Jan 15, 2015 | Arizona Individual Tax Credits, Business Taxes, Filing Taxes, Tax Reporting
Retailers in the state of Arizona have to collect a sales tax of 5.6 percent on all goods and services sold. However, this is only the beginning, as the issue of sales tax is notoriously complex and can create headaches for even the most conscientious business owners....
Dec 29, 2014 | Business Taxes, Employment Taxes
Figures from 2010 show that 83 percent of personal tax liability convictions forced the offender to serve jail time, and the average sentence was two years. It is also important to note that these figures were all-time highs, which suggests the IRS is becoming even...
Dec 29, 2014 | Business Taxes, Payroll Taxes
The IRS can hit you with a 100 percent penalty, known as a Trust Fund Recovery Assessment, if you are a responsible person. While courts will focus on whether you have knowledge of non-payment of taxes, you don’t need to have performed the tax withholdings to be...
Dec 29, 2014 | Business Taxes, Tax Reporting
All responsible persons (usually the owner of the business) have personal liability for payroll taxes, and excuses are rarely accepted. For example, you can’t claim you have been duped by your bookkeeper, because they don’t have personal liability. Charles Colosimo...
Dec 29, 2014 | Business Taxes, FICA
Employers must report wages, tips, and other forms of compensation paid to employees throughout the year. This is done by filing the correct forms. There are several major dates on the calendar when it comes to employers filing taxes: Jan. 31: Deadline for filing...
Dec 29, 2014 | Business Taxes, Filing Taxes
The Federal Insurance Contributions Act (FICA) tax is comprised of Social Security and Medicare taxes, totaling 15.3 percent. Both employer and employee pay the 6.2 percent Social Security and 1.45 percent Medicare taxes. As we mentioned above, those earning more than...
