You have probably heard that due to sequestration the IRS will shut down on several dates during the summer and fall. Despite these shut down dates, tax payments and forms are all still due on the normal dates. EFTPS (the Electronic Federal Tax Payment System) will remain open for filing tax deposits. However, if the [...]
The IRS has been working on a way to get updated information regarding EINs (Employer Identification Numbers). Often, the person who applied for the EIN is either no longer authorized to represent the organization or has moved on to another employer. This means that communications with the IRS related to the EIN, sometimes decades after it has been [...]
Recently on LinkedIn and in the Wall Street Journal author Angus Loten low-lighted payroll processing as an outsourced function. In his article he followed a business in Maryland that went rouge, started embezzling from clients, went bankrupt and left clients on the hook for thousands in trust fund taxes owed to the IRS. Don't let [...]
A recent report from the Wall Street Journal indicates that many large companies are holding payments to suppliers for longer periods and that is projected to get even longer. Why are they doing this? Cash Flow! They are taking extra time to pay and in the process freeing up billions of dollars in cash for [...]
Do you have misclassified workers? Do you have contractors who should be classified as employees? How do you know for sure? First, take a look at JMF's pamphlet about contractors and employees. Ask for one when you pick up your tax return. An interesting article in the Wall Street Journal this morning by Angus Loten [...]
The U.S. Citizenship and Immigration Services (USCIS) has published a revised Employment Eligibility Verification Form I-9 for use. The new form is effective March 8th and should be used for all new hires and reverifications. While you may use prior versions until May 7, 2013, the new form is required after that date. The new [...]
If you barter or trade in the course of your business there are some things you should know. Barter and trade income are the same as any other income. For tax reporting you must report the fair market value of the products and services you received; you also may be able to deduct the costs [...]
You may remember in 2010 that the Dodd-Frank Act temporarily increased the FDIC (Federal Deposit Insurance Corporation) insurance limit to an unlimited threshold. As of January 1, 2013 this provision has expired. The current maximum insurance allowed by law is $250,000 per ownership category. Here is a FAQ from the FDIC regarding this change. At [...]
The IRS has published the 2013 Circular E, Publication 15. It can be found on the IRS website or accessed via the link below. Make sure to start using the new tax tables as soon as possible but no later than February 15th. Most software packages have already included updates to the tax tables so [...]
The Alabama Department of Revenue issued the following press release. The city of Northport, the City of Tuscaloosa and Tuscaloosa County are participating. Alabama Department of Revenue 2013 Sales Tax Holiday for Severe Weather Preparedness Items Set Feb. 22 through Feb. 24 Beginning at 12:01 a.m. (CST) on Friday February 22, 2013, and ending at twelve [...]