The Internal Revenue Service has launched a new Affordable Care Act Tax Provisions site at IRS.gov/aca to educate individuals and businesses on how the health care law might affect them. Topics found at IRS.gov/aca include premium tax credits for individuals, new benefits and responsibilities for employers. When visiting the new site, individuals and businesses will be able to find…
Two free tax webinars from the IRS may help you take what you know about your business and avoid mistakes. Are you taking all the deductions you’re entitled to? Do you know what business tax credits you can take? Topic: Small Business Owners: Get All the Tax Benefits You Deserve Date: Tuesday, June 18, 2013 Time: 11:00 a.m. (Pacific); Noon (Mountain); 1:00…
by GlennaMae Hendricks, EA Pickups use the same mileage rate ascars and vans. The Internal Revenue Service has issued the 2013 optional standard mileage rates that may be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Starting Jan. 1, 2013, the standard mileage rate for a…
IR-2012-84, Nov. 2, 2012 Washington ― The Internal Revenue Service today alerted employers and other taxpayers that because Hurricane Sandy is designated as a qualified disaster for federal tax purposes, qualified disaster relief payments made to individuals by their employer or any person can be excluded from those individuals’ taxable income. Qualified disaster relief payments…
If you are a victim of Hurricane Sandy, the IRS may be able to help. Learn about the options available in this YouTube video.
Straight from the IRS: The 2013 IRS Tax Calendar for Small Business and Self Employed, Publication 1518, (English and Spanish) will ship in December. It can be pre-ordered online now. The Tax Calendar for Small Businesses and Self-Employed is a 12-month wall calendar, filled with useful information on: general business taxes, IRS and SSA customer…
By Glenna Mae Hendricks, E.A. Last month, the IRS updated its Audit Techniques Guide (ATG) for cash-intensive businesses and the complexities of e-commerce. This means they will ramp-up the number of audits for businesses in this area–the IRS likes to go where they feel there is a large amount of money to be gained and…
The IRS announced that it will start Form 1099-K matching in late 2013. In February of 2012, the IRS provided a reprieve from merchant card reporting on business returns for 2011 Schedule C and Forms 1065, 1120S and 1120; however, the IRS plans to change its approach after 2012 returns are filed. The IRS has indicated…
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