I guess we have been fortunate in getting most of our retainage back, probably in part because of the record keeping. Try a basic program like Quicken, it will help heaps when it gets to tax time, cause you can track income and expenses with just a little time involved each week.
Bookkeeping is what pays the bills. I didn't say I liked it!
> The way we've had it worked by companies is we invoice for a total amount, deduct the 10% retainage (or whatever percentatge is involved) and bill for a net amount. However, on the 1099s we are being given it is for GROSS amounts invoiced, the retainage is never deducted.....so that's why this information relayed was interesting to me...rarely do subcontractors get any retainage back - we've gotten SOME back but not all....can this still be a writeoff? I HATE BOOKKEEPING.
>
> > OK, think I need to clarify something here. If retainage has not been paid, it should not have been reported on the 1099. If the retainage WAS reported on the 1099, AND you paid the taxes on it, (like, who pays taxes on money they haven't gotten?) then you write it off as a bad debt (deduction on your taxes). The retainage, when paid, will have it's own 1099 issued, if it falls into a new calendar year.
> > Welcome to Business Bookkeeping 202.
> >
> > > Notify the IRS. If no retainage paid, then they must provide you with a corrected 1099 for those periods. IRS loves dealing with these assholes.
> > >
> > > > Has anyone out there had to deal with retainage from Cablemasters/Orius? They are not responding to my letters requesting payment of retainage. The amount is very nominal but the principle of it is very important to me. Does anyone have a number that deals with payroll? At the time, I dealt with Joe Rocco and now I don't know how to get a hold of him, seeing that they hold retainage for a year. Any help would be appreciated.
> > > >
Thank You!
