Form 1099

IRS Enforcing New Penalties on 1099s

In June of 2015, Congress passed the Trade Preferences Extension Act which greatly enhanced the penalties for all 1099s. This means that the penalties for filing 1099s late have become substantial and this has become an area where the IRS … read more

Form 1099 Reporting Requirements

It is necessary to file form 1099-MISC, Miscellaneous Income for each person to whom you have paid during the year: At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest $600 or more in rents, … read more

Quick Reference Guide for 1099 Reporting

When is 1099 reporting required?  Reporting is required when businesses make payments of $600 or more in the course of trade or business in a calendar year to a single payee (exclusions may apply).    Generally, payments made for the following … read more

Taxation of Damages

Someone rear-ended you at a red light. You were unfairly fired. You’re collecting a settlement or judgment. Is it taxable income? The tax treatment can vary greatly depending on how you were damaged, how the case was resolved, and how … read more

2013 Business Year End Planning Reminders

Below are some important tax provisions that may affect your business before the end of the year.   1) Bonus Depreciation – the 50% bonus depreciation on purchases of new equipment is available for 2013 but is currently not available in … read more

IRS Matching – Better Success than Online Dating?

No IRS has not gotten into the online dating biz.  While I’m sure they tax it, matching couples is a bit beyond their scope. But IRS does share a very distinctive characteristic with online dating.  Try as they might, they … read more

Are You Aware of the New Changes for 2011 on Partnership Returns?

In an ongoing effort to ensure the proper amount of income and deductions are reported and that the proper amount of tax is collected, the Internal Revenue Service is ever evolving its tax forms. You can always find these changes … read more

IRS Provides New Settlement Offer On Workers Misclassified as Independent Contractors

Have you been incorrectly treating your workers as independent contractors rather than employees?  Are you unsure of the outcome if you were to be audited by the IRS or Department of Labor?  If so, my first suggestion is to discuss … read more

Year-End Payroll Processing Reminders

It’s that time of year again; time to start preparing for year-end payroll processing.  The filing deadline for 2010 Forms 940, 943, 944, 945, and fourth quarter 2010 Form 941 is January 31, 2011.  W-2s and 1099 forms must be … read more

Expanded Tax Benefit to Health Professionals Working in Under-served Areas

The IRS has announced that under the Affordable Care Act, health care professionals who received student loan relief under state programs that reward those who work in under-served communities may qualify for refunds on their 2009 federal income tax returns … read more


There is nothing more complex than the world of taxes. We know this and yet we chose careers where we face these issues everyday. We get questions day in and day out about new tax laws, forms and news items and how they affect everyday people and businesses. Well, here at Henry & Horne we have set out to do what we do best; help everyday people understand what is going on in the world of state, local, federal, estate and international taxation. We will provide these weekly posts and we encourage you to give us feedback on those posts as well as letting us know what else you would like to know more about. Welcome to "Tax Insights." We hope you find this blog informative and worthy of your time.

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