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Reminder: Quarterly payroll tax return due date of October 31st is approaching.
With the October 31st quarterly payroll tax return due date just two days away, the Internal Revenue Service urged business owners to file their returns electronically and take advantage of the speed and convenience of electronic filing.
The IRS recommends electronic filing, or e-filing, of IRS Forms 940, 941, 943, 944, or 945, which are used to report information related to employment taxes.
According to the IRS, virtual currency is “a digital representation of value that functions as a medium of exchange…” However, it does not have legal tender status in any jurisdiction of the United States. Virtual currency is used similarly to conventional currency, accepted as a medium of exchange in the issuing country. As this area is rapidly changing, the Internal Revenue Service has issued guidance for taxpayers who transact business using virtual currency.
2 million ITINs set to expire in 2019. . .
Taxpayers who do not qualify for a Social Security number use an ITIN as a tax identification (ID) number for filing and administrative purposes. At the end of 2019, several ITINs, two million, in fact, are scheduled to expire. They are as follows:
The State of New York dedicates substantial efforts and resources to ensure that business enterprises pay the sales tax they collect from patrons. Those New York businesses that fail to comply face a myriad of enforcement mechanisms by the New York State Department of Taxation and Finance. The following is a summary of these tools.
IRS issues instructions related to § 199A qualified income business deduction. . .
On September 24, 2019, the Internal Revenue Service issued instructions related to certain interests in rental real estate for purposes of the § 199A qualified income business deduction.
Revenue Procedure 2019-38 contains a safe harbor allowing certain interests in rental real estate, including interests in mixed-use property, to be treated as a trade or business for purposes of the qualified business income deduction under § 199A of the Internal Revenue Code.