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Summer Jobs and Taxes

2022 – 06/27 Summer is officially here, and for some taxpayers, that might bring new tax implications. Newlyweds should contact several agencies to update their information. Parents who send their dependent kids (under age 13) to summer day camp may be able to deduct it as a work-related expense. Taxpayers who work summer or part-time…

Backup Withholding

2022 – 06/24 Businesses take note: You may be required to withhold 24% of certain payments to individuals if they don’t provide you with their legal names and taxpayer identification numbers (TINs) or the IRS notifies you that a payee’s TIN doesn’t match its records. Types of payments subject to backup withholding include interest, dividends,…

Backlog at the IRS

2022 – 06/23 As of May 31, the IRS was still plagued by delays in processing paper returns and issuing refunds, according to the National Taxpayer Advocate, Erin Collins. In her midyear report to Congress (https://bit.ly/3tV0Pig), Collins reported that the IRS had a backlog of 21.3 million unprocessed tax returns, an increase of 1.3 million,…

Foreign Bank and Financial Accounts

2022 – 06/22 The Supreme Court of the United States (SCOTUS) will take up a controversial issue affecting owners of certain foreign financial accounts. A holder of a foreign account worth more than $10,000 in the preceding year must file a “Report of Foreign Bank and Financial Accounts” (FBAR). For a non-willful failure to file,…

Divorce and Taxes

2022 – 06/22 Taxpayers going through a divorce or legal separation will see changes to their tax situations. But filing status won’t change until there’s a final decree of divorce or separate maintenance. Once a decree is issued, each party should file a new Form W-4 (Withholding Certificate) to ensure proper withholding. If there are…

When hiring, don’t overlook older workers

2022 – 06/22 Is your business hiring? Many companies are — in fact, an employment report released by the U.S. Department of Labor earlier this month revealed that nonfarm payrolls increased by 390,000 in May, and the unemployment rate held steady at 3.6%. As the job market continues to feel the impact of “the Great…

Checking in on your accounts payable processes

2022 -06/15 Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses…

Simple ways to make strategic planning a reality

2022 – 06/08  Every business wants to engage in strategic planning that will better position the company to sell more to current customers — and perhaps expand into new markets. Yet the term “strategic planning” is so broad. It’s easy to get overwhelmed by all the possible directions you could go in and have a…

Dodge the tumult with a buy-sell agreement

2022 – 06/01 Businesses with multiple owners generally benefit from a variety of viewpoints, diverse experience and strategic areas of specialization. However, there’s a major risk: the company can be thrown into tumult if one of the owners decides, or is compelled by circumstances, to leave. A logical and usually effective solution is to create…

Summer Jobs & Taxes

2022 -05/31 School will soon be out for the summer and many teenagers will be looking for ways to earn money. That’s why the IRS is reminding young workers of their tax responsibilities. New employees must provide employers with a Form W-4 (Withholding Allowance Certificate). If they need help with the form, they can log…

Calculating corporate estimated tax

2022 – 05/31 The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods…

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