Tax Question - can anyone answer?
I work independently and I have a request for information before I approach my CPA.The company I worked next to last year have not paid me since November of 2007 - that is to say when my checks stopped. The are having financial troubles and may not receive it. I asked for a income statement and they put it off for almost 2 weeks. The owner call me and gave me an amount that he claims I made. I asked for it contained by writing and he said "it would cost them extra to give it to me". It is total BS! I own nothing surrounded by writing and now what do I do? I do not even know if the amount is true!
I enjoy never run into this before, I enjoy a CPA but any other advice?
Thank you so much!
Answers: by regulation if you work for a company an got paychecks afterwards they are required to give you a 1099, I would contact irs and give an account them what is going on and then you will capture your 1099.
If they paid you over $600 over the course of the year they are required to transport you a 1099.
That being said, beneath the law adjectives self-employed individuals are required to keep books and history sufficient to substantiate their income and expenses. It sounds as though you did not keep those history.
You should attempt to recreate your records using mound deposits, cancelled checks, etc.
Talk to your CPA and I am sure you will be directed to what actions may be required to take.
What if you didn't get a w2? can you file without one?
Answers: You could e-file, but you need all of the information off of your w2. Contact your employer and request another/or original. If it is getting down to crunch time (Apr 15th) file an extension on your taxes.
If you only have a part time job, or know you will be getting some back you could always not file. I'm just sayin'
Many companies have a website you can go to and get a dowload of your's there. I would check with your boss on that.
Do you hold to report your taxes if you closed out an IRA later year for a small amount but earn smaller amount than?
$1,000 for the whole year? I become conscious you have to settle taxes on the IRA but if that was the solitary money you can report as income and it was smaller quantity than $1000.surely you don't have to report it?Answers: If you're underneath age 59 1/2 then at hand is a 10% penalty that applies regardless of your income due status. You must file and remuneration that penalty even if your income is below the file requirement amount for your filing status.
If you be under age 59-1/2 at the extension of the year, you do have to report - even if it's small enough not to owe any income duty on it, you still owe the 10% penalty.