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Tips for Taxpayers: Backup Withholding

Posted by Missy Dennis on Nov 5, 2020 8:05:00 AM

Taxpayers receiving certain types of income typically reported on certain Forms 1099 and W-2G may need to have backup withholding deducted from these payments. Here are three tips to help taxpayers understand backup withholding:

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Topics: Personal Finance, Taxes, Tax Return

Final Regulations for 100 Percent Bonus Depreciation

Posted by Missy Dennis on Oct 28, 2020 8:17:00 AM

Final regulations have been issued by the Treasury Department and the Internal Revenue Service implementing the 100% additional first-year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business.

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Topics: Business Ownership, Tax Deduction

File Cash Transaction Reports Electronically

Posted by Missy Dennis on Oct 20, 2020 8:16:00 AM

Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms. Let's take a look at several key points that taxpayers should know about reporting cash transactions.

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Topics: Business Ownership, Taxes

Health Coverage Terms Employers Should Know

Posted by Scott Farnes on Oct 13, 2020 8:51:00 AM

Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.

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Topics: Business Ownership, Business Expenses

Avoid Refund Delays by Renewing Expiring ITINs Now

Posted by Missy Dennis on Oct 7, 2020 8:10:00 AM

People who are not eligible for a Social Security number must use individual taxpayer identification numbers (ITINs) if they have tax filing or payment obligations under U.S. law. Periodically and under certain circumstances, these ITINs expire and should be renewed as soon as possible to avoid unnecessary delays related to tax refunds next year.

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Topics: Taxes, Tax Return, Tax Preparation, ITIN

Electronic Signatures Temporarily Allowed for Certain Forms

Posted by Scott Farnes on Oct 1, 2020 8:16:00 AM

The use of digital, or electronic signatures, on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals.

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Topics: Taxes, Tax Return

IRS Form 1040-X Now Available for E-Filing

Posted by Missy Dennis on Sep 29, 2020 8:04:00 AM

Form 1040-X has been one of the last major individual tax forms that still needed to be paper-filed, but now taxpayers can quickly correct previously filed tax returns by submitting Form 1040-X, Amended U.S. Individual Income Tax Return electronically using commercial tax-filing software.

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Topics: Taxes, Tax Return

What To Do If You Get an IRS Notice or Letter

Posted by Taylor Bennett on Sep 24, 2020 8:01:00 AM

The IRS mails millions of notices and letters to taxpayers every year for a variety of reasons. If you receive correspondence from the IRS don't panic. You can usually deal with a notice by simply responding to it; most IRS notices are about federal tax returns or tax accounts. Each notice has specific instructions, so read your notice carefully because it will tell you what you need to do. In most cases, your notice will be about changes to your account, taxes you owe or a payment request; however, your notice may also ask you for more information about a specific issue.

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Topics: Taxes, Tax Return

Tax Record Keeping Tips for Individuals and Businesses

Posted by Taylor Bennett on Sep 16, 2020 8:13:00 AM

The key to avoiding headaches at tax time is keeping track of your receipts and other records throughout the year. Whether you use an excel spreadsheet, an app, an online system or keep your receipts organized in a folding file organized by month, good record-keeping will help you remember the various transactions you made during the year.

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Topics: Business Ownership, Personal Finance, Taxes, Record Keeping, Tax Return, Tax Planning, Tax Preparation

The Home Office Deduction

Posted by Scott Farnes on Sep 10, 2020 7:55:00 AM

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.

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Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses

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