Category: Taxes
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Important Guidance for Employers Claiming the Employee Retention Credit
Issue Number: COVID Tax Tip 2021-123 Important additional guidance for employers claiming the employee retention creditThe IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit…
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Financial safety: The often forgotten piece of disaster preparedness
After a natural disaster, having access to personal financial, insurance, medical and other records can help people starting the recovery process quickly. There are a few things taxpayers can do to help protect their financial safety in a disaster situation. Here are some financial preparedness tips. Update emergency plans. A disaster can strike at any…
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IRS Announces Two New Online Tools to Help Families Manage Child Tax Credit Payments
Child Tax Credit Eligibility Assistant helps families determine whether they qualify for Child Tax Credit payments Update Portal helps families monitor and manage Child Tax Credit payments WASHINGTON — The Internal Revenue Service today launched two new online tools designed to help families manage and monitor the advance monthly payments of Child Tax Credits…
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Filing Payroll Taxes Electronically
Running a business with employees can be hard work. One way business owners can make things a little easier on themselves is by filing payroll and employment taxes electronically. There are several benefits to filing these forms electronically:• It saves time.• It’s secure and accurate.• The filer gets an email to confirm the IRS received the form within…
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Tax-exempt organizations: 990s, other forms due on May 17; information and tools available to help
WASHINGTON — The Internal Revenue Service today reminds tax-exempt organizations that operate on a calendar-year (CY) basis that certain annual information and tax returns they file with the IRS are due on May 17, 2021. These returns are: Form 990-series annual information returns (Forms 990, 990-EZ, 990-PF, 990-BL) Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt…
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IRS extends additional tax deadlines to May 17
Following the extension of the filing and payment deadline for individuals to May 17, 2021, the IRS announced other tax deadline extensions to the same date. Here’s what’s affected: Contributions to IRAs and health savings accounts People now automatically have until May 17, 2021, to make 2020 contributions to their: Individual retirement arrangements Health savings accounts…
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Connecticut 3-month tax Deferment
Connecticut residents, businesses get 3-month tax deferment due to pandemic. Connecticut residents, businesses and landlords will now get an extra three months to pay their taxes in the state due to the pandemic. Read more…
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#Tax Reporting
Business, Accounting, Tax Reporting for Sole Proprietors, Partnerships, LLCs, and Corporations Paying taxes and reporting income for your company are very important jobs, and how you complete these tasks properly depends on your business’s legal structure. From sole proprietorships to corporations and everything in between, this discussion briefly reviews business types and explains…