Category Archives: Record keeping

Reporting Stock Transactions Becomes More Complicated

Beginning with the 2011 tax return, reporting stock transactions has become significantly more complicated because of the new requirement for brokerage firms to track the purchase price of stocks acquired in 2011 and subsequent years and to include that information … Continue reading

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How a Change in 1099 Reporting Will Cause Headaches for Business Owners and Tax Preparers

As part of new legislation passed during 2011, Congress has mandated new reporting for payments made by credit card processors and banks.  This new reporting requirement is sneaking up on the general public and will cause major headaches for business … Continue reading

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Form 1099 Reporting Requirements for 2011

One of the areas we see the most confusion concerning reporting compliance among businesses is that of reporting payments made to vendors for services performed for the company. This is also an area where business have the most difficulty in … Continue reading

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New Business – What to Deduct

I was posed with this question recently, one that I frequently get when someone starts a new business in Illinois. Q: “I just started a new business and want to start keeping track of things for next year’s taxes. What … Continue reading

Posted in Ask Steve, Bookkeeping, Business taxes, Record keeping | Leave a comment