IRS Institutes Private Debt Collectors

calculator-1044173__340Close to 20 million people owe a combined total of $400 billion in back taxes to the IRS. Several million taxpayers have payment arrangements, and another 7 million people owe tax payments. In the latter part of 2015, Section 32102, Fixing America’s Surface Transportation (FAST), was put into law. This act requires the IRS to use private debt collectors for delinquent debts.

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Managing Bills/Paperwork for Someone You Care About

accountant-1238598__340Do you or someone you know have the responsibility to manage a family member or friend’s bills and/or important papers? Do you review the information to make sure everything being paid is needed?

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New Filing Deadlines/Penalties for Forms W-2 and 1099

1657641Last year legislation was passed regarding 1099s and other forms issued by employers. When The Trade Preference Extension Act of 2015 passed, it increased the late filing and failure-to-file penalties for several forms. Fees will be charged if forms were not filed by the due date, not having all the needed (or correct) information, and also if the intended recipient of the form did not receive it timely. Depending on the failure, the penalty increased from $100 to $250 per return. Businesses who purposefully do not follow the filing requirements fees will double, from $250 to $500. If a company intentionally has filing failures, the fee charged is $1,000 per form, with no cap on possible penalties.

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Federal Overtime Changes Took Effect December 1, 2016

bookkeeping-615384__340Do you have employees currently paid by salary rather than an hourly rate? If so, review what you pay to make sure you are in compliance with the new law that took effect December 1. The Department of Labor has established a minimum amount that must be paid to avoid overtime.

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W9 Form: Request for Taxpayer Identification Number and Certification

 

1657641Are you prepared to file 1099 forms for payments made to your vendors in the course of business?  Have you collected the W9 forms so that you can file the information in January of next year?  In order to know which vendors are subject to receiving a 1099, you should have them complete and return the Request for Taxpayer Identification Number and Certification form W9.

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7 Tips That Will Save You Money on Bookkeeping

bookkeeping-615384__340Over the years we’ve assisted many small business owners with their bookkeeping and learned how to do so efficiently and effectively. Today we want to share a few tips on how you can help your bookkeeper streamline your process and decrease your fees.

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What Small Businesses Need to Know About Sales Tax and Shipping

postal-32383_1280I recently read a post on the Avalara website (this company has software that can help with your sales tax compliance) and I thought I’d share their information with you. As states continue to change rules on what is and isn’t taxable, it’s good to keep up with new information regarding issues related to the collection/remittance of sales tax. The blog states:

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Tips for Deducting Charitable Contributions

59336632 - td tax deduction written on notebook page with red pencil on the right

It’s the holiday season and time of year when you might be thinking of making additional donations to churches or not-for-profit organizations to reduce the tax due on your return. Here are a few things to keep in mind.

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Using Financial Reports to Help You Strategize for Success

Accounting.

Is your bookkeeping up to date? If so, are you using the information available to you to plan the success of your business? According to Merriam-Webster®, the definition of the word strategize is to make a plan for achieving a goal. 

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Raising Money for Your Small Business 

money (1) bagIf you are a new business owner or an entrepreneur raising money for your firm, there are plenty of borrowing options available. If you need to improve your credit or if your business does not have credit yet, there are still options for you to raise funds you need. Here are a few ways to generate capital for your company.

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