J.K. Lasser's Small Business Taxes 2015: Your Complete Guide to a Better Bottom Line

APPENDIX A Information Returns

1. Dividends
2. Large Cash Transactions
3. Payments to Independent Contractors
4. Pension and Retirement Plan Distributions
5. Retirement and Employee Benefit Plans
6. Small Cash Transactions
7. Wages
8. Merchant Transactions

 

Alert

At the time this book was printed, Congress had not extended numerous breaks for 2014 that had expired at the end of 2013. Check the online supplement in February 2015 at www.jklasser.com or www.barbaraweltman.com to see whether these breaks apply for 2014 returns.

Businesses are in a unique position to monitor certain activities with which they are involved, and the federal government has harnessed this power by requiring certain reporting for tax and financial purposes. Reporting enables the government, where possible, to make sure that income is reported as it should be and to keep tabs on certain monetary activities.

Reporting requirements vary from return to return. However, filing deadlines are completely independent of your tax year (when you file your income tax return). If a filing deadline falls on a Saturday, Sunday, or legal holiday, then the deadline becomes the next business day that is not a Saturday, Sunday, or legal holiday.

The following is a review of the most common business-reporting requirements, some or all of which may apply to you. (Some of these responsibilities are explained in greater detail within the book as indicated.)

Dividends

Who Must Report

If your corporation pays out dividends or distributions ...