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Is your business ready for the tax deadline that’s on Groundhog Day this year?

Employees, Independent Contractors, Small Business, Small Business Owners, Small Business Tips, Social Security, W-3 Transmittal Of Wage And Tax Statements, Wage and Tax Statement /

Normally businesses must furnish certain information returns to workers and submit them to the federal government by January 31. But this year, that date falls on a Saturday. So the deadline is the next business day, which happens to be Groundhog Day: February 2, 2026. W-2s for employees By February 2, employers must furnish and/or file these […]

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Significant changes to information reporting go into effect for the 2026 tax year

Employees, Federal Income Tax, Independent Contractors, One, Big, Beautiful Bill Act, Small Business Tax Tips, Small Business Tips, State Income Tax, Taxes and Tips, Tips And Overtime /

If your business has employees or uses independent contractors, you have associated annual information reporting obligations. The One Big Beautiful Bill Act (OBBBA) makes changes impacting these rules, but not for the 2025 tax year. Tips and overtime income For 2025 through 2028, the OBBBA creates new deductions for employees who receive qualified tips income

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Understanding the most common IRS notices

Federal Taxes, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), State Income Tax, Tax Scams /

For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. This article

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Questions about taxes and tips? Here are some answers for employers

Federal Taxes, Small Business, Small Business Owners, State Tax, Taxes and Tips, Tip Tax Credit /

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on

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Businesses: The Form W-2 and 1099-NEC deadline is coming up fast

Employees, Federal Taxes, Independent Contractors, Small Business, Small Business Owners, Social Security Administration, Taxes 2024, Taxes 2025, Wage and Tax Statement /

With the 2025 tax filing season underway, be aware that the deadline is coming up fast for businesses to submit certain information returns to the federal government and furnish them to workers. By January 31, 2025, employers must file these forms and furnish them to recipients: Form W-2, Wage and Tax Statement. Form W-2 shows the wages

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Early bird tips: Answering your tax season questions

Business Tax Identity Theft, Failure-To-File Tax Penalities, Federal Income Tax, Federal Income Tax Filing, Federal Taxes, Form 1099, Tax Identity Theft, Tax Refund /

The IRS announced it will start the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier

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The tax consequences of employer-provided life insurance

Federal Taxes, Fringe Benefits For Employees, Income Tax, Insurance, Life Insurance, Small Business Tax Tips /

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive. The first $50,000 of group term

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Why you might want to file early and answers to other tax season questions

2023 Tax Deadlines, Individual Income Tax, Internal Revenue Service (IRS), Tax Deadlines, Tax Identity Theft /

The IRS announced it opened the 2023 individual income tax return filing season on January 23. That’s when the agency began accepting and processing 2022 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), consider filing earlier this year. The reason is

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2023 Q1 tax calendar: Key deadlines for businesses and other employers

2023 Tax Calendar, S Corporation, Tax Deadlines, Tax Planning, Uncategorized /

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

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You may owe “nanny tax” even if you don’t have a nanny

Employees, Federal Income Tax, Federal Unemployment (FUTA Tax, FICA, Nanny Tax, Social Security & Medicare (FICA) taxes, Sole Proprietors, State Tax, Summer Employees /

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employees (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household

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