The IRS Will Waive Some Penalties for Tax Underpayments
Taxpayers that don’t withhold and make estimated tax payments equal to 110% of the prior year tax or 90% of the current year tax are subject to Federal tax penalties. The IRS is not going to assess a penalty for individuals who have paid in at least 85% of their
Taxpayers Targeted in Latest Phishing Scam
The holiday season can be a wonderful time of the year but it is also a time when there is an increase in telephone-related scams. Tax scams can take on many different forms. Taxpayers need to keep their guard up against sophisticated and aggressive telephone scams. There is currently an
Are You Paying Unnecessary Taxes on Your Fuel?
If your business purchases fuel to power vehicles and equipment for off-road activities, you may be eligible for a substantial tax refund. For every gallon of fuel purchased, there is a federal tax included in the cost. This tax is used to fund state highway production and other infrastructure improvements
Don’t Miss Out on the $500 Flexible Spending Account Carryover
Recent IRS changes will allow employers to amend their Section 125 Cafeteria plans to include a $500 carryover option. In the past, the Flexible Spending Accounts (FSA) have been set up as a use-or-lose program. If an individual put more money into the plan than the medical expenses incurred for
Start planning now for potential tax changes
It has been referred to as “Taxmageddon” and the “2013 tax cliff.” Whatever you want to call it, significant changes will occur to the federal tax code at the beginning of next year – at least as things stand now. 2013 Tax Cliff Of course, the outcome of the presidential
IRS to track all 1099s
Beginning this year, corporations must report on their corporate tax return if they are required to file Form 1099 and whether they have filed all that are necessary. The IRS added the following question to the 2011 return in order to better track the 1099s that are not being filed: