Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Archive for December, 2011

The New IRS Form 1099-K

Posted by Mark On December 28th

IRS Form 1099-K

Starting in 2011, credit and debit card companies will begin reporting payments made to merchants on a new IRS form 1099-K to payees with over 200 sales transactions and over $20,000 in annual sales.  This amount will be reported on a separate line on a taxpayer’s applicable tax return, this will leave cash and check sales reported net of credit card sales on a separate line.

This change is an attempt to reduce underreporting of gross receipts by sellers of goods and services.  If a taxpayer takes cash sales out of the drawer to purchase merchandise and does not record the purchase and sale in its books and records, this change could trip up the IRS for underreporting of income, something to consider as you complete your 2011 tax return.

If your business needs a controller manager, please give me a call at (239) 384-9688 or contact me online.

-Mark
Naples & Fort Myers Accounting

I would like to take this opportunity to say “Thank You” to our clients and our web followers of Makara & Associates. This month marks our company’s 5th Year Anniversary. We could not have achieved this continued success without the support of our clients and people like you.

Due to this continued growth, I am happy to announce that we have welcomed two new staff members to our team at Makara & Associates. We would like to introduce you to Stan English and Theresa Cosey. Please feel free to contact them at any time with questions regarding your tax returns or other accounting needs.

As we advance into 2012, the staff at Makara & Associates is continuing to find ways to ensure that you receive unparalleled customer service. In addition to increasing our staff, we have also created online resources which provide you with information and answers to your questions, 24 hours a day, 7 days a week.

Some of these resources include a new website, www.Makara-Assoc.com. This website provides you with in-depth information about various services that are available to you through Makara & Associates. It also includes a “Learn More” page, which outlines common questions about accounting practices, payroll, tax planning, controllership, Social Security, Quickbooks, and much more, providing you with comprehensive answers to these questions. In addition, we have also implemented a Blog site, www.cashflowplanningforlife.com, which further provides tips and informational resources about everything to do with accounting and financial stability for you, your family, and your business.

Again, we thank you for your continued loyalty to Makara & Associates, your referrals, and for your help in making the past 5 years a success. We look forward to many more to come!

Wishing you and your loved ones a wonderful Holiday season and a happy, prosperous New Year!

Sincerely,

Mark Makara and the Staff at Makara & Associates

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