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 »
RR-2019-13: Guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code Revenue Ruling 2019-13 provides guidance on the application of subchapters C and S of chapter 1 of subtitle A of the Internal Revenue Code (Code) to cash distributions made in redemption of the stock of C corporations formerly classified… Read More »
Small businesses can benefit from deducting vehicle costs on their taxes Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For… Read More »
IRS highlights credits and deductions for businesses during Small Business Week WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. This year, National Small Business Week is May 5-11. For more than 50 years, the week has recognized the… Read More »
Businesses should review depreciation deductions rules Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, except land. Tangible… Read More »
Many U.S. corporations elect to use a fiscal year end and not a calendar year end for federal income tax reporting purposes. Due to a provision in the TCJA, a corporation with a fiscal year that includes Jan. 1, 2018 will pay federal income tax using a blended tax rate (click here) and not the flat… Read More »
Taxpayers receive refunds faster with direct deposit WASHINGTON – With the tax deadline just around the corner, the Internal Revenue Service encourages all taxpayers to join the 80 percent of filers and choose direct deposit for your refund faster taxes. Direct deposit in a bank or other account is a safe option. Avoids the possibility… Read More »
With the deadline for filing taxes approaches, the IRS says about 50 million still need to present IRS YouTube Videos: Free help preparing your tax return – Spanish | ASL Do it yourself for free help preparing – Spanish | ASL WASHINGTON – With the deadline to file taxes April a few days, the Internal Revenue Service reminds nearly 50 million taxpayers who… Read More »