Independent Contractors and Petty Cash Tax Requirements

A. Independent Contractors … Independent Agreements/1099s/Invoices:

[ ] Please make sure we have all completed I/C Agreements (please check to see

If you have the correct contractor’s address & ID numbers). If the forms we

transmit to the IRS is wrong there is a $50.00 fine for each wrong form.

[ ] If you work with an individual who is not a US citizen and is not allowed to

here legally the fine is $10,000!

[ ] Make sure you have completed W-9 Forms for each individual.

Note: New W-9 forms are needed per individual “for each year”.

[ ] Please provide us a copy of each I/C and W-9 forms (completed and signed)

Please PDF to our office as you begin to work with any new 1099s.

[ ] Your business needs a Total Invoice for each month (for each contractor).

Please keep this ready in the event of an audit by Federal or State.

We need the all W-9 & I/C forms each month to keep your file current.

The above forms are required Federal and Florida Requirements!

Travel & Other Misc Expenses:

Expenses that were paid by Personal Credit Card, Personal Check, or Cash!

Please provide details if this was not paid out of your business account.

If your trip was part business and part personal please provide full details now and make sure you have support of these items along with reason for the trip (like meetings with customers & educational). Please detail all debit transactions on your bank statement to get every dollar spent for the benefit of the business.

Petty Cash Expenses

Complete all Petty Cash Envelopes for expense (even if you did not write a check) just send the envelope to us. We can input the expenses which can be used as a tax deduction for this year.

Don’t forget to include expenses for second vehicle (like a rental car, if you car was in the shop for repairs), or spouse’s car if used for the benefit of the business. Make sure we have any asset that you transferred from personal property to business (like computers/software, educational books, tools, equipment, & phones), or even items business items purchased at garage sales.