Ask a CPA

W-9, W-4 and employment understanding document should be filled out by all independent contractors.
If you’ve made the determination that the person you’re paying is an independent contractor, the first step is to have the contractor complete Form W-9 (PDF), Request for Taxpayer Identification Number and Certification. This form can be used to request the correct name and Taxpayer Identification Number, or TIN, of the worker. A TIN may be either a Social Security Number (SSN), or an Employer Identification Number (EIN). The W-9 (PDF) should be kept in your files for four years for future reference in case of any questions from the worker or the IRS.
A penalty can be levied against you, the employer, for omission of this information on certain forms.

You should require all your independent contractors to fill out IRS Form W-9. Their social security or employer identification number will be listed on this document for your use on required forms to be filed with the IRS and other taxing authorities. A penalty can be levied against you, the employer for omission of this information on certain forms.

Yes, and the difference gets bigger and grows faster with time. The rule of 72 is a method that quickly calculates how long money takes to double. You take 72 and divide it by the rate of return and the answer is the number of years it takes money to double in value. Thus 72 divided by 8 is 9 years, whereas 72 divided by 10 is 7.2 years. The money earning 8% will double again in 9 years for a total of 18 years to quadruple, whereas the money earning 10% will quadruple in 14.4 years, a much shorter time frame. Of course, you need to assess the extra risk which might be associated with the higher return.

The most common sources are low-cost credit union loans, home equity loans, cash values of life insurance policies and borrowing from profit-sharing funds. Also, you can borrow against certain securities with a margin loan.

The Taxpayer Advocate Service is an independent organization within the IRS.
They help taxpayers whose problems with the IRS are causing financial difficulties; who have tried but have not been able to resolve their problems with the IRS; and those who believe an IRS system or procedure is not working as it should..
You can call your local advocate, whose number is in your phone book, or via the Internet at Taxpayer Advocate Service – at www.irs.gov/advocate or You can also call 1-877-777-4778 .
Call or write to the IRS. Keep records of all of your attempts to contact an agent. Fill out IRS Form 911 if you cannot resolve conflict or find resolution through an IRS agent.
File a complaint with the Inspector General if you need to report cases of fraud or corruption by an IRS employee.

You have three options for getting copies of your federal tax return information--tax return transcripts and tax account transcripts by phone, by mail, or online. The IRS online ordering method, Order a Transcript, is available and makes ordering simple. You may also request transcripts by calling 1-800-908-9946, or order by mail using IRS Form 4506-T. The IRS does not charge a fee for transcripts. A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income. If you need an exact copy of a previously filed and processed tax return and all attachments (including Form W-2), you should complete Form 4506, and mail it to the address listed in the instructions, along with a $57.00 fee for each tax period requested. The check or money order for the fee should be made payable to the "United States Treasury". Copies are generally available for returns filed in the current and past six years. Copies of jointly filed tax returns may be requested by either spouse and only one signature is required. Allow 60 calendar days to receive your copies.

If your name or social security number on your social security card is incorrect, or if you need to speak to the Social Security Administration, the phone number is 1-800-772-1213.

Use IRS Form 8822 to notify the IRS of your change of address.

If you are filing a joint tax return as a surviving spouse, you only need to file the joint tax return to claim the refund. If you are a court appointed representative, file the return and attach the certificate verifying your appointment. All other filers must file the return with IRS Form 1310. Speak to your local CPA about the filing requirements.

Your receipt of your Federal refund might be delayed to the end of February, 2017 if your tax return claimed a earned Income tax credit or the additional child tax credit. Here are some tips to help taxpayers with their refund questions:
Have the right tax information ready before using any of the IRS refund tools. This includes Social Security number, filing status and refund amount.
You don't need to check the IRS website “Where's My Refund” more than once a day as your information will not change. To avoid system delays, the best time to check on refunds is evening and weekends.
There is no need to call the IRS about your refund; the telephone service has the same information that is available on “Where’s My Refund”.