Tag: Taxes
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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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The First Step of Good Tax Planning is Good Record-keeping
Year-round tax planning is for everyone. An important part of that is recordkeeping (see below). Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may…
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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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Facts to help taxpayers understand backup withholding
Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here are some basic facts about backup withholding. Backup withholding is required on certain nonpayroll amounts when certain conditions apply.…
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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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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…
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#Unemployment and Taxes
If you have clients receiving unemployment benefits this year, consider using this unemployment outreach flyer, Publication 5444 (Below), Did You Receive Unemployment Benefits? in your communications. For more information on unemployment benefits, see page 27 of IRS Publication 525, Taxable and Nontaxable Income or the IRS’s Coronavirus and Economic Impact Payments: Resources and Guidance page.…