Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes.
What Is Backup Withholding Tax, and How Does It Work?
Backup withholding is a federal tax on income that otherwise typically doesn’t require tax withholding, such as 1099 and W2-G income. Taxpayers who receive this type of income may have backup withholding deducted from their payments. Here is what you should know about backup withholding:
Six Steps to Protect Against Taxpayer Identity Theft
Tax-related identity theft occurs when someone uses a taxpayer’s stolen personal information, such as a Social Security number, to file a tax return claiming a false refund. Thieves are actively working to steal taxpayer information and identities, and everyone should do everything they can to prevent identity theft.
It’s Hurricane Season: 5 Steps to Safeguarding Tax Records
With hurricane season in full swing, now is a good time to create or review emergency preparedness plans for surviving natural disasters, which include more than just hurricanes. For example, in the last year, the Federal Emergency Management Agency (FEMA) declared major disasters following hurricanes, tropical storms, tornadoes, severe storms, flooding, wildfires, and an earthquake. Individuals, organizations, and businesses should take time now to make or update their emergency plans.
The hard facts: You will be Taxed on Cryptocurrency Hard Forks!
What is a hard fork?
A hard fork in blockchain technology is a radical change to a network’s protocol and requires all users to upgrade to the latest version of the protocol software. The change makes previously invalid blocks and transactions valid — or vice-versa.
The IRS is interested in your Cryptocurrency activities!
No matter what your attitude or comfort level is about cryptocurrency, it has become mainstream in a relatively short time.
What has gained the keen interest of the IRS is the meteoric rise of bitcoin’s price (before its recent descent) and the increased acceptance of bitcoin and other cryptocurrencies as forms of payment. Bitcoin can now be used to buy much more than you might think.
New York Pass-Through Entity Tax
The State of New York recently passed a new pass-through entity tax as a work-around for the State and Local Tax Deduction cap of $10,000.
How Teleworking Is Changing Your Tax Obligations
As the COVID-19 pandemic persists, many employers continue to encourage or require their employees to work from home (i.e., telework). These remote working arrangements have tax implications. Here’s how they could affect you.
Tax Considerations When Selling Your Small Business
Selling a small to medium-sized business is a complex venture, and many business owners are not aware of the tax consequences.
Payment for Refundable Child Tax Credit Starts July 15
The first monthly payment of the expanded and newly-advanceable Child Tax Credit (CTC) from the American Rescue Plan will be made on July 15. Roughly 39 million households—nearly 90 percent of children in the United States—are slated to begin receiving monthly payments without any further action required.