Tax Facts Archives - Intrinsic DM2

W4 Form Tax Withholding for IRS and State Income Taxes

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 […]

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What someone should do if they missed the May 17 deadline to file and pay taxes?

Tax Facts

The federal income tax deadline has passed for most individual taxpayers. However, some have not filed their 2020 tax returns or paid their tax due. If an individual taxpayer is owed a refund, there is no penalty for filing late. On the other hand, tax owed and not paid by May 17, 2021 is subject

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Backup Withholding? What is it?

Accounting, Bookkeeping, Tax Facts

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.

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Did you claim your Economic Impact Payment?

Accounting, SBA Updates, Tax Facts

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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Business Vehicle: Buying vs. Leasing

Accounting, Tax Facts

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

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Small Businesses Unclear on How and When to File the PPP Forgiveness Loan Application

SBA Updates, Tax Facts

Many small businesses that obtain the PPP Loan concluded their PPP loans covered periods. The lenders and the SBA flooding the internet with the PPP loan forgiveness applications, it is uncertain when the application is due or if it is currently adequately representing the latest guidelines. Legislative proposal bill 4321 is a Continuing Small Business

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The SBA Provides Further Guidance Related to the PPP Provisional Rules

Accounting, Bookkeeping, Tax Facts

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

Accounting, Bookkeeping, Tax Facts

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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Looking in to Your Personal 2018 Tax Season

Accounting, Bookkeeping, Tax Facts

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

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6 ways to make the most of the fall season for your small business

Accounting, Bookkeeping, Money Trends, Tax Facts

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

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