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Smith Dickson

January 2018

Forms 1099

1099 Forms are due in just a few weeks on January 31st. The classification of your workers as "employees" or "independent contractors" remains a "hot topic" with the IRS, even though some guidelines have been released intending to simplify this area (click here for our detailed letter).
Per IRS regulation, 1099s are due for each non-corporate vendor to whom you have paid during the year:
  • At least $10 in royalties or broker payments in lieu of dividends or tax-exempt income
  • At least $600 in rents, services (including parts and materials), prizes and awards, other income payments, medical and health care payments
  • Gross proceeds of $600 or more paid to an attorney (even if they are incorporated)
We are available to prepare your Forms 1099. For each independent contractor (individual, partnership, LLP, LLC, or attorney) to whom you paid $600 or more during the 2017 calendar year, please provide the following information:
  1. Formal name/business name
  2. Address
  3. Social Security Number or Taxpayer ID Number
  4. Amount paid in 2017
If you have any questions, please contact Karen Reed (karen.reed@smithdickson.com) or Elaine Kazzi (elaine.kazzi@smithdickson.com) and we will be happy to assist you. You can also reach us by phone at (949) 553-1020.

OCBJ article: Forensic Accountant's Role in Trust Litigation

Richard Warner photo

Gina Lara, MBA, CFP®, Forensic Accounting Analyst, recently wrote an article in the Orange County Business Journal in the "Law Specialties" special supplement. Here is an excerpt from the article:

Probate, trust and estate battles are a common occurrence in the legal system. Typical scenarios involve beneficiaries arguing over how much money should be disbursed, who should get it, and when. Forensic accounting plays a critical role in trust litigation by providing attorneys with the independent financial analysis often necessary to resolve disputes.

READ ARTICLE


The Perfect Strike Accountant

Richard Warner photo

Smith Dickson personnel excel at many levels, not just professionally but also in their lives outside of work as well. Such is the case with Richard Warner, Senior Tax Manager.

Richard is an avid bowler and has actually achieved 14 perfect 300 games over the course of his bowling career! We tend to not think much about personal accomplishments - but one of our clients recently commented "We are extremely impressed. I can't believe that we did not know this about you!" which made us realize others may want to know about this fun fact, too.

Bowling has been a life-long passion for Richard. He was introduced to the game by his grandparents at around age 3-4, as they were avid bowlers themselves. "If not for them, I wouldn't have ever bowled competitively," says Richard. During high school and college he worked at Regal Lanes in Orange, where he had bowled since a child. He has bowled competitively in leagues and tournaments across Southern California. Says Richard "I just enjoy it as a relaxing activity, a night to hang out with my friends."

If any other Smith Dickson personnel were to join Richard, we've tried to think of some fun team names for a bunch of accountants. But we're not sure anyone would get the laugh that we do out of them (e.g., Rolling Stock, Bowling for Dollars, Rolling Depreciators, Team Petty Cash, Ball Return on Investment, 7-10 Stock Splits, Pin Counters, Accelerated Depreciation, Money to Spare, Rolling Average, Life in the Math Plan, Pin Pushers). Okay, we better stop.

The game of bowling does revolve around numbers, and to many, a peculiar scoring system. If you think that sounds a bit like accounting, you're not alone. We kind of like the similarities. Here are some interesting bowling "number" facts: When you bowl an optimal strike, the ball itself only hits four pins. A right handed bowler's ball actually connects with the 1, 3, 5, and 9 pins (sometimes the 8 pin) - and a left hander's ball will contact the 1, 2, 5, and 8 (or 9) pin. Theoretically, if you bowled a 300, you'd only hit 48 pins. "Way to hit 48, Richard"? No, sounds better to say "Nice 300 game!"


Tax Calendar

Smith Dickson is pleased to provide our year-round "Tax Calendar" available on our website. Reference it for key dates for individuals, businesses (of all types), employers, and estates/fiduciaries.

Some of the important upcoming due dates:

  • Jan. 31: Businesses — Forms 1099
  • Jan. 31:Employers — W2s
  • Jan. 31:Employers — Forms 940 and 941

Be sure to contact us to discuss your tax questions and needs.


ABOUT SMITH DICKSON

Smith Dickson is a full-service Southern California CPA firm that specializes in providing high-quality services designed to create long-term value for our clients. Our services include accounting, tax compliance and planning, litigation support, business consulting, and estate/trust tax compliance. Please contact us with your questions.

Copyright © 2018 Smith Dickson, an Accountancy Corporation. All Rights Reserved.
18100 Von Karman Ave #420 | Irvine, CA 92612
(949) 553-1020

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