The IRS receives thousands of reports every year from taxpayers who receive emails out-of-the-blue claiming to be from the IRS. Scammers use the IRS name or logo to make the message appear authentic so you will respond to it. In…
Payroll Taxes
Getting started with Quickbooks
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1099Bookkeepers, LLC is your solution for installing and maintaining Quickbooks. Initial installation is the most important part of Quickbooks. Starting off on the right foot will keep you going in the right direction for years to come. Call us…
Disaster Payments to Employees
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As we are all aware, Sandy was a first class disaster the like of which this region has never seen before. One of the tax responses to this disaster, as in any federal disaster, is that employers may make reasonable…
Employment Taxes and the Trust Fund Recovery Penalty (TFRP)
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To encourage prompt payment of withheld income and employment taxes, including social security taxes, railroad retirement taxes, or collected excise taxes, Congress passed a law that provides for the TFRP. These taxes are called trust fund taxes because…
Keep Good Records Now to Reduce Tax-Time Stress
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You may not be thinking about your tax return right now, but summer is a great time to start planning for next year. Organized records not only make preparing your return easier, but may also remind you of relevant transactions,…
Tips for Employers Outsourcing Their Payroll
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Outsourcing payroll duties to third-party service providers can streamline business operations, but we remind employers that they are ultimately responsible for paying federal and state tax liabilities. Recent prosecutions of individuals and companies who – acting under the guise of…
Taxpayers Who Receive an IRS Notice
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Every year the Internal Revenue Service sends millions of letters and notices to taxpayers, but that doesn’t mean you need to worry. Many notices are routine and can be handled by the taxpayer. If you feel you need help with…
Potential trouble spots as IRS steps up enforcement
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Potential trouble spots as IRS steps up enforcement By Karen Hube, The Internal Revenue Service has added a couple of notches to its enforcement belt. First came the disclosure that international financial services giant Credit Suisse is under federal…
IRS Audits – Consultants and Professionals
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The IRS is looking at consultant and other professional income taxes and has issued new audit guidelines. One of the issues they are looking for is shifting income from one entity to another. The following is an excerpt from the…
Tax Return Penalties
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The tax code contains a whole boatload of penalties. Some of these penalties related to tax returns failure to pay or failure to file are as follows: If you do not file by the deadline, you might face a failure-to-file penalty. If…