October 13Employees who work for tips – If you received $20 or more in tips during September, report them to your employer. You can use Form 4070.October 15Individuals – If you have an automatic 6-month extension to file your income tax return for 2019, file Form 1040 and pay any tax, interest, and penalties due.Corporations – File a […]
Using QuickBooks tools makes it possible to record individual blocks of time that employees have worked and include them in payroll and billing customers when necessary. Each step required to set up QuickBooks for time tracking was discussed as well as the process of creating individual time entries and a completed record for billable time […]
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let’s take a look at several key points that taxpayers should know about reporting cash transactions.How the IRS defines cashCash […]
People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed as soon as possible to avoid unnecessary delays related to tax refunds next year.ITINs that […]
Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.The 100% additional first-year depreciation deduction was created in 2017 by […]
Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.If you are an employer that is subject to the employer shared responsibility provisions, you may […]
With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. While federal tax rates are the same in every […]
While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know.BackgroundWhen retirement plans such as the 401(k) were introduced, […]
Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know:BackgroundPrior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They […]
Starting your own business can be an exciting prospect, but there is more to it than simply writing a business plan. Also, if you expect to have employees, there are a variety of federal and state forms and applications that you need to complete to get your business up and running. That’s where a tax […]
September 10Employees Who Work for Tips – If you received $20 or more in tips during August, report them to your employer. You can use Form 4070.September 15Individuals – Make a payment of your 2020 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax […]