Taxpayers received a little extra time to file their taxes this year. The usual federal tax deadline is April 15th, however, due to the weekend and Emancipation Day, taxpayers received an extra two days to file this year. Additionally, the IRS website experienced multiple outages hours before the midnight filing deadline. Due to the issue, the IRS is giving taxpayers until midnight, April 18th, to file.
The Internal Revenue Service (IRS) announced an end to the Offshore Voluntary Disclosure Program (OVDP). The program will end on September 28, 2018, leaving tax payers six months to voluntarily disclose foreign financial assets. Business owners with undisclosed foreign assets should utilize the time to become compliant.
In the state of Washington, business and occupation (B & O) taxes are a major source of state revenue. No matter what industry your business is in, you may qualify for one or more B & O tax credits and be able to improve your bottom line. Here are a few of the B & O tax credits advantageous to a wide variety of business owners.
Taxes originally came about to help raise money to run the U.S., state, and local governments on behalf of its citizens. You practically need a degree in tax law in order to understand the convoluted codes and structures that have arisen to support the system, however.
Tax filing season is getting closer, but there are still some things taxpayers can do to impact their 2017 tax return. Failing to accurately and comprehensively complete your tax return can result in delays and even penalties.
Our tax information gets increasingly more vulnerable in a developing digital age. Partners in the tax industry have made significant strides in improving defenses against identity theft, however, the best line of defense are tax payers themselves.
Being a business owner in Washington state is a lot of work. It can be rewarding, but there it also means doing a million things a day to keep the company successful and out of trouble. You can hire people to help you, but ultimately it’s up to you to make sure the bills are paid and the work gets done.
The best way for you to keep your business out of legal trouble with the IRS is to carefully figure out how much the company owes in taxes and then pay it. You cannot guarantee that the IRS won’t send you a letter someday, but you can reduce your risk by fully reporting your income and taking only the allowable deductions.
Have you heard the term “Trust Fund Recovery Penalty” before? If you haven’t, you probably would not guess that it has anything to do with the taxes you withhold on your workforce’s behalf. If anything, it sounds like something to do with estate administration.
Nobody has ever been happy to get a letter from the IRS letting them know that they are getting audited. The prospect of having to produce years’ worth of old documents and dealing with an auditor is obviously no fun, even if you can prove that you do not owe any taxes.