Quickbooks has released a series of updates with a goal of becoming more user-friendly. Scroll through the list of Quickbooks programs below to see which updates may influence the way you use Quickbooks. Quickbooks Online: Under Expenses or Payroll, you can view a list of Contractors and their W-9s. W-9 statuses will show as ready, […]
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This tax season raised many questions concerning federal and state withholding. The 2017 Tax Cuts and Job Act reform the individual income tax code by lowering tax rates on wages, investment, and business income, broadening the tax base, and simplifying the tax code. On December 5, 2019, the IRS issued the redesigned 2020 form W-4 that was initially expected in 2017 after the
W4 Form Tax Withholding for IRS and State Income Taxes Read More »
Many businesses choose to focus on their core competence by outsourcing services from other organizations or individuals. We often refer to them as Subcontractors, Contractors, or outside services. As the year-end approached, companies who paid for these outside services require to report to the IRS the amount they paid by filing form 1099 – Misc.
Backup Withholding? What is it? Read More »
Group health insurance is an essential part of employee benefits planning. Every year employers across the United States must handle new sets of health insurance premiums base on the group’s risk factor and claim history. Subsequently, an employer has to update payroll deductions for each participating employee anytime health insurance is renewed. This revision allows
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The IRS continues to work hard to reach individuals eligible for Economic Impact Payments. According to IRS records, 9 million non-filers are yet to receive the payment. Individuals that are generally do not require to file tax return due to low income for either 2018 or 2019, will receive letters from the IRS urging qualifying
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Often, small business owners ask if buying a vehicle is better than leasing a business vehicle or vice versa. Business owners value assets differently and make decisions entirely based on each owner’s circumstances. Generally, the total cost associated with lease or purchase is ultimately the factor in deal or no deal. Business owners should be
Business Vehicle: Buying vs. Leasing Read More »
As we suspected, further guidance was provided by the SBA late May 22, related to the PPP (Paycheck Protection Program) provisional rules. Again, the detail instructions provide little remedy to the additional questions we continue to have. However, countless earlier questions were addressed in detail. As professionals, many of us rely on the statute which
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Beware of tax scam emails and phone calls, IRS warns NEW YORK — Months after business owners and other taxpayers have filed their returns with the IRS, thieves try to scam people out of money or personal information. Although scammers operate year-round, the IRS says they step up their activities in the summer, when taxpayers
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The 2017 tax year is behind us, excluding a few extensions, and I am already looking forward to the next season. This year, I was able to demonstrate and help my clients visualize what their 2018 tax season will look like based on their current year’s monetary situation. I was amazed to confirm that 99% of
Looking in to Your Personal 2018 Tax Season Read More »
The weather is suddenly cooler. Leaves are changing color. Halloween decorations fill store shelves. Suddenly, business is picking up in your small business. Welcome to fall – for many small businesses, the busiest, most hectic, and important time of the year. How will you make the most of fall in your small business? Fall is
6 ways to make the most of the fall season for your small business Read More »