Missouri not mailing Form 1099-G
The Missouri DOR is not mailing Form 1099-G.
Missouri is now providing 1099-G information online over a secure server that is available anytime.
Form 1099-G reports the amount of refunds, credits and other offsets of state income tax during the previous year that must be reported on your federal income tax return if you itemized your deductions last year.
If you are expecting one you can go to https://sa.dor.mo.gov/tax/1099g/ Fill out the following information:
Hit continue and it will give you your information. If you want to print this our for your tax return specialist there is an option for that.
Clients of mine, please do this.
If you prefer to use the telephone to obtain your 1099-G information, you may call (573) 526-8299. The same information required above is also required for the telephone inquiry system.
What is Form 1099-G?
Form 1099-G provide tax information that must be reported on your Federal Income Tax Return. It reports the amount of refunds, credits, and offsets of state income tax during the previous year. Depending this information maybe taxable on your Federal return if you claimed the amount as an itemized deduction last year. Click here for more information and answers to Frequently Asked Questions.
A Week in Perspective
HERE I GO ONE MORE TIME – This message cannot be repeated often enough
Don’t miss the Articles that TWTP is putting out over at mainstreet.com
How to Save the American Dream
IRS Increases Tax Deduction for Drivers
5 Money Moves to Make Before Year-End – I have thought about my finances and some things I need to do as the year comes to a close. There are tons of year-end money lists out there and they all talk about decreasing taxes, selling investments, and saving for retirement. There are a few other things I like to think about when the year ends.
“Be always at war with your vices, at peace with your neighbors, and let each New Year find you a better man.”
- Benjamin Franklin
Why None of Your Credit Scores are the Same – Many people are rather surprised when they look at their credit scores and see that they don’t match up. A credit score may differ across different credit bureaus, and those scores are often a little bit different than what you see when you get your score from FICO. Sometimes the difference is more than a “little.” In some cases, you might find that your credit scores vary by up to 20 points — or more. Why is this?
I try not to place things in here that promote advertising as the first thing you see when you get there but you need to see this article.
How To Instantly Increase Your Motivation For Sticking to Your Budget?
Tax Carnival #77: Stocking Stuffers 2010
2011 Mileage Rates Released – Despite the fact that many predict that the cost of gas will inch up to $4 per gallon by the holidays, the standard mileage rates for 2011 are just slightly different than those for 2010. The IRS has announced the standard mileage rates for 2011 as follows:
Free Spreadsheet to Track Business Expenses for Schedule C
I only lie to the IRS and my CPA, not to you! – Sometimes being too clever in doing taxes can come back to haunt a small business owner, as Steve Sink explains at IowaBiz.com:
How Do Banks Make Money? – Banks are in the business of money. Some companies sell goods and others sell services, but banks are in the money business. From credit cards to personal loans to mortgages, banks make money the old fashioned way. . .
Section 179: First, you have to have a business – The Section 179 deduction will be a huge part of year-end tax planning for countless business taxpayers this year. The ability to take a current deduction for the purchase of equipment that would otherwise be capitalized and depreciated opens many planning doors. But there are limits, as a Nevada tax preparer learned yesterday in Tax Court.
This weeks, must read – Struggling With an Ongoing Issue? Ask Yourself This
Are You Ready For The Big Payroll Tax Deposit Change? – The IRS is changing the rules in a BIG way, when it comes to payroll and corporation tax deposits. Are you going to be ready for this new change? If not, you don’t have long to get ready! The new change goes into effect on January 1, 2011. I got a letter from the IRS today that really surprised me. It said that starting on January 1st, I was no longer able to make manual payroll…
Opportunity is missed by most people because it is dressed in overalls and looks like work.
–Thomas A. Edison
And the big news last week: A proposal. . . .
THE FIRST STEP – It appears that BO has agreed to a final compromise with the Republicans to “get ‘er done” and temporarily extend the “Bush” tax cuts for two years.
How the Tax Deal Affects Taxpayers – President Barack Obama called the bipartisan tax agreement announced on Monday a “framework.” As yet there is no legislative language or even a comprehensive outline of the proposals, and its passage by Congress isn’t assured.
Small-Business Groups Parse Tax Deal – The trade group estimates that 75% of small-business owners pay taxes for their establishments at the individual level because those concerns are either S corporations, limited liability companies or sole proprietorships. Under the president’s proposal, such entrepreneurs would continue to be eligible for tax cuts available to couples earning more than $250,000 a year for at least the next two years.
What to Do With a Payroll Tax Cut – Working taxpayers will get a little, temporary raise, if the payroll tax reduction in the tax agreement reached by Congress goes into effect. It’s not life-changing money – the benefit tops out at $2,100 per year for anyone making $106,800 or more – but it is enough to have a ripple effect if used wisely.
Bush Tax Cuts Extended As Part of Unemployment Insurance Extension and Payroll Tax Deal
Payroll Tax Cut and Social Security Benefits – News came President Obama and Republicans agreed to a “payroll tax holiday” in 2011. For one year only, an employee’s portion of the Social Security tax will be reduced from 6.2% to 4.2%. This will replace the Making Work Pay tax credit in effect in 2009 and 2010.
Obama Woos Wary Party on Tax Deal – Democrats criticized the broad tax package for cutting taxes on high earners and setting tax rates too low on large inheritances, as well as for its effect on the country’s budget deficit. But Democrats also said they didn’t yet see a revolt spreading so far that it would derail the agreement in the Senate. Prospects for passage are more uncertain in the House, where many liberal members are balking at planned changes to the estate tax.
Defiant Obama defends tax cuts, eyes 2012 – WASHINGTON (AFP) – US President Barack Obama has come out fighting, urging Democratic allies to back a hard-won compromise deal on tax cuts and putting Republicans foes on notice ahead of the 2012 elections.
In face of criticism from many on the left of the Democratic Party, Obama passionately defended the deal that will see tax breaks extended for the wealthiest Americans saying his critics had to take a long-term view.
What the Tax Deal Means for You – The entire package would cost about $900 billion over the next two years, and would be paid for entirely by adding to the national debt. Here’s what it means for your pocketbook (this information was culled from our main story; we’ll update with more details later):
And you must read this from Kelly!
The Morning After: The Tax Deal Hangover – I’ll admit that I didn’t see yesterday’s tax deal coming. I was fairly certain that the drama would play out through this week. We still have drama but now it’s more of the “let me explain” variety.
Let me see if I can sort out for you what happened and why.
Why the Tax Compromise is a Mistake – Compromises often are defended as beneficial because both sides to a disagreement surrender something or some things, and both sides get something or some things. But there are times when compromise is a mistake.
Tax Package Makes IRA Conversions Easier
Bush Tax Cuts Likely Will be Temporarily Extended
Compromise Reached on Taxes; Will It Pass Congress?
And by all means please remember this is a tentative deal with Congressional Republicans to extend the Bush-era tax cuts at all income levels for two years as part of a package that would also keep benefits flowing to the long-term unemployed, cut payroll taxes for all workers for a year and take other steps to bolster the economy.
Please. . . use your head. Think responsibly.
“Why does a slight tax increase cost you two hundred dollars and a substantial tax cut save you thirty cents?”
~Peg Bracken
Get Ready for Tax Filing Season – Part 1: Reporting Employee & Contractor Wages
Get Ready for Tax Filing Season, Part 2 – New Laws & Credits that Impact 2010 Returns
What Does 13 Months of Extended Unemployment Mean? (Not What You Think.)
Increasing Your Business Confidence – We need outside proof to build confidence. When someone says that we are smart, talented, or amazing we can look back on those things as examples of our awesomeness. It can take someone else to give us proof of our own talents and amazing abilities.
Mortgage tax break in the crosshairs – Charged with finding ways to reduce the nation’s exploding federal debt, the bipartisan debt panel recommended Wednesday a wide range of controversial spending cuts and tax changes that would slash $4 trillion in deficits over the next 10 years.
Among the proposals was a major change to the mortgage interest deduction, which costs the Treasury Department an estimated $131 billion a year.
I have a few interviews working right now and they are scheduled to post. I am interviewing PF and tax bloggers alike. They won’t start posting until 2011. My first interview will post on Jan 3rd. In the meantime please check out TWTP weekly event, Tax Blogosphere Buddies, a weekly series of brief introductory interviews with some of RDFs favorite fellow tax bloggers, which will appear every Friday. I was lucky enough to be first.
Check it out.
TAX BLOGOSPHERE BUDDIES – BRUCE MCFARLAND
Asset Allocation for a 529 Plan
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – The tax blogosphere has been a-BUZZ the past few days with postings on the idiots in Congress still arguing over BO’s compromise tax package. The problem appears to be with House Democrats who feel that the new Estate Tax exemption and rate is too generous. Quick answer and easy fix – return the federal estate tax to what it was for 2009 for the same two years as the rest of the “Bush” tax cut extension.
If you are interested you can check out the blogs of Kay, Kelly, Joe K and A, Russ, and others for the specific details of the fight.
21 Million Effected – 21 million are the number of taxpayers who didn’t pay AMT in 2009 but will in 2010 unless Congress does something constructive.
Pros and Cons of Giving Gift Cards This Holiday Season
SSA Revises Withdrawal Policy – On December 8, 2010, the Social Security Administration published a revision to their “withdrawal policy”, which we talked about in detail in the article “The Ultimate Do Over”. It’s important for you to know what has changed about this rule, especially if you have been counting on this in your planning for Social Security benefits.
10 Expiring Tax Cuts to Watch For – The expiring Bush tax cuts – and what will happen to them – are all over the place these days. Folks seem to have very definite opinions about what should (and shouldn’t) happen. But it also seems like, for all of the publicity over the cuts, taxpayers really don’t understand what it all means.
Banks or credit unions: Which will give you the best bang for your buck?
Contract Accounting Becoming Hot Option – Contract accounting, hiring a CFO or controller on a part time basis to do what your full time book keeper does? Hiring someone who is a specialist in contract accounting could save you big bucks and lots of headache. Jason Hermanson tells us why.
Year-end tax moves, December 2010 part 1
Year-end investing moves, Dec. 2010 part 2
Year-end retirement moves, Dec. 2010 part 3
Year-end giving moves, December 2010 part 4
Okay I really don’t like using this as a plug or even a pimp my practice for clients place however I have a new ad running with one of the local stations here. It is part of their web site dedicated to different areas around Kansas City. Feel free to check it out. I’d really enjoy your feedback on it. What you liked or don’t.
And for my clients in other states, the coupon will applies to you as well. So long as it accompanies your information
Just a reminder, you can go to my company web site Tax Center page where you’ll find this year I have a Free Tax Organizer. You’ll need a .pdf reader to open this 14 page organizer. You can also find my Online Tax Organizer, used mostly by clients and/or those who will be clients.
Enter your email to subscribe to the L & R Tax Preparation monthly newsletter.
Righteousness in Designation?
Friday I was interviewed and retained by a new client. This particular client has several issues that actually can fall in line with a great debate we have all been following.
First, a little background:
A young newly wedded (three years) couple has their tax return done by “pros” as they are not among those who follow the taxing world. We will call them Pat and Jody Taxpayer. Having just started their own Business they left HeRBert (the group who prepared their returns) for what to them was perceived as a tax professional. They retained a CPA to handle some general bookkeeping and complete tax returns.
Good choice?
Of course it is, “All but the militantly nefarious and hopelessly deluded concede that CPAs are experts at keeping books and records. There simply is no higher accounting “designation.” then CPA.
The CPA (Certified Public Accountant) maintained records by gaining access to Pat & Jody’s bank account using the online statements. The first tax season for this CPA came around and she completed the 2007 tax return. Another year passed, and she completed the 2008 return.
Several months ago, the IRS notified the Taxpayers that the 2007 return was under investigation. Seven lines on two different Schedule Cs were in Question.
Considering a CPA had prepared this return there should be no worries.
So how did I get this return?
When the time came for the audit with the “Tax Compliance Officer”, the CPA, had manufactured information to provide the IRS to validate two of the seven lines in question and did not show up to guide the Taxpayers through the 3 ½ hour long ordeal. Needless to say, the IRS found no substantial proof or validation for seven lines in question. P & J now are holding a bill from the IRS for over $10,000.00.
Not only are the taxpayers confused about what happened, but the “Compliance Officer” also looked at their 2008 return, they are about to undergo another audit.
“Because good accounting skills are a critical part of good tax preparation, CPAs are uniquely qualified to be tax preparers.”
So where is this CPA? Avoiding Pat and Jody.
This is a most uniquely “qualified” tax preparer?
I reviewed 2006 (again prepared by HeRBert – a fast food chain preparation service), 2007 and 2008 returns. (again, these two returns were prepared by the same “CPA”)
- 2006 had 6 errors resulting in a $213 refund to Pat and Judy (I can say this because I have already amended this return)
- 2007 has 21 errors - three missing forms (associated with errors) and if that wasn’t bad enough, 5 of the errors are mathematical.
“Good tax preparation is about numbers. It’s about keeping good books and records.
In short, it’s about good accounting.
In fact, what is a tax return if it’s not an accounting?”
Hummmmm
if anyone needs a definition to “accounting” I have a link to the right for Merriam-Webster Dictionary or you can click this.
Good thing it doesn’t suggest an ability to add or subtract.
Same for Accountant.
- 2008, well is just wrong. I say this because nothing changed from 2007 through 2008.
- 2007 consisted of
- 1040 Long Form
- 2 Schedule Cs
What the 2008 return consisted of was a 1040A – Short Form, nothing more.
My conclusion is this CPA stands proudly among those who are truly CPA tax professionals. You real CPAs who are tax pros, give her credibility she assuredly doesn’t need.
As for Jody and Pat, luckily they found a tax professional. I will help them through the amended returns, the audit up coming, and any and all IRS intervention that may come their way. If you wish to stay updated on their situation, I will create a blog page giving more detail information and will keep it updated.
However not all of you will see it this way. Why? Well, I am no longer a CPA. I am not an EA, nor am I an Attorney. What does this make me? I am an unenrolled preparer.
Unenrolled preparers, by definition, have no recognized credentials and are bound by no professional standards
And what are the unique qualifications of an unenrolled preparer?
Would someone please tell me?
Anyone?
The silence is deafening.
That’s because the answer is “none . . . nada . . . zero . . . zilch.”
The silence sir, is deafening because you are on your computer. But now, please, open your eyes fully, adjust your glasses, I want you to hear me plainly.
An unenrolled preparer is a unique person. Like a Lawyer, a CPA, or Doctor or any other profession, you are going to have unqualified hacks. My Credentials are useless in the taxing industry.
Or did you miss it?
The AICPA told a CPA/Tax Professional “We do not offer a credential in taxation. In general, our approach has been not to develop credential programs around areas for which the public already believes CPAs to ‘own’. In addition, we do not endorse a particular tax credential.”
An unenrolled preparer sees how others take advantage of the miss-conceptions of the designation and learns tax rules and regs to help people through what can be a very taxing time (no pun intended).
I question your thinking when you say a man with over 35 years in the tax preparation industry has no credibility. I only have 23 so I must not have any either?
Hummmm, let’s look at my background a bit:
a) A Masters in Accounting
b) Formally employed by this countries (at the time) Largest Accounting firms
c) Formally a CPA
d) 23 years preparing returns for taxpayers
Of the four listed in my mind, only qualifies me to call myself a tax professional. I can assure you it isn’t one of the top three.
“There simply is no higher accounting designation.”
Thus, if the Internal Revenue Code imposes an affirmative duty on taxpayers to maintain good books and records, doesn’t that alone explain why CPAs are uniquely qualified to prepare tax returns and why many CPAs are drawn to the field of tax preparation?
Of course it does.”
You Pompous arrogant ass. Is your head so high in the sky that you are not getting enough oxygen?
True enough, the IRC does affirm duty to taxpayers to maintain good and accurate records. Alone that tells me (a former CPA) should seek advice from a CPA on how to keep those records not how or where to put them on a tax return.
It is my opinion that a good majority of the CPAs that are drawn to taxation and preparation do so for the money.
(Not to get off subject, but are you actually a licensed Tax Attorney, and a CPA? I know a few Lawyers and I’ll have to ask, to be sure, but I think like the AICP, there is nothing out there for Lawyers to hold actual “tax” credentials. If I am wrong please correct me, do you have some designation that says you’re a Tax Lawyer? If so, what is it?
As for not being bound by professional standards, I find it hard to understand why I have to point out to a designated pro that we (The Unenrolled prepares) are bound by the same rules in Circular 230 as you are. Maybe you should read it some time.
A while back, I post Who is: a post that defines different titles. If you want to see the entire post please click on the link Who is: Below is a brief recap:
A Tax Attorney - Typically large and even small businesses will meet with a tax attorney once every quarter or once a year to ensure that they are making the best possible business choices with regards to investments and tax issues. Since the taxation, laws change constantly.
A Bookkeeper – is responsible for keeping accurate, up-to-date business records for proper cash flow management, balance sheet preparation, and developing expansion and investment plans.
Accountants – keep track of a company’s money.
Enrolled Agent – is a federally authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
Tax Preparer – an individual who prepares tax returns.
Other post from the “taxguy” blog that may be related to the taxpayer issue mentioned in this post.
Choosing the Right Representative
5 Worst Things You Can Do if You Get an IRS Collection Notice a Guest post from Peter Pappas. . .
How to Avoid IRS Penalties and Interest
Picking A CPA With Too Much. . .
Passing the week. . .
A short week but some great post around the blog sphere. . . .
Summer clearance starts my list because I really missed the posting from Wide Open Wallet and I am glad she got back to us. Thanks Ashely, for all your great post.
ASK THE TAX PRO – REVISING YOUR INCOME TAX WITHHOLDING – TWTP has a reader who is checking out pay stubs and thinking there is too much being taken out. THE WONDERING TAX PRO gives his reader some great advice be sure to check it out if you have been wondering about this yourself. Reader if you are here, I think you might read my post Are You Having Enough Withheld?
Speaking of TWTP, he and I sort of tag teamed the subject of Audits. Robert wrote a great piece called AUDITS and I wrote Everybody hates an Audit. IF you missed them on Tuesday, be sure to go check them out.
Something I missed last week and need to get in is a great post from Peter Pappas from The Tax Lawyer’s Blog (Newly added to my blog roll early in the past week) concerning why the IRS prevails in trials before the United States Tax Court in 9 out of 10 cases. Make sure to check out Lawyer Up! Unrepresented Taxpayers Likely to Lose in Tax Court. While you are there float around and read up on his past post.
Another report out over at THE FLACH REPORT. NEW IRS REGULATIONS FOR DEDUCTING START-UP COSTS. How many of you even knew you could deduct some start up cost?
My Spendthrift Wants to Come Out and Play from Kevin at No Debt Plan is a great post that I can relate to, all to well. I know many people who are with me on this. Go check it out.
How About a Tax on Sex? An interesting question. An interesting idea. My wouldn’t that be difficult to collect? Well (also new to by blog roll this week) go check out what the piece says and make your own conclusions over at The Tax Policy Blog. As Joe Kristan from the Tax Update blog writes “AT LEAST IT WOULD BE EASY TO FIND AUDITORS.”
If you are a cook then 20 Ways to Save Time and Money in the Kitchen from Patrick over at Cash Money Life is a must read. While you are there be sure to check out his post The History of Labor Day.
As I mentioned earlier in the week, I had a guest post over at $aving to Invest. I just reread it and it is a great read. In case you missed it (and I know you didn’t) please hop over and check out my guest post Real Tax deductions that may surprise you. Thanks Andy.
Also make sure to read Andy’s post Jobs and Housing – The one two punch. Start growing your emergency funds now. It seems a little dark but is write on the money. (Pardon the pun.)
Well somehow I missed the Tax Carnival #40: Late Labor Day. Guess I am not paying attention or something. I didn’t get an entry here but you need to check it out. It is full of great stuff.
Professor Jim Maule discusses this proposed Credit in two posts to MAULED AGAIN, “Does It Make Sense to Overload the IRS and the Tax Code?”, posted back in March, and the recent “Proposed Tax Credit: Noble Concept, Practical Problems”. I bring these up as they play a part in a great post from TWTP. NO MORE REFUNDABLE TAX CREDITS! A must read, because I bet you didn’t even know about it.
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