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Home / Archives for Taxes

Taxes

5 Simple Tips Employers and Insurance Providers Need for 2023 ACA Reporting

Jan 25, 2023 By Stephanie Glanville

employers-face-stiff-affordable-health-care-act-excise-taxes

We are a few weeks into the new year, and employers and health insurance providers should begin their ACA (Affordable Care Act) reporting process if they haven’t already. This can be a lengthy and complex process and requires preparation. Starting early is the best way to ensure a successful reporting season for your business organization. […]

Filed Under: Tax and Accounting Tagged With: affordable care act, IRS, Taxes

Congress Hears From Small Businesses About Problems Caused By Wayfair

Jul 7, 2022 By TaxConnections

On June 14, 2022, the Senate Finance Committee heard testimony on the impact on small businesses and remote sales of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., 138 S. Ct. 2080, 201 L. Ed. 2d 403 (2018). In Wayfair, the U.S. Supreme Court ruled that a business’s physical presence in a state (or lack […]

Filed Under: Finance Tagged With: Taxes

Understanding How Donations & Charitable Giving Reduce Business Taxes

May 25, 2022 By Andrew Deen

Charitable donations can have life-saving results for people all over the planet. They can also give you a break on your business taxes—sometimes a big one if you know how to file them properly. Business taxes are always difficult, but only more so as the nation heads towards a recession. Small business owners everywhere can […]

Filed Under: Finance Tagged With: Charity, Taxes

Employers: IRS Changes Payroll Tax Form 941 For Q1 of 2022

Apr 4, 2022 By Damian Karjane

The IRS changed Form 941 for the first quarter of 2022 and warns taxpayers not to use an earlier version of the form. The IRS also indicated there is going to be a different Form 941 every quarter of 2022. Recall, Form 941, Employer’s Quarterly Federal Tax Return, is the federal form employers use to […]

Filed Under: Finance Tagged With: Taxes

Employers: What is Form 940 and Do I Need to FiLe it?

Jan 26, 2022 By Damian Karjane

Did you employ workers at your small business this year? If yes, you need to deal with employment taxes, like federal unemployment (“FUTA”) taxes.  For each employee, you must pay a percentage of his or her wages for federal unemployment taxes, deposit the tax with the IRS, and report your tax liability on Form 940. […]

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

Employers: IRS Changes Payroll Tax Form 941 for Q1 2021

Mar 29, 2021 By Damian Karjane

5-tax-issues-that-cause-irs-trouble-for-1099-workers

In 2020, to combat the economic effects on small businesses caused by the COVID-19 pandemic, new legislation/executive actions drastically changed the format of Form 941, expanding it from two to three pages, and adding 58 new data fields.  Many the new relief measures were extended for businesses into 2021 (but not all). While the first […]

Filed Under: Finance Tagged With: Taxes

5 Steps to a Successful R&D Claim

Feb 8, 2021 By Annie Button

It is undoubtedly the case that research and development (R&D) tax relief is something that many businesses overlook. A huge range of companies won’t even consider the possibility that they might be eligible for R&D tax credits because of a misunderstanding about what is meant by the term R&D.  “Despite being launched all the way […]

Filed Under: Operations Tagged With: Research, Taxes

5 Ways to Optimize Tax Paying for Your Business

Jan 21, 2021 By PDFLiner

Taxes can be a challenge for any business owner. Of course, all the procedures related to taxes have become more comfortable as we can use fillable W2 and other forms, but this is still stressful. There are many ways to save on taxes. Here we will share five ways to reduce your taxable income. Financing […]

Filed Under: Tax and Accounting Tagged With: Taxes

Know These Tax Implications of Settlements & Judgments

Jan 20, 2021 By TaxConnections

Your client just settled—or better yet, won a judgment.  What are the tax consequences?  Admittedly, the tax impact of resolving a dispute is often little more than an afterthought.  But a client’s net after-tax recovery can vary drastically depending on the applicable tax rules. An attorney armed with an understanding of the relevant tax issues […]

Filed Under: Tax and Accounting Tagged With: Taxes

Taxes: Why Do I Owe A Penalty And What Can I Do About It?

Oct 9, 2020 By TaxConnections

I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will process your payment with the date the IRS received it. […]

Filed Under: Tax and Accounting Tagged With: Taxes

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