We had the pleasure of hosting a small business Twitter TaxChat15 with Andrew Schrage from Money Crashers with the help of MasterCard. We asked 9 thought provoking tax questions to Andrew and the rest of the community. If you were unable to join the chat, we’ve compiled the key highlights from the discussion Read More.
BIDaWIZ and our partner, MasterCard, will be hosting a Twitter TaxChat on Tuesday 4/7 at 1:30PM EST to discuss last minute tax filing tips for small businesses with Andrew Schrage from Money Crashers. Andrew is a personal finance and small business expert that leads the Money Crashers team in developing a community of people who try to make financially sound decisions. Andrew as well as our team of tax professionals will be answering all of your tax questions in 140 characters or less. #TaxChat15 to participate. Read More.
If you haven’t already heard, the IRS released an update on the tax rules for health insurance reimbursement plans as it relates to the Affordable Care Act (ACA) and S Corps. This update addresses small businesses that do not offer healthcare coverage, but do reimburse employees for insurance purchased on the healthcare exchanges. The IRS is now waiving noncompliance penalties for the 2014 tax year and the first half of 2015. Read More.
Small businesses owners need to stay up to date on all of the regulatory changes that surround sales and use tax laws to avoid potentially devastating penalties to their business. Fortunately, Avalara provides a unique perspective of the sales tax complexities that businesses face as well as the best ways to mitigate the risks associated with sales tax compliance. Join us for this free sales tax webinar. Read More.
Many new businesses and existing C Corporations elect to be treated as an S Corporation for the tax benefits. In some instances, companies fail to meet the filing deadline, which is 75 days after incorporating or 2 months and 15 days after the beginning of the tax year. If your business failed to meet this deadline, you may still qualify for S Corporation late election relief. Read More.
This tax season will have many businesses and accountants spending more time preparing returns as a result of the new form 3115 requirement. For those late to the party, the final regulations have been issued by the IRS for the tax treatment of tangible property. The purpose of the new requirement is to ensure that tangible property items were properly capitalized or expensed. Read More.
The tax filing season is set to start next week when the IRS will begin accepting tax returns. Tax filers can buy do-it-yourself (DIY) software or hire a tax professional to file their return. Those interested in hiring a tax professional, may be interested to know how much it costs. An annual survey conducted by the National Society of Accountants (NSA) provides some guidance as to what you can expect in fees. Read More.
The tax filing season begins earlier for accountants and small businesses than individuals. This is largely due to the fact that most of the forms that individuals rely on are issued by these providers. Mainly, 1099 and W-2 forms are due starting on February 2nd, 2015. Given this approaching deadline, it’s important that both small businesses and accountants have a proper system in place to ensure that 1099 and W-2 forms are filed accurately and on time. One of the ways to achieve this objective is through technology. Read More.
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