ONLINE PAYMENT AGREEMENT APPLICATION Source: IRS.gov Paying your taxes in full and on time avoids unnecessary penalties and interest. However, if you cannot pay your taxes in full, you may request a payment agreement. Individuals who owe $25,000 or less in combined tax, penalties, and interest can use the OPA [...]
Source: irs.gov There are typical actions that are taken when closing a business. You must file an annual return for the year you go out of business. If you have employees, you must file the final employment tax returns, in addition to making final federal tax deposits of these taxes. [...]
Source: irs.gov The checklist below provides the basic steps you should follow to start a business. This list should not be construed as all-inclusive. Other steps may be appropriate for your specific type of business. Information about specific industries can be found at the Industries/Professions Web page. Each state has [...]
Taxpayers face more disclosures and potential penalties. By KEVIN E. PACKMAN, ESQ. and MAURICIO D. RIVERO, ESQ. AUGUST 2010 Source: Journal of accountancy A key component of the federal government’s push for heightened tax compliance among U.S. taxpayers with foreign accounts and assets is the Foreign Account Tax Compliance Act [...]
Restaurant clients with tipped employees have more complex payroll requirements than other clients. Years of experience in the food, beverage, and hospitality industry have given Paychex the opportunity to excel in offering unique services and reports for establishments with tipped employees. Important payroll items include: FICA Tip Credit Report - [...]
Form 1040 ES – 2010 Federal Estimated Individual Income Tax Vouchers Form 2553 – IRS Request to be taxed as an S-Corporation Form 4506-T – Transcripts of prior year w-2s, 1099s, tax returns, and non-files Form 843 – Request to abate penalties and interest from the IRS Form 8821 – [...]
Source: Issue Number: IRS Summertime Tax Tip 2010-07 Jul 21, 2010 Summer is a busy time for everyone, but particularly for military members and their families. Whether it’s moving to a new base or traveling to a duty station, members of the military have many obligations that could impact their tax [...]
INFORMATION COURTESY OF DASKAL BOLTON LLP CLICK HERE TO ACCESS THE ORIGINAL ARTICLE FOUND IN THEIR JUNE 17, 2010 NEWSLETTER The Patient Protection and Affordable Care Act and the related Health Care and Education Reconciliation Act (which are collectively referred to as the healthcare legislation) were signed into law in March. [...]
Small businesses, charities face more reporting rules By Sandra Block, USA TODAY July 8, 2010 A little-known provision in the health care reform law could significantly increase tax recordkeeping requirements and costs for nearly 40 million self-employed workers, small businesses and charities, the IRS' national taxpayer advocate said Wednesday. Starting [...]
Source: Issue Number: IRS Summertime Tax Tip 2010-01 Did you know that your summer day care expenses may qualify for an income tax credit? Many parents who work or are looking for work must arrange for care of their children under 13 years of age during the school vacation. Those expenses [...]
