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 […]
Business Tax Tips
Small Business Tax Relief – Back Taxes
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 […]
New Information about Form 1099-K
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 […]
Business Tax Tips | Help With Business Tax Preparation
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 […]