How to Run a Tax-Efficient Business
Taxes can be tricky, and businesses have the ability to take tax complexity and kick it up several notches. Especially if you are unfamiliar with how business taxes work, you might find yourself suffering from some sticker shock come tax time. Fortunately, there are some things you can do as a business owner to reduce […]
Taxpayers who can’t pay their taxes should still file on time
With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more […]
Filing season tips for employers and employees
Read and be aware of the IRS-identified Dirty Dozen tax schemes Identity theft remains at the top of the IRS’s Dirty Dozen tax scheme list for 2019. Despite a steep drop in tax-related ID theft in recent years, the IRS last week warned taxpayers that the scam remains serious enough to earn a spot on […]
Tax reform changes to fringe benefit deductions affect business’s bottom line
The Tax Cuts and Jobs Act includes tax law changes that affect businesses and the 2018 tax returns they file this year. One change is to fringe benefit deductions, which can affect both a business’s bottom line and its employees’ deductions. Here is a rundown of these changes: Transportation fringe benefits The new law disallows […]
IRS publication helps small businesses, self-employed understand what’s new for taxes
The Internal Revenue Service wants business owners and the self-employed to know that a publication on IRS.gov has information they can use to learn which recent tax-law changes impact their bottom line. This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. […]
IRS waives estimated tax penalty for farmers, fishermen who file returns and pay tax by April 15
The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return and pays any tax due by Monday, April 15, 2019. The deadline is Wednesday, April 17, 2019, for taxpayers residing in Maine or Massachusetts. The IRS is providing this […]
IRS urges businesses to e-file cash transaction reports; It’s fast, easy and free
WASHINGTON — The Internal Revenue Service today urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of filing these reports electronically. Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found that e-filing is a […]
Farmers, fishermen face March 1 tax deadline; IRS encourages convenience of IRS Direct Pay
WASHINGTON — The Internal Revenue Service reminds farmers and fishermen who chose to forgo making quarterly estimated tax payments that they must file their 2018 Form 1040 along with a payment for all taxes owed by Friday, March 1, 2019. This special rule normally applies to taxpayers whose farming or fishing income was at least […]
IRS reminds employers, other businesses of Jan. 31 filing deadline for wage statements, independent contractor forms
WASHINGTON — The Internal Revenue Service today reminds employers and other businesses of the Jan. 31 filing deadline that applies to filing wage statements and independent contractor forms with the government. The Protecting Americans from Tax Hikes (PATH) Act requires employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, […]
Find out how tax reform affects your businesses’ bottom line at IRS.gov
Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. IRS.gov is a great place to find answers. Here are several resources on the IRS website that address tax reform. Tax reform provisions that affect businesses This is the main page for businesses. Users can link […]