Sheldon's Thoughts: Recent Comments

Comment on Referrals and link to http:\\www.theResponsiveCPA.com

2009-05-23T20:44:09Z

Note that existing clients of theResponsiveCPA.com do get referral discounts off their next invoice. This is one way to help us both out and reduce your fees to take care of your needs. These have been $50 discounts off your next invoice upon the payment of $200 by a new client that acknowledges that you referred to me.

Comment on Tailor your medical costs for tax savings and maximum benefit to those that mean the most to your success ...

2009-05-23T18:52:34Z

Hope everyone that sees this can check the link and get more familiar with how employees, employers and the self-employed can save a lot of income taxes, self-employment taxes, payroll taxes and benefit costs by getting a plan that works best for them and putting it in place.

Comment on Tailor your medical costs for tax savings and maximum benefit to those that mean the most to your success ...

2009-01-04T13:06:42Z

Very informative
xrapid

Comment on Do you have your business vendors (people that you pay) ID numbers?

2008-01-30T07:26:27Z

Hey Sheldon -
Today is Jan. 29, 2008 and a business owner I have done work for over the past two years emailed me a copy of a 2007 Form W-9 today, telling me to fill it out, sign and email it back today because his bookkeeper only has 1 day to finish her paperwork. He just finished draining his bank account to pay his back taxes and has put my work "on hold" until he can afford to pay me. He has never actually filed a 1099, nor has he ever asked me to fill out a W-9 until now. I realize that the 1099 must be postmarked no later than January 31, 2007 and that without a TIN his deduction for the amount he paid me will probably be rejected by the IRS. It's not that I want to get him in trouble, but it doesn't seem fair to dump this on me at the last minute to save his own butt, when he's hurting me financially both in current lost revenue and from last year's taxes he chose not to withhold. I can't find any information as to whether or not I'm required to provide him with a TIN on a 2007 Form W-9 during the following year. I wrote and told him I was going to research the matter further, but that I would be happy to provide him with a 2008 Form W-9 so that we start off on the right foot going forward into '08. I should also mention that I was reading Publication 1281 and found where the request for a TIN should have been made in December of the year the account was opened. I'm not sure how that info applies to my situation, but it sure seems as though failure for a payor to ask for the necessary documentation from a payee in a timely manner doesn't necessarily constitute an emergency situation on a payee - especially when they haven't been getting any work or pay since before the end of the prior year! My question is, do I have to play along with him on this or do I have the option to stall and give him a 2008 W-9 after January 31st to avoid getting slammed with self-employment taxes because he was too lazy to withhold? Thanks - and I look forward to an expedient reply.

Comment on Do you have your business vendors (people that you pay) ID numbers?

2007-08-16T00:23:41Z

This helps the business owner see the need for getting vendor ID numbers, tracking the amounts paid to them and reporting them on a 1099 when they are a legal firm or other non-corporate service provider.

Comment on How long should I save these records?

2007-08-14T19:58:25Z

Sheldon,

You didn't leave a way for potential customers to contact you!

Sandra
Aspen Mountain Press

Response: I do now have my new contact information in the detail of my blog after my move in July 2007. The information on my website at www.TheResponsiveCPA.com still is in need of an update and I will address that as soon as I can. December 2007.