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Ep. 5: Hurricanes, Halloween and How the IRS will Haunt You
This week…In this episode…
SHOW NOTES
—----------------------
Intro Portion
Latest News
Halloween “mini-season” - events; traditions (Chester)
Hurricane season - Ian did some damage in Florida and Carolinas, lead up to insurance; ask for ideas from listeners Industry events season: https://www.campgroundaccounting.com/upcoming-events/
1099 preparation - who gets one and why
What’s the purpose of 1099?
Who gets one?
What about work campers?
How do you get the information to file the 1099?
What happens if you don’t have the information to file?
Penalties: the penalty varies from $50 to $270 per form, depending on how long past the deadline the business issues the form. There is a $556,500 maximum in fines per year for small businesses. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $550 per form or 10% of the income reported on the form, with no maximum.
Penalty relief from Covid that we discussed last time does not appear to apply to 1099s
One potential relief could be based on destruction of information at IRS back in May 2022. https://www.journalofaccountancy.com/news/2022/may/irs-blames-old-tech-destruction-information-returns.html
CONTACT
—----------------------
Campground Compass Socials
IG: instagram.com/campgroundcompass
FB: facebook.com/campgroundcompass
Web: campgroundcomapsspodcast.com
Donna
Email: [email protected]
IG: instagram.com/thedonnabordeaux
LI: linkedin.com/in/donnabordeaux
Zack
Email: [email protected]
IG: instagram.com/thezackb
LI: linkedin.com/in/realzackb
View all episodes
By Campground AccountingThis week…In this episode…
SHOW NOTES
—----------------------
Intro Portion
Latest News
Halloween “mini-season” - events; traditions (Chester)
Hurricane season - Ian did some damage in Florida and Carolinas, lead up to insurance; ask for ideas from listeners Industry events season: https://www.campgroundaccounting.com/upcoming-events/
1099 preparation - who gets one and why
What’s the purpose of 1099?
Who gets one?
What about work campers?
How do you get the information to file the 1099?
What happens if you don’t have the information to file?
Penalties: the penalty varies from $50 to $270 per form, depending on how long past the deadline the business issues the form. There is a $556,500 maximum in fines per year for small businesses. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $550 per form or 10% of the income reported on the form, with no maximum.
Penalty relief from Covid that we discussed last time does not appear to apply to 1099s
One potential relief could be based on destruction of information at IRS back in May 2022. https://www.journalofaccountancy.com/news/2022/may/irs-blames-old-tech-destruction-information-returns.html
CONTACT
—----------------------
Campground Compass Socials
IG: instagram.com/campgroundcompass
FB: facebook.com/campgroundcompass
Web: campgroundcomapsspodcast.com
Donna
Email: [email protected]
IG: instagram.com/thedonnabordeaux
LI: linkedin.com/in/donnabordeaux
Zack
Email: [email protected]
IG: instagram.com/thezackb
LI: linkedin.com/in/realzackb