While many Americans will be getting a tax refund this year, many will be getting a tax bill from the IRS. These lucky people will owe the IRS money and many will be unable to pay the entire bill. What should these people do? There are several options that the IRS offers in this situation. In some situations, leniency is …
April 2- Electronically file Forms W-2, W-2G,1098, 1099, and 8027. April 4- Deposit payroll tax for payments on Mar 28-30 if the semiweekly deposit rule applies. April 6- Deposit payroll tax for payments on Mar 31-Apr 3 if the semiweekly deposit rule applies. April 10- Employers:Employees are required to report to you tips of $20 or more earned during March. April …
Here’s a cute joke about our topic for the day: What do accountants suffer from that ordinary people don’t? Depreciation. The definition of depreciation according to Webster’s Dictionary is: 1: A reduction in value, writing down the capital value of an asset over a period of time in a company’s accounts. Source: European Union. 2: The decline in the value …
As a merchant, you do not have to report credit card income if it less than $20,000 for the year and the total number of transactions is less than 200. However, banking institutions and other financial service providers must report the total gross amount for credit and debit cards for the year for every merchant. So, this means, that as a …
As a small business owner you may be wondering which software you should use to do your bookkeeping. As you walk down the aisles of any office supply shop or computer store you may notice that there are several programs from which to choose. There is QuickBooks, Peachtree, and several other choices. Have you been wondering which software accounting professionals …
Mar 1- Farmers and Fisherman: File 2011  Form 1040 and pay any tax due. However, you have until Apr 17 to file if you paid your 2011 estimated tax payments by Jan 15, 2012. Mar 2- Deposit payroll tax for payments on Feb 25-28 if the semiweekly deposit rule applies. Mar 7- Ã‚ Deposit payroll tax for payments on Feb 29-Mar 2 if the semiweekly deposit …
What do you think of when you hear “tax deadline”? Most people think of April 15th. But for the business owner, March 15, 2012 is a date not to be forgotten. Corporate tax returns(Forms 1120, 1120A, and 1120S), are due on March 15. If you are not filing your return on Mar. 15, you must file for an automatic 6 …
The 2011 year brought a new tax requirement for landlords. All landlords who receive $600 or more per year must send a 1099 to all service providers that the landlord paid $600 or more during the year, such as plumbers, carpenters, yard services, and repair people. This rule change applies to both residential and commercial property. Prior to 2011, this requirement …
Feb 1- Deposit payroll tax for payments on Jan 25-27 if the semiweekly deposit rule applies. Feb 3- Deposit payroll tax for payments on Jan 28-31 if the semiweekly deposit rule applies. Feb 8- Deposit payroll tax for payments on Feb 1-3 if the semiweekly deposit rule applies. Feb 10- Employers: Employees are required to report to you tips of $20 …
1099-K…and the amounts found on this form must be reported. This is actually NOT a new tax- it is more like a way to improve compliance among businesses accepting payment cards and/or payments accepted from a third party settlement. Thanks to a provision in the Housing Assistance Tax Act of 2008, the House Ways and Means Committee have found that …
