JUNE 2022 INDIVIDUAL DUE DATES
June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer...
Possible Recession Looming Watch Your Cash Flow
If you’re a business owner who has been through a recession before, you know that smart cash flow management is absolutely crucial. If you’re a new entrepreneur who hasn’t been through an economic downturn, you may be less familiar with how quickly your finances can...
The Fed’s $2.7 trillion mortgage problem…
Home ownership: The Fed will face a series of political and economic headaches as it attempts to move away from subsidizing home lending by shrinking its portfolio of mortgage-backed securities. If you took out a mortgage over the last couple of years, there's a good chance...
What You Need to Know About Tax-related Identity Theft Now
Tax-related identity theft occurs when someone uses a taxpayer's stolen SSN to file a tax return claiming a fraudulent refund. In the vast majority of tax-related identity theft cases, the IRS identifies a suspicious tax return and pulls the suspicious return for review. The IRS...
Thieves hit on a new fraud: Synthetic identity theft
In fall 2020, 43-year-old Adam Arena and a dozen suspected co-conspirators were indicted in New York on charges of trying to swindle banks out of more than $1 million through a scheme known as “synthetic identity fraud.” They combined real Social Security numbers with mismatched or...
Now Is the Time To Check Your Federal Tax Withholding
Now that tax season is over, it's time to get the new tax year off to a good start by checking your federal income tax withholding. Taxpayers can do this by using the Tax Withholding Estimator on IRS.gov. Let's take a look at why using...
WHAT EVERY EMPLOYEE NEEDS TO KNOW ABOUT 401(K) SAVINGS
Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these...
DO YOU KNOW: TAX-EXEMPT ORGANIZATION INFORMATION RETURNS DUE BY MAY 16, 2022
Article Highlights: Informational Return Requirements Due Date Electronic Filing Requirement Filing Extension Even though organizations like charities and foundations may be tax-exempt, the IRS still requires them to file certain information every year. For many of these exempt organizations, the deadline to file their 2021 information return is Monday, May...
What To Do if You Missed the April Tax Deadline
Monday, April 18, 2022, was the tax deadline for most taxpayers to file their tax returns, but if you haven't filed a 2021 tax return yet, it's not too late. Here's what you need to do: First, gather any information related to income and deductions for...
WHY PROACTIVE PLANNING IS MORE IMPORTANT THAN YOU REALIZE
There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of running...