Feature Articles Archives - Page 14 of 15

Highlights of the Secure 2.0 Act of 2022

Jan 10, 2023 | Feature Articles

The $1.66 trillion Consolidated Appropriations Act, 2023, was signed into law on December 29, 2022, by President Biden. Included in the 4,155-page bill is the SECURE Act 2.0 of 2022, which contains a number of tax provisions relating to retirement. Let’s take a...

Individual Taxpayers: The Year in Review

Dec 20, 2022 | Feature Articles

As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal Exemptions Personal exemptions are eliminated for tax years 2018 through 2025. Standard Deductions The standard...

Small Business Taxpayers: The Year in Review

Dec 20, 2022 | Feature Articles

Here’s what business owners need to know about tax provisions for 2022: Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per business mile driven...

Tips To Avoid Credit Card Debt This Holiday Season

Dec 12, 2022 | Feature Articles

Typically, credit card balances follow a seasonal pattern, increasing significantly in the fourth quarter and coinciding with holiday shopping. This year is no exception; unfortunately, it coincides with higher credit card interest rates. With more people than ever...

Advertising and Marketing Costs May Be Tax Deductible

Dec 12, 2022 | Feature Articles

As a small business owner, you may be able to deduct advertising and marketing expenses that help bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes. Here’s what you need to know...

What To Know About IRS Letters and Notices

Oct 31, 2022 | Feature Articles

When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, it often mails a letter or notice to the taxpayer. Taxpayers should know that the IRS sends millions of these letters and...

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Tax Due Dates for

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12:00 AM - Employers - Give your employees their copies of Form W-2 for 2022. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting. File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2022.

12:00 AM - Payers of nonemployee compensation - File Form 1099-NEC for nonemployee compensation paid in 2022.

12:00 AM - Individuals - who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 17, you may choose (but are not required) to file your income tax return (Form 1040 or Form 1040-SR) for 2022 by January 31. Filing your return and paying all tax due by January 31, 2023, prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 18.

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12:00 AM - Employees - who work for tips. If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.

12:00 AM - Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.

12:00 AM - Farm Employers - File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2022. This due date applies only if you deposited the tax for the year in full and on time.

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12:00 AM - Individuals - If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

12:00 AM - Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.

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12:00 AM - Employers - Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2022, but did not give you a new Form W-4 to continue the exemption this year.

12:00 AM - Businesses - File information returns (for example, certain Forms 1099) for certain payments you made during 2022. However, Form 1099-NEC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.

12:00 AM - Payers of Gambling Winnings - File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2022. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains January 31.

12:00 AM - Health Coverage Reporting - If you are an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you are filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31.

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12:00 AM - Farmers and Fisherman - File your 2022 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 18 to file if you paid your 2022 estimated tax by January 17, 2023.

12:00 AM - Health Coverage Reporting - If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals.

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Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.