Anna Talac Certified Public Accountant

Anna Talac Certified Public Accountant 15+ yrs of trusted accounting and tax services for individuals and small business owners servicing the Chicago western suburbs.

01/30/2025

A Complete Tax Return

Did you know that your tax return includes Forms and Statements that the IRS (or State) must receive and various worksheets which track information year-to-year and show how various deductions and other items are calculated? There are too many specific things to list them all now, but here are a few examples which I often find missing when the wrong preparer did last year’s return:

• Listing of rental/business assets which includes information about the way each asset’s depreciation is calculated, the current deduction, and the depreciation claimed to date by asset,
• Taxpayer basis in traditional IRA accounts to carry forward during years when there is no change in that basis,
• S-Corp and Partnership owner’s annual change in basis,
• Business return Schedules L, M-1 and M-2 when business activity is below the threshold to force them to be included with the tax filing,
• The carry-over of property taxes which cannot be claimed upon purchase of a house (or sale in some states) because they represent the tax liability of the seller (or buyer).

Anna Talac
The CPA for You

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01/14/2025

During the last week of December, I got started with things that need to be done during January.

I got the final payroll of the year done and had W-2s ready for my employees on December 30. The rest of my year-end payroll filings are ready to be transmitted, and all the payroll taxes got paid. ☑

I did the 1099-MISC reporting payment of rents to give to my landlord too. ☑

Saturday, I realized I also have two new vendors this year who may need 1099-NECs for payments for services. One vendor is a client, so I have her information. The other vendor is not, and I did just what everyone else does. I made payments by check exceeding $600.00 for the year to my vendor without first obtaining a Form W-9 from him. I don't have this vendor's SSN or EIN to put on his 1099, and I don't even know if this vendor is an entity which must receive 1099s. Ugh! I must get that number! I'm a CPA, so I should be a model of compliance, after all.

What if this happens to you and your vendor is not forthcoming with his tax ID? Should you just skip sending that form to the IRS and your vendor? Of course not.

When you are really stuck without that SSN, TIN or EIN, send the 1099 without his tax ID to your vendor, mail the form to the IRS, and keep records of your effort to get the tax ID number. If the IRS proposes that you pay a penalty for omitting the tax ID, you can show that you made a reasonable effort and avoid the penalty.

If you need help with filing 1099s, let me know.

Anna Talac
The CPA for Your Small Business

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12/04/2024

4th Quarter Payment Due December 16
for Illinois Business Estimated Tax

It’s time to log into your MyTaxIllinois.gov account and make the fourth 2024 Business Income Tax estimated payment for your S-Corp or Partnership. This year, the fourth Illinois estimated payment is due on December 16. The calculation includes two parts:
• 1.5% Business Income Tax on the profits of the entity after deducting shareholder payroll or partners’ payments for services, and
• 4.95% Pass Through Entity Tax on the business income expected to be passed through to the owners on the annual Schedule K-1.

Anna Talac
The CPA for Your Small Business

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Address

3245 Grove Avenue, Suite 207
Berwyn, IL
60402

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