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File IRS Forms 1099 & 1096 BEFORE January 31, 2025

Posted in Small Business, Tax News on December 15, 2024

The IRS requires business taxpayers to report amounts paid as non-employee compensation on Form 1099-NEC.   Non-employee compensation will be reported in box one of the Form 1099-NEC and is generally considered self-employment income and likely subject to self-employment tax…

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DEADLINE APPROACHING: Required FinCEN Filing for BOI

Posted in Firm News, Small Business, Tax News on November 5, 2024

The Corporate Transparency Act (CTA) is a new law that mandates that a business entity must declare who are the beneficial owners of that entity. There is no fee for submitting your beneficial ownership information report to FinCEN. Corporate Transparency…

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Get Ready to File Your Tax Returns in 2024-Jan 29, 2024 Official Start!

Posted in Tax News on January 20, 2024

Anticipated IRS Refund Schedule 2024 In 2024, the IRS will commence with electronic filing on January 29th. Taxpayers who select direct deposit should anticipate their refunds within 21 days of the IRS receiving their tax return, when they file electronically,…

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Retirement Topics — Required Minimum Distributions (RMDs)

Posted in Tax News on January 11, 2024

IRS.gov You cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 72 (73 if you reach age 72 after…

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Don’t Miss Paying Your Estimated Taxes – IRS Increases Penalty for Underpayment of Taxes

Posted in Small Business, Tax News on December 20, 2023

Local Manchester, CT CPA firm Borgida & Company warns clients about missing making payments for estimated taxes and IRS penalties.   The Surprise Bill Coming to Those Who Underpay Their Taxes- The IRS penalty for shortfalls jumps to 8%  …

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