Ep. 5: Hurricanes, Halloween and How the IRS will Haunt You

This week…In this episode… SHOW NOTES —---------------------- Intro Portion Latest News Halloween “mini-season” - events; traditions (Chester) Hurricane season - Ian did some damage in Florida and Carolinas, lead up to insurance; ask for ideas from listeners Industry events season: https://www.campgroundaccounting.com/upcoming-events/ 1099 preparation - who gets one and why What’s the purpose of 1099? Who gets one? What about work campers? How do you get the information to file the 1099? What happens if you don’t have the information to file? Penalties: the penalty varies from $50 to $270 per form, depending on how long past the deadline the business issues the form. There is a $556,500 maximum in fines per year for small businesses. If a business intentionally disregards the requirement to provide a correct payee statement, it's subject to a minimum penalty of $550 per form or 10% of the income reported on the form, with no maximum. Penalty relief from Covid that we discussed last time does not appear to apply to 1099s One potential relief could be based on destruction of information at IRS back in May 2022. https://www.journalofaccountancy.com/news/2022/may/irs-blames-old-tech-destruction-information-returns.html CONTACT —---------------------- Campground Compass Socials IG: instagram.com/campgroundcompass FB: facebook.com/campgroundcompass Web: campgroundcomapsspodcast.com Donna Email: [e-mail] IG: instagram.com/thedonnabordeaux LI: linkedin.com/in/donnabordeaux Zack Email: [e-mail] IG: instagram.com/thezackb LI: linkedin.com/in/realzackb