Skip to content
Trusted Answers From Licensed Business Professionals
TAX PREPARATION

Is It Too Risky To File Your Taxes With Software Like TurboTax?

By The BIDaWIZ Team on February 18th, 2015 at 5:46 pm

This tax season has gotten off to a rough start for many taxpayers that utilize do-it-yourself (DIY) software to file their returns. Here’s the scenario, you use online tax software such as TurboTax to file your tax return every year. However, this time around, when you log into your account to file your tax return, you receive a message that your return has already been filed. This is the frightening scenario that is now impacting some taxpayers and this could just be the tip of the iceberg. Are you at risk? Read More.

Share |
No Comments
TAX REPORTING

Sales & Use Tax Compliance For The Small Business Owner

By The BIDaWIZ Team on February 18th, 2015 at 12:00 pm

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.

Share |
No Comments
TAX PREPARATION

Tax Reporting For US Citizens With Foreign Pension Income

By The BIDaWIZ Team on February 12th, 2015 at 9:25 pm

There are over 4 million tax returns filed every year with a taxpayer claiming a federal tax credit via Form 1116. It should come as no surprise that the source of the foreign income covers countries across the world, with Canada and the UK representing the largest portion of the mix. Do you qualify for the foreign tax credit? Read More.

Share |
No Comments
TAX REPORTING

Does Gross Revenue Reconcile With Your 1099-K Form?

By The BIDaWIZ Team on February 10th, 2015 at 1:09 am

The IRS requires payment processors to issue 1099-K forms in an effort to prevent merchants from under-reporting their income. Despite this requirement, many businesses are facing problems with matching the amount reported on the form with their gross revenue. What should you do if your business receives an incorrect form? .
-or-
Share |
No Comments
TAX REPORTING

Is Your Company Eligible For S Corporation Late Election Relief?

By The BIDaWIZ Team on February 8th, 2015 at 6:44 pm

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.

Share |
No Comments
INSURANCE

What Should I Do With My Life Insurance Policy?

By The BIDaWIZ Team on February 4th, 2015 at 4:05 pm

If you have a life insurance policy that you purchased years ago and borrowed against it, you may now not have a need for it. If this is the case, you have a few different options to explore. Find out what makes the most sense for you. .
-or-
Share |
No Comments
TAX REPORTING

What Accountants And Businesses Need To Know About Form 3115

By The BIDaWIZ Team on January 28th, 2015 at 6:16 pm
tangible-property-form-3115

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.

Share |
No Comments
TAX REPORTING

Does Letting Employees Telecommute Create Tax Nexus?

By The BIDaWIZ Team on January 27th, 2015 at 7:03 pm

telecommuting-tax-nexus
The telecommuting phenomenon continues to grow among US companies. More and more employers are providing employees with an option to work from home or telecommute, according to the Census Bureau's annual American Community Survey. The benefits for employees are obvious, but what about employers? Yes, there will be more room in the office, but can that mean more state tax filings? .
-or-
Share |
No Comments
TAX PREPARATION, TAX REPORTING

How Much Does It Cost To Hire A Tax Professional To File A Return?

By The BIDaWIZ Team on January 15th, 2015 at 4:54 pm
2014-tax-preparation-fees

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.

Share |
No Comments
TAX REPORTING

How Should Businesses And Accountants Be Filing 1099 Forms?

By The BIDaWIZ Team on January 15th, 2015 at 4:00 pm

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.

Share |
No Comments