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 | Suzanne LoBiondo, CPA
516-791-1303
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 | Christopher Cheeseman, CPA
516-791-1303
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| Time To Look Ahead... | |
Dear Clients and Friends,
We are just about to wrap up the first part of the 2011 tax season! And while most people are putting "filing their returns" behind them, we'd like to remind you that we are available year round to help you manage your business and plan for your personal financial and tax needs.
This issue of News You Can Use from C&L Tax and Accounting Services focuses on two new legislative develoments that may affect you. If you have any questions about these or other issues, please feel free to contact us.
In the meantime, we'd like to thank you for your continued faith in us as your trusted advisers. Very truly yours,
Suzanne LoBiondo, CPA
Christopher Cheeseman, CPA |
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Congress Approves 1099 Repeal Bill
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On April 5, the Senate approved a bill (H.R. 4) to repeal controversial expanded information reporting on Form 1099 for certain business payments and rental property expense payments. The House had previously approved the bill in March. President Obama is expected to sign the bill when it reaches the White House. The Obama administration says that this legislation "corrects a flaw that placed an unnecessary bookkeeping burden on small businesses."
In March, 2010, Congress approved the Patient Protection and Affordable Care Act (PPACA), which included an expansion of business information reporting. It required businesses, charities and government entities to file a form 1099 when they make annual purchases aggregating $600 or more to a single provider of goods for payments after December 31, 2011. The act also repealed the reporting exception for payments made to corporations.
The Small Business Jobs Act in September, 2010 required information reporting by landlords on form 1099 of certain rental property expenses of $600 or more made after December 31, 2010.
H.R. 4 repeals both the expanded information reporting for business payments under PPACA, and the rental property expense payment reporting requirements under the Small Business Jobs Act.
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New York Corporate, Personal Income Taxes:
Change to Form IT-204-LL Due Date
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The New York Department of Taxation and Finance has issued a corporate franchise and personal income tax memorandum discussing a recently enacted change to the due date for payment of the partnership, limited liability company (LLC), and limited liability partnership (LLP) annual filing fee. Because of the change, Form IT-204-LL must be filed and the annual filing fee must be paid within 60 days after the last day of the tax year of the partnership, LLC, LLP, or single-member LLC that is a disregarded entity. If the 60th day falls on a Saturday, Sunday, or legal holiday, then the form and the fee are due on the next business day.
Previously, Form IT-204-LL and the annual filing fee were due within 30 days after the last day of the tax year. The change applies to any Form IT-204-LL filer whose tax year ends on or after March 1, 2011.
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C&L Tax and Accounting Services LLP is a boutique CPA firm that specializes in meeting the tax and accounting needs of individuals and small businesses. Our experienced tax and accounting professionals offer clients insightful and strategic tax planning and compliance services that maximize savings year after year.