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Monthly Archives: February 2010

What You Need to Know About Tip Reporting

Posted on February 12, 2010 by Linda Silva

The IRS is working hard to find lost revenue. Non-reported or under reported income by restaurant workers is under scrutiny. Restaurants owners have the critical tasks of keeping records on tips received and compelling employees to report tips.

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Posted in Tax Articles, Tips & Tricks

Credit Card Receipts to be Reported to IRS

Posted on February 4, 2010 by Chuck Silva

Proposed IRS regulations address reporting requirements for credit card and third-party network transactions (IR-2009-106; NPRM REG-139255-08). The IRS plans to require credit card and other firms that process transactions to report the annual gross network transactions to participating merchants and to the IRS.

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Posted in Business Finances, Tax Articles

New 1099 Requirements Coming

Posted on February 4, 2010 by Chuck Silva

To narrow the federal deficit, the IRS plans to add new 1099 reporting requirements, according to a report from the American Institute of Professional Bookkeepers.

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Posted in Business Finances, Tax Articles

More Families Qualify for EITC

Posted on February 3, 2010 by Linda Silva

According to Texas Comptroller Susan Combs a slow economy means more Texas families may qualify to claim the Earned Income Tax Credit (EITC) on their federal income tax.

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Posted in Tax Articles