Limited IRS Operations During Goverment Shutdown

Due to the current lapse in appropriations, IRS operations are limited. However, the underlying tax law remains in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making deposits with the IRS, as they are required to do so by law. The IRS […]

Form 1099-MISC

File Form 1099-MISC, Miscellaneous Income, for each person to whom you have paid during the year: At least $10 in royalties (see the instructions for box 2) or broker payments in lieu of dividends or tax-exempt interest (see the instructions for box 8); At least $600 in rents, services (including parts and materials), prizes and […]

I received a notice related to Form 1099-K

You received one or more of these letters and notices because you may have underreported your gross receipts. This is based on your tax return and Form(s) 1099-K, Payment/Merchant Cards and Third Party Network Transactions that show an unusually high portion of receipts from card payments and other Form 1099-K reportable transactions. It is very […]

Penalty Relief and Schedule for ‘B’ Notices for Payment Card and Third Party Network Transactions

Internal Revenue Bulletin:  2013-39  –  Notice 2013-56 Transitional Penalty Relief and Schedule for Notices of Incorrect Name/TIN Combinations for Information Returns Relating to Payment Card and Third Party Network Transactions Notice 2013- 56 provides transitional relief from penalties for a section 6050W filer reporting incorrect taxpayer identification number (TIN) information on information returns (Form 1099-K) […]

IRS CP2000 notices 2013

IRS discovered interest calculation errors in the CP2000 notices mailed the weeks of July 1 and July 8. The notices contained an incorrect calculation on the interest owed on proposed taxes from under reported income. The interest figures were lower than they should be. The IRS has corrected the issue for future mailings. Taxpayers should […]

IRS Important Tax Dates for Small Businesses – February 2013

Fri    1    Deposit payroll tax for payments on Jan 26-29 if the semiweekly deposit rule applies. Wed    6    Deposit payroll tax for payments on Jan 30 – Feb 1 if the semiweekly deposit rule applies. Fri    8    Deposit payroll tax for payments on Feb 2-5 if the semiweekly deposit rule applies. Mon    11    Employers: Employees […]

AccuWage Software 2012

In order to run the Java version of the AccuWage/AccuW2C software, you must have the necessary Java Runtime Environment (JRE) files on your PC. Most users already have these files on their systems because Java applications are used in a wide range of computers and networks and are compatible with nearly every platform. AccuWage 2012 […]

2013 Health Flexible Spending Arrangements

Health flexible spending arrangements not subject to $2,500 limit on salary reduction contributions for plan years beginning before 2013 and comments requested on potential modification of use-or-lose rule. Notice 2012-40 I. PURPOSE AND OVERVIEW This notice provides guidance on the effective date of the $2,500 limit (as indexed for inflation) on salary reduction contributions to […]

2013 Transit Benefit Cap

To reflect a statutory amendment made by ATRA to § 132(f)(2), section 3.12 of Rev. Proc. 2011-52 is modified to read as follows: .12 Qualified Transportation Fringe Benefit. For taxable years beginning in 2012, the monthly limitation under § 132(f)(2)(A) regarding the aggregate fringe benefit exclusion amount for transportation in a commuter highway vehicle and […]