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IRS Tax Reform Resource

2019-02/27 Do you want more information about the changes brought by tax reform? Major tax law changes have affected every taxpayer. That’s why the IRS has developed an online publication and other resources to help you understand how the changes affect you. Key changes to be aware of include lower tax rates; a much higher…

Are your employees ignoring their 401(k)s?

2019 – 02/27 For many businesses, offering employees a 401(k) plan is no longer an option — it’s a competitive necessity. But employees often grow so accustomed to having a 401(k) that they don’t pay much attention to it. It’s in your best interest as a business owner to buck this trend. Keeping your employees…

Before you call the IRS have this information

2019 – 02/19 If you call the IRS, be prepared to identify yourself. Tax-related identity theft is on the rise. That’s why the IRS says its call center professionals take great care to ensure they discuss personal information only with taxpayers (or authorized representatives). Before calling the IRS, have this information ready: your Social Security…

Steps to ensure your data remains private

2019 – 02/22 Criminals continue to steal large amounts of information from taxpayers. Thieves use the data to file bogus tax returns and commit crimes while impersonating victims. The IRS lists several steps to take to ensure your data remains private, beginning with enhancing computer security. Use updated software, a firewall, virus and malware protection…

Beware the Ides of March — if you own a pass-through entity

Shakespeare’s words don’t apply just to Julius Caesar; they also apply to calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes. Why? The Ides of March, more commonly known as March 15, is the federal income tax filing deadline for these “pass-through” entities. Not-so-ancient history Until…

Don’t let scope creep ruin your next IT project

Today’s business technology is both powerful and restive. No matter how “feature rich” a software solution or hardware asset may be, there’s always another upgrade around the corner. In other words, it’s just a matter of time before your company’s next IT project. When that day arrives, watch out for “scope creep.” This term refers…

How To Pay The IRS

2019-02/13 If you owe federal taxes, there are several ways to pay. While it’s always best to pay taxes when due to avoid penalties and interest, installment plans may be available for eligible taxpayers. Payments can be made electronically online, by phone, or with a mobile device and the IRS2Go app. Other options include cash,…

Social Security Sending Out “No Match” Letters

2019-02/12 Attention employers: The Social Security Administration (SSA) has announced it will be sending out “no match” letters this spring. The notices will be sent to businesses and employers that submit W-2 forms containing name and Social Security number combinations that don’t match SSA records. The letters will inform employers about the mismatches and tell…

IRS Operations and Taxpayer Rights

2019-02/13 The IRS faced challenges as a result of the recent government shutdown, according to the National Taxpayer Advocate, Nina Olson. In a report to Congress, she said the shutdown affected IRS operations and taxpayer rights. It meant the IRS couldn’t release levies on taxpayer funds in extreme cases “to pay for basic living expenses…

Best practices when filing a business interruption claim

Many companies, especially those that operate in areas prone to natural disasters, should consider business interruption insurance. Unlike a commercial property policy, which may cover certain repairs of damaged property, this coverage generally provides the cash flow to cover revenues lost and expenses incurred while normal operations are suspended because of an applicable event. But…

The IRA 10% Penalty

2019 – 02/08 Generally, a 10% penalty is imposed on distributions before age 59½ from an IRA if they aren’t a qualified rollover. Exceptions exist, such as when a taxpayer is disabled. In one case, the IRS denied a claim that a distribution was a nontaxable rollover and imposed the 10% penalty. The U.S. Tax…

Marginal Federal Tax Rates

2018 – 02/05 Tax rates get a closer look. The Congressional Budget Office just published a report entitled “Marginal Federal Tax Rates on Labor Income: 1962 to 2028.” The marginal tax rate is defined as “the percentage of an additional dollar of earnings that is unavailable to an individual because it is paid in [federal…

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