Welcome to the first in a series of discussions about why tax planning really shouldn’t be done one year at a time. After you read this series over the next few weeks, you’ll arrive at the same conclusion we learned years ago: tax planning is no longer a single-year exercise! We had already recommended a [...]
If you are not using a payroll service or software that has a payroll module, make sure you keep accurate and detailed records of your payroll. Remember, the Internal Revenue Service (IRS) does not easily bend when they impose penalties and interest on late payroll tax deposits. Your employees won’t be happy if the W-2 [...]
Earlier in the year, you may have read that employers who hire unemployed workers between February 3, 2010 and January 1, 2011 may be eligible for a payroll tax credit. (If you missed it, see the “Implementing the Hiring Incentives to Restore Employment Act” blog.) If you are a qualified employer (household employers don’t count) [...]
You may have heard the IRS is increasing its audits of business tax returns—it’s true. But implementing some simple standard business practices will better prepare you if your business is audited: Deposits First, expect the IRS to assume all deposits into your business bank account are income. Most probably are, but you may have deposited, [...]
One of the key initiatives affecting small businesses and their employees from the two health care bills passed in March is the Small Business Health Care credit. Postcards were sent to most small employers to pique their interest about this opportunity. This new credit for small businesses through 2013 offers an incentive to increase the [...]
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