irs hourglassIRS Reporting

Every business has unique bookkeeping needs as well as reporting requirements. Call us at 786.925.3579 to discuss forms and schedules required in your business.

Businesses may be required to send notification to the IRS and state tax authorities for payments made in diverse areas. These are usually called "information returns" in which the business discloses to the government the nature of the payment, the amount, and to whom the payment was made.

Generally, these forms are required to be distributed to the recipient of the payments as well as to the government. For IRS purposes, they are usually due on or before February 28 of the year following the year of payment. There may be penalties charged to any business that fails to file these information returns.

There are many other possible information returns that may be required for different business activities and business types. However, these are the main ones that tend to impact most average businesses.

Some of the most common filings are:

Form 1099 Misc: Payments in excess of $600 per individual for services rendered (such as subcontractors, landlords, other nonemployee compensation).

Form 1098: For payments of mortgage interest in excess of $600 to individuals on loans owed by the business.

Form 1099 DIV: Payments in excess of $10 per recipient for dividends, and stock dividends.

Form 1099 INT: For payments in excess of $10 to recipients of interest income.

Form 8300: Report of cash payments received by a business in excess of $10,000 per transaction or related transactions.

Form W-2: Payments to employees for wages, tips, and other compensation. No dollar limitation.

About YZ & Associates

As each client relationship grows, our dedication shines through.  Our guiding principles are:

  • Professionalism
  • Responsiveness
  • Quality

Call us at 786.925.3579 and let us show you how we can help your business.

Policy on Disclosure of Your Personal Information

1. We collect personal information about you and all our clients from the information you submit on our applications or other forms, and through information we obtain over the course of your business relationship with us, our affiliates, and others. In addition, we may from time to time receive information about you from a consumer reporting agency.

2. Personal information is information that we collect from you that is not otherwise available from public sources.
The categories of personal information we collect include the following:

a. Information we receive from you on applications or other forms, such as your name, address, social security number, names of family members, assets, and income.
b. Information about your transactions with us, our affiliates, or others, such as your account balances, investments,current and prior tax information, and credit card usage.
c. Information we may receive from a consumer reporting agency pertaining to your creditworthiness and credit history, including loan or mortgage payments made.

3. We will not disclose any personal information about our clients or former clients to anyone, consistent with our professional confidentiality obligations. However, upon your written request we will disclose information about you, and we may be required by law to disclose personal information about you, as, for example, in response to a subpoena or other court order.Also, we may disclose personal information about you to our affiliated financial planning and investment adviser firms.

4. Within our institution, we provide access to your personal information only to those employees who need to know the information to provide you with our services. We maintain physical and procedural safeguards to guard your personal information.

5. We do not share your personal information with companies that perform marketing services.