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Show financial planning v KathyEngle MarkHulet HULET& ASSOCIATES Certified Public Accountants IRS SCRUTINY INCREASES Unreported income accounts for billions of dollars of lost tax revenue each year. Stiffer reporting requirements have been written into tax legislation of recent years, and each year the IRS looks for unreported income by matching these reports to individual tax returns. You can expect to receive a Form 1099 (an information slip much like a W-2 wage statement) by January 31, 1985, if you had income from the following sources: (1) $10 or more of interest, dividends, unemployment compensation, state or local income tax refunds, original issue discount, patronage dividends, or retirement plan or deferred compensation plan distributions; (2) $600 or more in a liquidating distribution from a corporation, rents, royalties, prizes, or awards paid by a business, or payments for services performed for a business where employee status did not exist; (3) any amount paid crew members of fishing boats on the sale of fish, sales of securities, futures transactions or commodities, and bartering exchange transactions; (4) $5,000 or more for consumer products sold to someone else for resale. The payor who sends the Form 1099 to you will also be submitting the same report to the IRS by February 28, 1985. In 1985 even more reporting will be required. Those who receive $600 or more of mortgage interest or $10,000 or more in cash in connection with a business transaction must file an information return both with the IRS and with the payor of the money. Lenders who foreclose in a transaction connected with a trade or business must file a report with the IRS. Trustees of IRA accounts will be required to report the amount of contributions and the year for which they are made. Those who pay alimony will be required to report the social security number of the recipient. 550 MAIN STREET, PARK CITY, UT 645-7390 445 EAST 4500 SOUTH, SLC, UT 261 -3459 V ' EXPERIENCE GOURMET DINING Enjoy delicious dinner specialties including fresh seafood and pasta entrees. m "As well as our famous breakfast creations, homemade soups, luncheon specials, and early bird dinner." Open everyday 8-10 Dinner Entrees Served After 5p.m. THE rF ESTABLISHME 317 MAIN STREET PARK CITY VISA & MASTER CHARGE 649-8284 |