Many employers outsource their payroll and related tax duties to third-party payers such as payroll service providers and reporting agents. Reputable third-party payers can help employers streamline their business operations by collecting and timely depositing payroll taxes on the employer’s behalf and filing required payroll tax returns with state and federal authorities. Though most of [...]
The three general rules for taxes to be discharged in a Chapter 7 bankruptcy are the following: 1. The taxes must be three years old, computed from the most recent date the tax return was due, typically April 15 of the year following the taxable year. Note: if extension was filed the three [...]
If you’re a member of the U.S. Armed Forces, the IRS wants you to know about the many tax benefits that may apply to you. Special tax rules apply to military members on active duty, including those serving in combat zones. These rules can help lower your federal taxes and make it easier to file [...]
Do you plan to travel while doing charity work this summer? Some travel expenses may help lower your taxes if you itemize deductions when you file next year. Here are five tax tips the IRS wants you to know about travel while serving a charity. 1. You must volunteer to work for a qualified organization. Ask [...]
Certain taxpayers who enter into installment agreements on timely filed returns will have the failure to pay penalty reduced from a half to a quarter percent per month for any month in which an installment agreement is in effect as long as the following conditions are met: the installment agreement was entered into on or [...]
The Internal Revenue Service today reminded Boston area taxpayers and others affected by the April 15 Boston Marathon explosions that their individual income tax returns and tax payments are due Monday, July 15. This relief applies to all individual taxpayers who live in Suffolk County, Mass., including the city of Boston. It also includes victims, [...]
Hurricanes, tornadoes, floods and other natural disasters are more common in the summer. The IRS encourages you to take a few simple steps to protect your tax and financial records in case a disaster strikes. Here are five tips from the IRS to help you protect your important records: 1. Backup Records Electronically. Keep an [...]
Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses. Here are seven [...]
The Internal Revenue Service today reminded taxpayers that due to the current budget situation, including the sequester, the agency will be shut down on Friday, July 5. As was the case on May 24 and June 14, the first two furlough days, all IRS operations will again be closed on July 5. This means that [...]
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal tax responsibilities. Here are five basic tips from the IRS that can help you get started. 1. Type of Business. Early on, you will need to decide the type of business you [...]