tax form

It’s time to ship out those W-2s and 1099s again.

It’s time to ship out those W-2s and 1099s again. This January ritual as inevitable: The mailing of W-2s and 1099s. While your employees may regard their arrival as almost a natural phenomenon, you know better. You the business owner has to be responsible for filling out those tallies of the previous years’ wages and […]

What to do if you have not filed your returns for a while?

What to do if you have not filed your returns for a while? There are a number of people that have not filed for years. This creates a number of risks. If the federal or state governments believe that you owe them money, then they may take control of your bank account. They have the […]

Are you doing everything for your Not-For-Profit ?

In the state of Massachusetts a not-for-profit has several things they need to know. You can make purchases without paying for sales tax.  The state issues the ST-2  certificate to not-for-profits every ten years.  You should be able to simply bring your certificate to a grocery store and be able to exclude the sales tax.  […]

PFML (Paid Family Medical Leave)

PFML (Paid Family Medical Leave) The Paid Family Medical Leave Act created a lot of confusion.  The state has worked out a lot of those confusing details, and we will continue to update you on their progress. Essentially the PFML is a benefits program.  The payments start now, however no one is eligible for the […]

Big Changes with the State of MA employment laws

In a big move on June 28th, Governor Charlie Baker signed legislation, which will change a number of rates and requirements. His “grand bargain” bill raises the state’s minimum wage to $15 a hour by 2023 adds a guaranteed paid family in 2021 medical leave program in 2021 establishes a permanent sales tax holiday removes […]

businessman due process

Collection Due Process procedures

The Collection Due Process (CDP) procedures, which generally require IRS to give taxpayers a hearing relating to a lien or levy. A CDP hearing relating to a lien is available in cases where the taxpayer has received notice of IRS’s filing of an NFTL (a notice of federal tax lien). A notice of filing of […]

Online QuickBooks Problems

Online QuickBooks Problems While Online QuickBooks is being touted as the next big thing and it certainly has its pluses, there are a number of things the Desktop version can still do better. For one thing, Desktop QuickBooks is an application downloaded to your CPU, allowing you to access and process the information quickly, as […]

irs voluntary classification program

IRS’s Voluntary Classification Settlement Program for misclassified workers

The Voluntary Classification Settlement Program  This program allows employers to reclassify as employees those workers they have erroneously treated as independent contractors. The program has generous payment terms, and participants get relief from employment tax audits for previous years. Here are the details. Employee or independent contractor? Whether a worker is classified as an employee […]

Small employer health insurance credit

The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ moderate-income workers and lower-income workers. For tax-exempt employers, the credit is a refundable tax credit limited to the amount of the payroll taxes (as defined below). During the first phase of the credit, (i.e., tax years beginning in 2010, 2011, 2012, or […]

Why it is necessary for you to make estimated tax payments.

Why it is necessary for you to make estimated tax payments. Individuals must pay 25% of a “required annual payment” by Apr. 15, June 15, Sept. 15, and Jan. 15, to avoid an underpayment penalty. (When that date falls on a weekend or holiday, the payment is due on the next business day.) The required […]

irs settlement

The IRS ease some fears about settlement offer for misclassified workers

Among other things, the IRS Explained that  Voluntary Classification Settlement Program participation won’t trigger a federal audit and that IRS won’t share information about participants with the Department of Labor (DOL) or state agencies. Background. Earlier this year, IRS launched this new program  that allows employers to prospectively reclassify—as employees—those workers that they have erroneously […]

data for taxes

Tax responsibilities of U.S. citizens and dual citizens living abroad

Tax responsibilities of U.S. citizens and dual citizens living abroad The IRS has provided info to clarify the tax responsibilities of U.S. citizens and dual citizens living abroad in response to concerns from expatriates about penalties that might be levied on their unpaid taxes and undeclared bank accounts. The IRS posted the information on its […]

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David DennisCertified CPA