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July 2010
Issue: 29
Happy 4th of July!
We hope everyone is having a great summer and wish you all a wonderful 4th of July weekend!
This continues to be a year of big tax changes.  Congress is currently working to push through a host of tax changes that will affect taxpayers this year and in future years.  I have included a couple of articles in this newsletter about some potential changes for S-Corporations and a major change increasing the annual 1099 reporting requirements.  Most businesses will be affected by these changes.  We will continue to keep you up-to-date throughout the year as more changes come about that will affect your tax situation.
We'll be working hard throughout the summer, so if you have any questions about your business or taxes, please don't hesitate to contact us.

Enjoy this month's newsletter!
Businesses and not-for-profit organizations are accustomed to IRS rules that require them to report certain payments on annual Form 1099 information returns. However, the recently enacted healthcare law imposes surprising new Form 1099 reporting requirements. Complying with them may add significantly to your organization's paperwork burden. While the new rules don't apply to payments made before 2012, it's not too early to start gearing up to deal with them.
In This Issue
Get Ready for Onerous New 1099 Reporting Rules
The Big Tax Increase Facing Small Business
Upcoming Tax Deadlines
While a possible increase in taxes on the "carried interest" of hedge fund and private equity money managers is getting all the attention, in the same bill Congress is also creating a tax mess for small-business owners in the form of an $11 billion tax hike over the next 10 years.

Upcoming Tax Deadlines

July 15th - June payroll deposits are due for monthly depositors
August 2nd - Quarterly payroll returns are due for the 2nd quarter, 2010
August 16th - Minnesota Property Tax Refund Returns are due
Please let us know if there is anything we can do for you!!

Thomas R. Vetscher, CPA
John T. Vetscher, CPA


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