General News and Information Archives - Page 25 of 40

Jan
23
2018

2018 W-4 Forms – Delayed Release Update

Employers: Withholding guidance coming soon. With the new tax law now in place, Form W-4 will need to be substantially revised. On Dec. 26, the IRS announced it is working on withholding guidance and anticipates issuing it this month. Employers and payroll companies will be encouraged to implement the changes in Feb. The IRS stated the information will be designed to work with W-4 forms already filed. Use of the new withholding tables will allow employees to see changes in their paychecks as early as Feb.

Jan
22
2018

IRS Warns of Tax Scam with Fake W-2 Forms

IRS Warns of Tax Scam with Fake W-2 Forms http://bit.ly/2n3aVeR

Jan
18
2018

Dates to remember for the 2018 Tax Filing Season

The 2018 tax filing season will begin on Jan. 29, the IRS announced. That’s the date the IRS will begin accepting electronic and paper returns (though many tax professionals and software companies will accept returns earlier). Processing returns will begin in mid-Feb. The earliest that refunds claiming the earned income credit or additional child tax credit will be available will be Feb. 27. The IRS expects over 90% of refunds to be issued within 21 days.

Jan
16
2018

Tax Court upheld an IRS decision regarding Lump Sum Social Security Benefits

A couple must pay tax on a lump sum Social Security benefit. The U.S. Tax Court upheld an IRS decision that a married couple should have included in their gross income a lump sum, which the husband had received in the year at issue. It included past-due benefits that had accrued during years while the husband was awaiting a decision on his disability claim. The taxpayers argued that if they’d received the payments over a three-year period as they accrued,

Jan
11
2018

Filing Deadlines for forms W-2 and 1099

Businesses: Don’t forget the upcoming deadline for wage statements and independent contractor forms. Employers are required to file their copies of Form W-2 and Form W-3 with the Social Security Administration by Jan. 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report nonemployee payments to independent contractors. An extension of time to file is no longer automatic, and the IRS will only grant extensions for very specific reasons. “Failure to file these forms correctly and timely may result in penalties,” the IRS stated.

Dec
28
2017

Tax Cuts and Jobs Act and changes to AMT (Alternative Minimum Tax)

What happens next with tax reform? On Dec. 2, the U.S. Senate passed the Tax Cuts and Jobs Act in a 51-49 vote. Many changes were made to the bill in order to win over the Senators who opposed parts of it, including a provision to keep the current individual alternative minimum tax (AMT), but with a higher exemption threshold. (The corporate AMT would also be retained.) An earlier version of the bill repealed the AMT.

Dec
12
2017

2018 Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2018. JAN. 31: File 2017 Forms W-2 with the Social Security Administration and provide copies to employees, and provide copies of 2017 Forms 1099-MISC to recipients. FEB. 28: File 2017 Forms 1099-MISC if paper filing. (Forms 1099-MISC reporting nonemployee compensation in Box 7 must be filed by Jan. 31.) MAR. 15: If a calendar-year partnership or S corp., file or extend your 2017 tax return.

Dec
06
2017

Getting around the $25 deduction limit for business gifts

At this time of year, it’s common for businesses to make thank-you gifts to customers, employees and other business entities. Unfortunately, tax rules limit the deduction for business gifts to only $25 per person per year. But there are exceptions. Here are three: 1) gifts to a company for use in the business, 2) incidental costs of making a gift, such as engraving or shipping, and 3) gifts to employees (though other limits apply and they may be treated as taxable compensation).

Dec
01
2017

IMPORTANT ANNOUNCEMENT!

ATTENTION!!! On November 27, 2017 the SSA announced that the 2018 social security wage limit would be set at $128,400. This is $300 lower than the previously announced limit of $128,700.

Nov
17
2017

Tax Reform Goals Released

The U.S Senate released its tax reform goals. Highlights include: Setting a 38.5% bracket for high-income earners, and raising the standard deduction to $24,000 for married filers, $18,000 for single parents and $12,000 for unmarried individuals. It would repeal in full the deduction for state and local taxes, and retain many provisions, including the child and dependent care credit; the deductions for charitable contributions and medical expenses; and the home mortgage interest deduction for existing mortgages and newly purchased homes up to $1 million.