This free program sounds interesting for small business with fairly simple accounting needs. Worth a look anyway. Take a look at the Sleeter blog above.
Also on 4-1-13, the Hermantown local sales and use tax increases from 0.5% to 1%.
After June 30, 2012, businesses are no longer required to withhold 2 percent from payments made to individual construction contractors.
Those who bought a home in 2008 and claimed the First-Time Homebuyer Credit must repay the credit in 15 equal annual installments beginning on the 2010 return. Some tax professionals have confusion with new clients on whether or not the client needs to repay the credit; they claimed the 2009 credit, which requires no repayment or how much has already been paid back. The IRS has released a new tool, First Time Homebuyer Credit Account Look-up, which allows taxpayers to see their balance of the credit and repayment amount.
Payments to corporations are not subject to 1099-MISC except attorneys. Payments of at least $600 to attorney would require a 1099-MISC even if they are incorporated.
To prepare the forms you will need name, address and social security number or EIN. You can obtain this information by having form W-9 filled out for each service provider. It is a good idea to get this form filled out and signed before payment is made whenever possible.
If you receive a social security number, you will fill out the 1099-MISC with the person's name even if they have a business name. If you receive an EIN, you must use the business name.