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Posts Tagged ‘Internal Revenue Service’
A Summary of the Proposed Tax Law & How It Affects You
The US senate passed their version of the tax reform – the Cuts and Jobs Act – on December 2nd. The bill differs from the version that the House passed last month, which means the 2 houses will have to reconcile their differences before a final bill can be voted on and passed before it can be presented to the President for his signature.
Senate Version
New brackets & break points. The Act would provide seven tax brackets for … Continue reading »
5 Proven Steps to Survive a Connecticut Labor Department Audit
You received a notice of audit from the State of Connecticut Labor Department. What should you do? Follow these 5 Proven Steps to Survive a Connecticut Labor Department Audit.
1) Give a Power of Attorney to Your CPA
To have your CPA represent you in front of the Connecticut Department of … Continue reading »
3 Proven Steps for Taxpayers to Survive Tax Season
1)Be Prepared
Ah yes, the Boy Scout Motto, “Be Prepared”. It is very applicable to surviving tax season. How can you get prepared? Start with completing your tax organizer. We send these out to our clients in early January. This will contain all of the prior year information. Some clients don’t like filling out the tax organizer. That’s fine. … Continue reading »
How to File Your Form 1099’s and Avoid IRS Penalties
Determine Who Needs to Be Issued a 1099
A Form 1099 needs to be issued to any unincorporated business that you paid $600 or more. An unincorporated business includes Limited Liability Companies (LLC’S), Partnerships and Sole Proprietors. Additionally, a 1099 needs to be issued for all legal services rendered irrespective of whether the law firm is incorporated or not.
3 Proven Reasons a Connecticut Business Owner Should Meet With Their CPA Before Year-End
Another year will end soon. There is (very) little tax planning that can be done after the year-end. With the maximum federal income tax bracket of 39.6% and the maximum State of Connecticut income tax bracket of 6.5% there is a lot of tax dollars on the table. Here are 3 proven reasons a Connecticut business owner should meet with their … Continue reading »
