerageaccounts pensions property for rental stocks partnerships etc.FBARs for each slightly differently defined financial account includingaccounts you have signatory authority over so if you are an officer in yourlocal club then their account details need to be sent to the Treasurydepartment. If you actually are or are about to be an expat consult a professional taxadviser familiar with US tax law and the law in your local country. For peoplewho don’t have any US assets you will file this large pile of paper and onthe bottom it will say ‘Owes 0 US tax’ but if you don’t file the pile ofpaper of file it incorrectly the penalties are massive and can include jailtime.
Where do IRS form numbers come from?
There is some method to the madness. The IRS sets aside blocks of numbers tobe used for related forms. Some examples7xx for estate and gift9xx for employmentwithholding1xxx for income reporting5xxx for retirement plan filingsIn rare cases the form is named after the Internal Revenue Code section it isfor. Included in the latest tax reform act is Code Sec. 965 deemedrepatriation tax which is reported on new form 965.The partnership reporting of allocable passthru items to partners is done ona schedule K1. Subchapter K of the Code deals with partnerships so theressome logic in that.Yet the form S Corporations use to report passthru items is also called a K1even though S corps are governed under Subchapter S. And trusts also reportout on a K1 though trusts are under subchapter J. Each has its own version ofthe K1 yet they are all labeled with the same designation.To get a taxpayer advocate involved established under Code Sec. 7803cyoud file from 911. That one makes intuitive sense.But most forms are numbered probably because its what came to mind bywhomever is the form number gatekeeper in keeping with loose categoriescorrelated to number blocks.