WASHINGTON — Time is running out for many ITIN holders who need to file a federal income tax return in 2017 and want to avoid a long wait for a refund, according to the Internal Revenue Service. An Individual Taxpayer Identification Number (ITIN) is used by anyone who has tax-filing or payment obligations under U.S.…
In Announcement 2016-42, the IRS said that it would extend relief from penalties under Sections 6721 and 6722, related to information reporting, for qualified educational institutions required to report on Forms 1098-T, “Tuition Statement.” The relief from penalties applies to amounts to be reported on Forms 1098-T for the 2017 calendar year, and relief previously…
Tax time will be up on really soon, and the IRS has decided to streamline a few things that you need to know about as a small business owner. This is a public service post to keep you from scrambling with your tax paperwork in 2017. The government has moved up some filing deadlines that…
WASHINGTON — As the tax filing season approaches, the Internal Revenue Service reminds taxpayers that an appointment is required for in-person tax help at all IRS Taxpayer Assistance Centers (TAC). IRS TACs continue to be a vital part of the service IRS provides when a tax issue cannot be resolved on-line or by phone. All…
While the deadline for filing your 2016 federal income return is still several months off, there are some things you should be doing now in preparation. The Internal Revenue Service (IRS) notes that for most of us, December 31 is the last day to take actions that will affect our tax returns. What to do Charitable…
Just in time for busy season, the IRS has issued a due-diligence heads-up for tax preparers who handle returns that claim the Earned Income Tax Credit (EITC), American Opportunity Tax Credit (AOTC), and the Child Tax Credit (CTC). Under the Protecting Americans from Tax Hikes (PATH) Act, enacted by Congress at the end of 2015,…
You can face serious consequences if you do not know the difference between an employee and independent contractor and misclassify your workers. Business & Financial Solutions has educated companies and employees on the issues affecting both sides of the working relationship, thereby helping to prevent and/or solve unnecessary tax problems. Form SS-8 is used by individuals and firms…
Tax season hasn’t even started yet, but millions of taxpayers are already eagerly anticipating hoped-for refund checks from the Internal Revenue Service. Yet it can be hard to guess when those refunds will actually show up in your mailbox or bank account. Although there’s no hard-and-fast schedule that the IRS follows in getting people their…
WASHINGTON — As the tax filing season approaches, the Internal Revenue Service reminds low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead. The saver’s credit helps offset part of the first $2,000 workers voluntarily contribute to IRAs and 401(k)…
When most small business owners think of being audited, they naturally imagine an audit by the Internal Revenue Service (IRS). Indeed, these can happen to any small business, but there are other types of audits too. For example, software companies have increased software license audits in recent years, making it imperative that businesses keep up…
