Dec 29, 2014 | Business Taxes, Employment Taxes
Employers withhold taxes from their employees’ paychecks and hand this money over to the various tax agencies. These deductions include:Federal Income Tax: The rate of tax is based on the tables found in Publication 15.Social Security Tax: The tax rate for Social...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return, Tax Reporting
There are different information returns for a variety of transactions. The process can be confusing; for example, there are 12 1099 forms that are all used for different purposes. It is a good idea to look for advice from a respected accountant in Arizona if you don’t...
Dec 5, 2014 | Business Taxes, Filing Taxes, Information Return
You normally need to file any of the 1099 forms with the IRS by Feb. 28, but recipients should receive copies by Jan. 31. The reporting requirements can be rather complicated. One part of the process involves obtaining a W-9 (Request for Tax ID Number) from any payee...
Dec 5, 2014 | Business Taxes, Information Return, Tax Reporting
You will need to go to the IRS website to view the list of 120 transactions that must be reported, along with the forms that must be used. Please note, this is not an exhaustive list, so even if a certain transaction is not included, it doesn’t mean you can avoid...
Dec 5, 2014 | Business Taxes, Information Return, Tax Reporting
An information return is a tax document that must be completed if you are engaged in a business or trade, whether it is classified as a corporation, estate, individual, trust, or partnership, if you make a reportable transaction during a calendar year. This document...
Dec 5, 2014 | Business Taxes, Closing a Business
Believe it or not, when the time comes to close your business, there is a lot of work to do. You can’t just shut your doors and hope the IRS goes away, because it won’t! There are different reasons for closing a business and a variety of methods to complete the...
