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Home / Archives for IRS

IRS

IRS Seizures: The Good, The Bad, And The Ugly

Oct 27, 2020 By TaxConnections

What Is An IRS Seizure? Along with tax penalties and tax lien filings, the IRS’s ability to seize a taxpayer’s property is one of its most potent weapons to encourage tax compliance.  That is, in part, what makes a recent report from the Treasury Inspector General for Tax Administration (“TIGTA”) on IRS property seizures particularly troubling. Among other things, […]

Filed Under: Tax and Accounting Tagged With: IRS

IRS Unclaimed Refunds Waiting For Taxpayers Face July 15 Deadline

Jul 10, 2020 By TaxConnections

Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service. “The IRS wants to help taxpayers who are owed refunds but haven’t filed their 2016 tax returns yet,” said IRS Commissioner Chuck Rettig. […]

Filed Under: Finance, Tax and Accounting Tagged With: IRS

Important: IRS Finalizes Changes to Payroll Tax Return Form 941

Jul 9, 2020 By Damian Karjane

On June 20, 2020, the IRS finalized tax Form 941, Employer’s Quarterly Federal Tax Return, to collect information about the new COVID-19 tax incentives, expanding the form from two to three pages, and adding 58 new data fields (previously 18 total lines).  See Appendix I: Summary of COVID-19 Employer Tax Incentives for more information. While the […]

Filed Under: Finance, Tax and Accounting Tagged With: Accounting, IRS, Taxes

File or Extend: A Complete List of 2020 Tax Deadlines

Mar 3, 2020 By 1800Accountant

Understanding your tax requirements as a small business owner or individual is tricky and challenging at the best of times. There are so many moving pieces and requirements – all due on different days – that it can be hard to keep it all straight! However, there are few things more important for the long-term […]

Filed Under: Finance, Tax and Accounting Tagged With: IRS, tax deadlines, Tax Planning

IRS Rules on Deducting Business Expenses

Jan 29, 2020 By TaxConnections

Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or […]

Filed Under: Tax and Accounting Tagged With: Deductions, IRS, Taxes

How the New 2020 IRS W-4 Form Affects Small Business Employers and Employees

Jan 24, 2020 By Wagepoint

Outside of fun festivities—and the fact that it’s the beginning of an entirely new decade—most people are excited for 2020. A new year means new beginnings, new goals and, in the case of the Internal Revenue Service (IRS), new tax paperwork. If you haven’t heard, the IRS has given Form W-4 a major facelift. After two […]

Filed Under: Tax and Accounting Tagged With: IRS, Taxes

Why Small Businesses Should Pay Attention to Quarterly Tax Payments

Jan 8, 2020 By 1800Accountant

There are a lot of awesome things that go along with owning a business. For example, personal fulfillment, passion—and, of course, making money. But what goes hand in hand with making money? Paying taxes. Filing business taxes can be complex, daunting, and nerve wracking. After all, everyone makes mistakes. So if you own a small […]

Filed Under: Tax and Accounting Tagged With: IRS, Taxes

IRS Highlights Credits and Deductions for Small Businesses

Jun 20, 2019 By TaxConnections

During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the important contributions of America’s entrepreneurs and small business owners. Reviewing […]

Filed Under: Tax and Accounting Tagged With: Deductions, Expenses, IRS

Businesses Should Review Depreciation Deductions Rules

Jun 13, 2019 By TaxConnections

Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible property includes: Buildings Machinery […]

Filed Under: Tax and Accounting Tagged With: Deductions, Depreciation, IRS, Taxes

Why Did I Receive a Payroll Tax Notice?

Apr 19, 2019 By Wagepoint

Letters from the IRS are never fun. What makes it worse is not knowing why you got one in the first place. When it comes to payroll tax payments and potential fees, you want to get to the heart of the issue ASAP. But first, take a deep breath… It’s likely that you missed a simple […]

Filed Under: Finance, Tax and Accounting Tagged With: IRS, Payroll, Taxes

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