Tax dangers and annoyances

...if your business address is in San Francisco, by 2/28/0X you
must file the San Francisco Payroll Tax Statement. The tax is
often zero, but the penalties can be excessive for failure to file.

...all businesses must notify the California EDD of any
unincorporated contractors who were paid more than $600
each year. You must also report any new employees you hire.
This information is reported on forms DE 34 and DE 542. This
requirement is due within 20 days of hire. You must also have
each contractor fill out
IRS form W-9 and retain it in your files.
You must have a signature on each W-9. Failure to do so
subjects you to 31% backup withholding and excessive
penalties.  The IRS/FTB require forms 1099/599 and the IRS
transmittal form 1098. You must use the colored forms
available at any stationery store. The 1099 preparation
cheapest service, that I can find, is
www.Track1099.com. You
may use one of the multi-part 1099's in lieu of form 599 for the
FTB. The FTB transmittal form is 598 which you must buy at a
stationery store.

...landlords who pay interest to tenants  in excess of $10 must
file 1099/599.

...if you have household employees you must contact a payroll
tax form service provider such as Paychex.
Cell: 415 308-0678
Fax: 415 704-3238


Lee@RileyAccounting.net


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Robert Lee Riley CPA, MBA-tax
Riley
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