Tag Archives: Business Tax Tips
Early last month, the California Board of Equalization (BOE) sent letters to 16,738 retail business owners stating that the Statewide Compliance and Outreach Program (SCOP) Team would be paying them a visit. The purpose of the visit is to educate them on sales and use tax reporting, tax compliance, and make sure their businesses are properly registered with the correct permits and licenses. Along with trying to collect what the BOE claims is $2 billion in owed taxes that have not been collected, the BOE said that the 2% of California businesses that are not operating with the correct permits … Click to Read More
While taxes for 2011 are due in April, it is important to take care of any IRS notices and bills from past years that were not paid when due, called back taxes. Here are some frequently asked questions about back taxes in relation to business tax preparation. What back tax issues are commonly encountered by small businesses? · Due to the complexity of tax law, many small business owners do not know how to use available deductions to reduce their lax liability and therefore end up with tax balances that are more than the business can afford to pay. · With the current … Click to Read More
There’s a new IRS 1099 form issued in 2012: Form 1099-K, Merchant Card and Third Party Network Payments. The 1099 is a series of IRS documents used to report non-wage income from a variety of sources like contract work, dividends, earned interest, and pension distributions. The IRS tax Form 1099-K was created as part of the Housing and Economic Recovery Act of 2008, but it did not go into effect until January 1, 2011. The idea of the law was to “improve voluntary tax compliance by business taxpayers and help the IRS determine whether their tax returns are correct and complete.” There is a … Click to Read More
As you close out your finances for 2011, you or your business may need help understanding how to file and settle your IRS taxes. Filing incorrect information can be problematic. Errors may can mean that you are missing out on deductions, that you have paid too little (and can be hit by penalties, fines, or interest later in the year), or even that your company could be selected for an audit. At BusinessTaxPreparation.com, we have the experience to provide business tax services that will maximize your business deductions and ensure that your tax filing is accurate. While we recommend hiring a tax professional, here are some tax planning tips … Click to Read More