IRS Cautions Taxpayers to Watch for Summertime Scams
From the IRS | IR-2017-112 | June 26, 2017
The Internal Revenue Service issued a warning that tax-related scams continue across the nation even though the tax filing season has ended fo rmost taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims.
Eligible Small Business Startups Can Choose New Option for Claiming Research Credit
From the IRS | May 3, 2017
Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service.
Employee or Independent Contractor? Know the Rules
From the IRS | Tax Tip 2017-02 | May 1, 2017
The IRS encourages all businesses and business owners to know the rules when it comes to classifying a worker as an employee or an independent contractor.
An employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Employers normally do not have to withhold or pay any taxes on payments to independent contractors.
Here are two key points for small business owners to keep in mind when it comes to classifying workers:
Pennsylvania Tax Amnesty Program Underway Until June 19
From the Pennsylvania Department of Revenue | April 21, 2017
Eligible individuals and businesses can apply now through June 19, 2017 to pay past-due state taxes and have all penalties and half of the interest waived. "The overwhelming majority of individuals and businesses pay their state taxes on time, but for those living with the burden of unpaid taxes, this program is an opportunity to get relief," said Deputy Secretary for Tax Policy C. Daniel Hassell. "The application process is easy, but time is critical as this opportunity only lasts 60 days."
Work Opportunity Tax Credit Can Help Employers Hiring New Workers; Key Certification Requirement Applies
From the IRS | May 2, 2017
The Internal Revenue Service today reminded employers planning to hire new workers that there's a valuable tax credit available to those who hire long-term unemployment recipients and others certified by their state workforce agency.
Tax Tips to Help You Determine What Makes a Gift Taxable
From the IRS | Tax Tip 2017-47 | April 13, 2017
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving: