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Protecting Business Taxpayers From Identity Theft

Posted by Missy Dennis on Feb 2, 2021 8:12:00 AM

Starting December 13, 2020, the IRS began masking sensitive data on business tax transcripts. Previously, only sensitive data on individual tax transcripts was masked.

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Topics: Business Ownership, Taxes, Tax Transcript

Understanding the Excise Tax

Posted by Missy Dennis on Jan 28, 2021 8:16:00 AM

An excise tax is a tax that is generally imposed on the sale of specific goods or services, or on certain uses. Examples of things a federal excise tax is usually imposed on include the sale of fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, and tobacco, as well as other goods and services. Excise taxes are imposed on a wide variety of goods, services and activities and may be imposed at the time of:

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Topics: Business Ownership, Taxes, Excise Tax, Business Expenses

Seasonal Employees and the Healthcare Law

Posted by Scott Farnes on Nov 11, 2020 8:10:00 AM

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA).

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Topics: Business Ownership, Small Business, Seasonal Employee, Seasonal Worker

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

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

What is Form 1099-NEC?

Posted by Missy Dennis on Sep 2, 2020 8:21:00 AM

Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. This is a new form that only applies to business taxpayers who pay or receive nonemployee compensation.

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Topics: Business Ownership, Taxes, Tax Return

Closing Your Business: A Tax Checklist

Posted by Scott Farnes on Jul 30, 2020 8:06:00 AM

More than 100,000 small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors - you must also take certain actions as required by the IRS to fulfill your tax obligations. For example, if you have employees, you must file final employment tax returns as well as make final federal tax deposits of these taxes.

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Topics: Business Ownership, Small Business

Employee Retention Credit Deadline July 31

Posted by Scott Farnes on Jul 15, 2020 8:07:00 AM

As a reminder, employers whose business has been financially impacted by COVID-19 can take advantage of the Employee Retention Credit, a refundable tax credit designed to encourage businesses to keep employees on their payroll. The credit is worth 50 percent of up to $10,000 in wages paid by an employer. Employers that are eligible for the credit for the first and second quarters of 2020, can apply for the credit when they file their second-quarter filing of Form 941, Employer's Quarterly Federal Tax Return which is due July 31.

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Topics: Business Ownership, Small Business

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