March 17th, 2016
TAX TIP OF THE DAY... dangerous sale of company stock!
If you purchased your employer's company stock at a discount and then sold the stock in 2015... you could be in big trouble. The IRS changed the 1099 forms. Starting in 2014 the cost and taxable gain listed on the 1099 form is WRONG!!! The gain is much too high and most people will easily over pay their tax. You need to use a code B adjustment to reduce the taxable gain for amounts already taxed as part of your W-2 compensation.
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If you need a tax appointment... www.baboiancpa.com
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David S. Baboian, CPA