Form 1099

Form 1099 is an annual report sent to the Internal Revenue Service and to the recipient for the cumulative amount paid/earned during the calendar period.

Form 1041 – Income Tax Return for Estates

Form 1041

When an individual passes away, his/her will or trust identifies a representative to administer his/her estate.  This representative is referred to as the executor (male) or executrix (female) and is generally approved or assigned by the local circuit court.  The Internal Revenue Service tasks this representative to file a final personal return and information returns until the estate is completely transferred to the heirs.

What is a K-1?

A K-1 is a reporting tool to the Internal Revenue Service.  It is used by Partnerships, S-Corporations and Trusts to report the taxpayer’s share of income, deductions, and credits.  A K-1 is similar to Form W-2 or 1099 in that the information provided informs the taxpayer of what has been reported to the Internal Revenue Service.

The 1099 Subcontractor

1099 Subcontractor

The Internal Revenue Service promulgates rules and regulations concerning the employment status of workers.  In general, workers are classed as W-2 employees and certain tests must be met to have the worker classed as a 1099 subcontractor.  All 1099 subcontractors should be issued a Form 1099 in January of each year for the prior calendar year of services.  This article describes the general tests that must be met for the worker to be considered a 1099 subcontractor.

Year-End Preparation

W-2's

I dread January of every year. I have to spend so much time preparing the year-end payroll reports prior to the January 31 deadline. Not only must your quarterly’s and monthly’s tie together, but it has to match the general ledger at year-end.

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