Tax Law Changes Effective 1/1/12 for 1099 Reporting

February 7th, 2012 by Janine Castleberry

Tax law changes have taken effect which impact reporting for 1099′s.  Beginning in 2012, payments made to vendors with a credit card, payment card, or third-party network transaction should not be reported on a 1099-MISC Form. 
It’s important that you change how your transactions are recorded.

Due to this reporting change, it will be important to clearly indicate in your QuickBooks or accounting software when you pay for something with a credit card versus cash or check. If you are not sure how to do this, please give us a call and we will walk you through it.  It will be easier to start recording your transactions now, rather than trying to go back and figure out the credit card charges at the end of the year.
Going forward, any credit card processor (banks, merchant accounts, PayPal, etc.) will be required by law to track certain sales and report them to the IRS on a monthly basis.  The credit card sales will be reported in total on a Form 1099-K after each year end. For 2011, you may receive a 1099-K. This will include all payments made TO you by credit card companies.  You will want to include these forms in the client information that you send in with your 2011 tax work papers.  If you have any questions concerning this change, please contact our office.  We would be glad to assist you!

Join McIlvain & Associates Wednesday morning at the Keller Lead’s Breakfast!

January 17th, 2012 by Janine Castleberry

To our DFW area friends…We hope you can join Sandy McIlvain, Kelli Strube and Janine Castleberry as our firm sponsors the Keller Chamber’s Lead’s Breakfast  tomorrow! (Wed. Jan. 18th) Location: Prudential Worldwide Realtors. 1727 Keller Parkway from 7:30-9:00 a.m. Bill Lynch will be giving a great networking presention on ”How to Work a Room”  and Sandy McIlvain has an important announcement to make. [...]


Year-End Tips to Reduce 2011 Taxes

December 21st, 2011 by Janine Castleberry

The IRS wants to remind all taxpayers that with the New Year fast approaching, there is still time for you to take steps that can lower your 2011 taxes. However, you usually need to take action no later than Dec. 31 in order to claim certain tax benefits. Here are six tax-saving tips for you [...]


TV Infomercial Gifts for 2011

December 16th, 2011 by Janine Castleberry

Provided by MSN Money From the days when Ron Popeil began shilling his Pocket Fisherman and Veg-O-Matic, television viewers have been ordering amazing products from those inescapable infomercials. These five classic products that have made it under the tree for years by now and new ones on late-night TV sure to become hits this year. [...]


Sandy McIlvain welcomes Kelli Strube, CPA to McIlvain & Associates.

November 28th, 2011 by Janine Castleberry

Kelli has over 20 years of diversified accounting, financial management & tax experience with Big Four accounting firm, private industry, internal audit and tax. She has significant experience in interaction with all levels of management, professional services, investment partners/shareholders and various government agencies.  Her services include, but are not limited to: estate and gift tax returns, [...]


Tips for Taxpayers Who Receive an IRS Notice:

November 3rd, 2011 by Janine Castleberry

Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Here are a few things every taxpayer should know about IRS notices — just in case one shows up in your mailbox. Don’t panic. Many of these letters can be dealt with simply [...]


Seven Tax Tips for Job Seekers

August 1st, 2011 by Janine Castleberry

Many taxpayers spend time during the summer months updating their résumé and attending career fairs. The Internal Revenue Service reminds job seekers that you may be able to deduct some of the expenses on your tax return. Here are seven things the IRS wants you to know about deducting costs related to your job search. [...]


Summer Day Camp Expenses May Qualify for a Tax Credit

July 18th, 2011 by Janine Castleberry

Along with the lazy, hazy days of summer come some extra expenses, including summer day camp. But, the IRS has some good news for parents: those added expenses may help you qualify for a tax credit. Many parents who work or are looking for work must arrange for care of their children under 13 years [...]


Beware of emails claiming to be from IRS

July 13th, 2011 by Janine Castleberry

Bogus email scams are resurfacing, including one involving payments allegedly rejected by the Electronic Federal Tax Payment System. The email has a link that may download malicious software. Information on what to do if you receive a suspicious IRS-related communication is available on IRS.gov.