Ronika Khanna CPA,CA

APRIL 14, 2022

Being a small business owner comes with challenges, not the least of which is doing your taxes. While most Canadian taxpayers have relatively simple tax returns that can easily be completed using software, small business owners have the additional burden of reporting details relating to their businesses.

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LyfeAccounting

JUNE 18, 2021

As many of you know, the IRS has been delayed in processing 2020 tax refunds. million tax refunds for identity fraud, and for these taxpayers, this means an even longer delay. And by the end of this post, you’ll understand what’s causing more tax refund delays. What’s Causing More Tax Refund Delays.

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LyfeAccounting

NOVEMBER 17, 2020

I mean…there’s federal taxes, state taxes, sales taxes, Medicare taxes, social security, unemployment, and so on. As a business owner, understanding how to navigate taxes can be extremely overwhelming. I missed payroll tax filing deadlines that cost me thousands of dollars.

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LyfeAccounting

JUNE 2, 2021

Want to Know How to File an Amended Tax Return? As an accounting firm, we’ve filed our fair share of amended tax returns. In today’s post, we’ll be going over when to amend your taxes and the 5 steps to actually amend your taxes. When to Amend Your Taxes? You need to change your filing status.

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LyfeAccounting

MAY 27, 2021

Now, remember, this post is for informational purposes only, and by no means are we giving you legal or tax advice. They have a question about your tax return. Not every letter means you owe more taxes. Usually, when you receive an IRS letter, it is not going to be in reference to all of the tax returns you ever filed.

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ThomsonReuters

MARCH 3, 2022

These RMD timing requirements are generally effective with respect to employees who die after 2019. Excise Tax Regulations. The excise tax rules for failure to make RMDs would be conformed to the SECURE Act changes, and two automatic waivers of the tax would be added.

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Going Concern

MAY 5, 2022

This isn’t an economic blog so I won’t bother getting into the specifics that I’m sure you’re intimately aware of anyway, but the point is that supply of just about everything is messed up. On page 22 of 2019’s report [PDF here ] we get a breakdown of new hire demand as reported by respondent firms.

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ThomsonReuters

FEBRUARY 15, 2023

property taxes, which help fund roads, schools, emergency medical services, and other services, are a vital source of revenue for state and local governments. Property tax rates vary greatly among states and localities and can have a major impact  on business investments and where people decide to live.

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Ryan Lazanis

SEPTEMBER 1, 2023

AutoEntry was acquired by Sage in 2019, so expect to see some nice synergies if you’re on Sage. If you want to include mileage as a tax deduction, you have to painfully track your business trips. It’s a full-on project management system to track tasks, deadlines, and projects. Say goodbye to traditional double-entry systems.

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ThomsonReuters

JUNE 14, 2021

The guidance is aimed at helping multi-state employers determine to which state wages should be reported and unemployment taxes paid. Being familiar with the DOL’s “localization of work” provisions may be helpful to employers that want to make sure wages are reported and unemployment taxes are paid to the correct state.

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ThomsonReuters

JUNE 28, 2021

The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal Tax Return, and its instructions for used beginning with the second quarter of 2021. Generally, if a tax filing or payment deadline falls on a weekend or legal holiday, the due date is the next business day. Of those 73.3 Federal News.

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ThomsonReuters

DECEMBER 5, 2022

The GAO also notes that on three occasions in FY 2014, 2018, and 2019 no CR was approved, which resulted in a federal government shutdown. The shutdown did not affect any IRS payroll-related deadlines. The IRS urged taxpayers to file electronically to help during the shutdown. FY 2019 shutdown more of the same.

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ThomsonReuters

MARCH 1, 2021

Nonetheless, by the end of February, several employer reporting responsibilities have concluded, like reporting Forms W-2 to the Social Security Administration (SSA) (and issuing employees their copies) and filing Form 940 with the IRS. Unemployment tax rates increasing in 2021. IRS forms and publications.

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