Businesses are required to send copies of Form 1099 MISC to the IRS and the contractors if 10$ or more in royalties is paid by the business or 600$ or more in reimbursement to non-employees. Form 1099-MISC is payable by January 31st to report payments made the previous calendar year. An accounting firm can prepare and file… Continue reading Instructions for Payer Form 1099 MISC before 2020
Tax crime snips you. In Texas, Retailers must use taxes on personal property or taxable services when they collect sales from it. People must know the sales and use tax laws in Texas to avoid committing tax crimes. The inability to pay taxes in the wake of collecting sales can cause serious penalties. The “statute… Continue reading Sales Tax Frauds and Penalties in Plano Texas
WASHINGTON –The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2017 tax return and avoid a delay in getting their refund next year. This is the first in a series of reminders to help taxpayers get ready for the upcoming tax filing season. Additionally, the… Continue reading Delay in Clients Refund Without 1095 Filled
Over the past few years, there have been a number of changes and updates regarding the reporting rules for the mysterious 1099 Forms. First, keep in mind that the “general rule” is that business owners must issue a Form 1099-MISC to each person to whom you have paid at least $600 in rents, services (including… Continue reading PayPal Rules for Issuing 1099 Forms
Tax Fraud, Tax Avoidance, and Tax Evasion Just as there is a really big difference between Tax Fraud, Tax Avoidance, and Tax Evasion, there is a great distinction between Tax Planning and Tax Preparation. Unfortunately, many individuals mistook tax preparation and tax planning as they seem to be used interchangeably. Although they are both very important, they’re… Continue reading CPA Tax Preparation VS Tax Planning Accountant
There are mainly three types of business entities in the United States. Mostly Startup owners consider it the same, but they are different. These are: 1. LLC stands for “Limited Liability Company” 2. Inc. or Corp Inc. stands for “Incorporation” and Corp as “corporation”, further divided into two types i. C-corp ii. S-corp New business owners often receive… Continue reading LLC-vs-Inc-limited liability company versus corporation
Trump’s new tax reform plan officially called the Tax Cut and Job Act (TCJA) included a series of changes that will affect the federal tax returns of 2018 for many small and medium-sized business owners. The new tax code gets underway new deductions and credits that will influence distinctively the tax commitment of every small organization. Also,… Continue reading New 2020 Tax Laws changes for small business
When was the last time you filed your taxes? Don’t be afraid to file past-due tax returns in fear of the Internal Revenue Service knocking on your door. The trick is, no matter how late the return is, file your tax returns before the IRS has the chance to send you a notice. If you… Continue reading Guide to File a Late Tax Return
In general, Internal Revenue Service (IRS) can become a nightmare for many taxpayers as it seems that it can never be controlled. Most Americans who owe money to the IRS are not sure of the strategies and rules on how to solve their problems with the IRS. You are commonly eager to work with citizens and there… Continue reading How To Settle IRS Tax Debt to Reduce Taxes Owed
Many Entrepreneurs and Business Owners feel it is unnecessary to hire a personal accountant when beginning their journey into the starting a money-making scheme or a corporation. But as the time passes, it becomes clear to them that personal accountant services for taxes or financial management is becoming increasingly evident. The growth of a scheme, or… Continue reading Things To Consider When Hiring A Personal Accountant
