Friday, October 5, 2012

1099K: How to print and submit new IRS form 1099-K (Credit Card)

I wanted to share a new “10 Step Guide on How to Print Form 1099-K” and then file it with the IRS.

Just like any other information return, the filer will need to send a copy of form 1099-K to each recipient and send the corresponding copy to the IRS.

Due dates for year 2012 / 2013:

Send Copy B of form 1099-K to the recipient by January 31, 2013.
File Copy A of form 1099-K with the IRS by February 28, 2013. 
If you file 1099s electronically, the due date is April 1, 2013.

Tips and Suggestions:

1- Always start preparing 1099s early and do not wait until last minute.
3- Call the IRS Information Return division @ (866) 455-7438 if you have any questions or concerns.
4- Try to e-file to guarantee your forms get received by the IRS.

Happy Tax Season!


#1099K #W2Mate

Monday, October 1, 2012

New Michigan 2012 / 2013 Tax Rates

Effective October 1, 2012, the income tax withholding rate will change to 4.25% and the personal exemption amount will change to $3,950. The pension and/or retirement benefit withholding rate will also change to 4.25%, however, there is no adjustment to the monthly pension deduction amount. Withholding Tables have been updated.

If you are using a payroll system, then make sure to call the publisher to get the most up to date version. If you are doing payroll by hand, I highly recommend you call the state to get the latest withholding booklets.

The latest Michigan withholding tables can be found here: