S-Corporation Owner Health Insurance
Reporting health insurance premiums paid for a more than 2% shareholder tends to be an area of confusion for many. To be tax deductible the premiums must be treated as wages and included on the shareholders W-2. As you process final payrolls for 2017, please verify this reporting is being considered.
1099 Filing (Due January 31st, 2018)
Every trade or business must file information returns (Forms 1096 and 1099-MISC) each
year for certain payments, services, and rent that are made to unincorporated vendors
that were paid $600 or more during the year. Reportable payments to corporations include attorney fees and health care payments of $600 or more. In most cases, 1099's are not required to be issued to vendors that were paid via credit card or third-party networks even if paid more than $600 during the year.
Typical payees for whom you might need to issue a 1099 to would be payments for cleaning services, independent contractors, consultants, web designers, landlords, and other professional services. Failure to file returns or to include correct information can result in a fine and or disallowed tax deductions.
Information returns are required to be given to payees by January 31st, 2018.
Form W-9 can be used to request taxpayer identification numbers (TINs) and other necessary information required to issue a 1099. It is important to have a W-9 on file for any vendor that might require a 1099 to be issued. Click the following link to download the Form W-9.
If you would like for us to prepare your 1099s, please use the fillable Form 1099 Worksheet we have provided for your convenience. Please fill out and return the worksheet or otherwise provide us with the necessary information. Click the following link to download the Form 1099 worksheet.
You can upload it to your secure client portal through www.tdcpagroup.com or fax to (503) 786-7152 no later than January 17th, 2018 to ensure timely filling.
If you have any questions or need help determining your 1099 filing requirements, please contact Morgan Watters in our office at (503) 786-7320 or email Processing@tdcpagroup.com for assistance.
Personal Property Tax Return Filing (Due March 15th, 2018)
Just a reminder that Personal Property Tax Returns are due on March 15th and are not able to be extended. To ensure timely filing, please forward to our office, as soon as possible, a list of any asset additions or deletions for the 2017 tax year, along with the pre-printed form you may have received from the county. Please call us with any questions. (503) 786-7320.