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New Deadlines While the maximum tax credit amount remains at $8,000 for a first-time homebuyer, the Worker, Homeownership, and Business Assistance Act of 2009 (“WHBAA”)extends the deadline for qualifying home purchases from November 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has […]
On January 15, 2010, the IRS released a new Form 5405 that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced new documentation requirements to deter fraud related to the first-time homebuyer credit. The new form and instructions follow the major changes to the homebuyer credit made by the Worker, […]
In this article, I will discuss five most important issues that you need to know before you sign a fee agreement with tax lawyers in Minneapolis. 1. How is the lawyer’s fee paid? There are three main models of payment that lawyers use: hourly fee, contingency fee, and flat fee. The hourly fee is the […]
In this article, I will discuss five most important issues that you need to know before you sign a fee agreement with business lawyers in Minneapolis. 1. How is the lawyer’s fee paid? There are three main models of payment that lawyers use: hourly fee, contingency fee, and flat fee. The hourly fee is the […]
Reporting Payments to Independent Contractors: Form 1099-MISC If you hire an independent contractor to do work for your business, you may have to report to the IRS your payments to him by filing Form 1099-MISC (Miscellaneous Income) if the following four conditions are met: 1. The payee is not your employee; 2. The payment was […]