Some, but not all of your Forms 1099-MISC, must be provided to payees and filed with the IRS by Jan. 31, 2017. Your goal: to file all of your 1099-MISC forms accurately the first time. Here are some last minute tips you might find useful. Sift and separate Forms 1099-MISC on which you’re reporting nonemployee…
Taxpayers may not like receiving IRS Forms 1099. Businesses may not like sending them out. In fact, perhaps no one likes IRS Forms 1099 except the IRS. The tax agency loves them because they easily allow the matching of data against tax returns. Here are key facts you need to know about IRS Forms 1099. Generally, businesses must issue the…
With the arrival of tax reporting season, many small businesses that offer health insurance to employees must file documents detailing the coverage with the IRS, and must also give copies to their staffers. A look at the requirements: Companies with 50 or more staffers are required to offer insurance to staffers and their dependents. They…
NEW YORK (AP) — Each year, business owners can count on changes in tax law and other rules. For 2017, small businesses are getting a bigger deduction for equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Many companies have new filing deadlines…
WASHINGTON – The Internal Revenue Service has announced that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds. The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed…
Every tax season, scammers go after taxpayers on the internet, by email and over the phone to trick them into giving out their financial details. These frauds rake in billions of dollars each year. The Internal Revenue Service estimates that it prevented $22.5 billion in attempted identity-theft tax fraud, but paid out $3.1 billion in…
WASHINGTON — As tax filing season approaches, the Internal Revenue Service is reminding taxpayers free tax help is available online, by phone and in-person. The IRS encourages taxpayers to take advantage of the online tools and resources at IRS.gov. Many taxpayers, who don’t want to wait, can get answers to tax questions right away at…
WOODWARD, Okla. — The IRS and Security Summit partners are warning taxpayers to be on the lookout for phishing scams that can increase around tax season. “Each day people fall victim to phishing scams through emails, texts, or phone and mistakenly turn over important data,” according to the IRS information. “In turn, cybercriminals try to use…
By David B. Brandolph Defined benefit plans are likely to have their funding and lump-sum payment costs rise under an IRS proposed rule updating the mortality tables plans use to calculate the present value of benefits. The new tables, proposed Dec. 28, reflect the longer life expectancy of plan participants and are also used by…
As the tax filing season approaches on January 23 in the United States, the Internal Revenue Service (IRS) in Washington has reminded taxpayers of things they should do to get ready. The tax season in the U.S. means mounds of paperwork with individuals and accounting firms often overwhelmed before tax returns are due in on…
