New laws and regulations could have an impact on how you manage your business or your tax planning. Below is a summary of important developments you should be aware of: In a change from past rules, businesses must file all Forms W-2 and W-3 and some Forms 1099-MISC with the IRS and the Social Security Administration no later than Jan. …
As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). In addition, new identity theft and refund fraud safeguards put in place by the IRS and the …
In an effort to reduce fraud, a provision in the Consolidated Appropriations Act passed by Congress has changed the filing deadlines for employer copies of Forms W-2/1099-MISC. The 2016 employer W-2/1099-MISC filing deadline is Tuesday, January 31, 2017. There are new due dates for returns for partnerships, C corporations and several other business returns as well. For calendar-year partnerships, the …
Beth Goddard is celebrating 10 years of service with Person CPA Group! She provides accounting and tax services as well as computer technical support and training for individuals, small businesses, and non-profit organizations. She specializes in small business accounting software including Peachtree, QuickBooks, PCLaw, and Champion. She has been an officer in many non-profit organizations, and has worked in industry, …
Several of our staff members recently received emails that claimed to be from QuickBooks and wanted us to follow a sign-in link, presumably so that we could enter our credit card information to ‘subscribe’ to QuickBooks. The email was designed to look very genuine and as you can see by enlarging this image, many of the logos and buttons were …
The Immigration Reform and Control Act of 1986 required employers to verify that all newly hired employees present documentation verifying the employee’s identity and legal authorization to accept employment in the United States. The I-9 (“Employment Eligibility Verification”) form must be completed by every employee hired after November 6, 1986. On Aug. 25, the Office of Management and Budget approved …
Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the 2016 tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. The “Protecting Americans from Tax Hikes Act of …
Planning is the key to successfully and legally reducing your tax liability and is a critical part of a small business owner’s financial plan. Yet, the majority of small business owners ignore tax planning. There are many tax planning strategies available to small business owners – below are a just a few: Review Your Expenses:Check to be sure you have …
Louisiana taxpayers can claim refunds for state sales taxes paid on personal property destroyed by a natural disaster in a parish declared a federal disaster area. The following parishes were declared federal disaster areas following severe storms and flooding in March 2016: Allen, Ascension, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, DeSoto, East Carroll, Franklin, Grant, Jackson, LaSalle, Lincoln, …
A one-month filing and payment extension for Louisiana state taxes is available to Louisiana taxpayers affected by recent severe storms and flooding. The extension applies to Louisiana tax returns and payments due August 15, 2016. The extended deadline is September 15, 2016. For returns and payments submitted by the extended deadline, the Louisiana Department of Revenue will waive any late …
