Tax Relief in Disaster Situations by IRS Help for Victims of Hurricane Michael IRS is providing a variety of tax relief for those affected by Hurricane Michael. For the latest updates, check the Hurricane Michael page. Help for Victims of Hurricane Florence IRS is providing a variety of tax relief for those affected by Hurricane Florence. For the… Read More »
Use Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax. Together with state unemployment tax systems, the FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Most employers pay both a federal and a state unemployment tax. Only employers pay FUTA tax. Do not collect or… Read More »
Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file: Form 940, Employer’s Annual Federal Unemployment Tax ReturnEmployers use this form to report annual Federal Unemployment Tax Act tax. Form 941, Employer’s Quarterly Federal Tax ReturnEmployers use this form to… Read More »
WASHINGTON — During Small Business Week, the Internal Revenue Service is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other property more quickly. This year, National Small Business Week is May 5-11.… Read More »
Accessing and Responding to Communications Received as part of Enforcement Case Proceedings 1. What are Enforcement Case Proceedings? The entire gamut of actions undertaken by tax officials to curb tax evasion is generally referred as ‘Enforcement’. The process mainly involves steps such as gathering intelligence about evasion of tax, calling for documents, issue of summons,… Read More »