The New Year means more than just resolutions and celebrations – it also means the beginning of tax season. With tax season looming, it is important to familiarize yourself with any changes the IRS has made to the filing regulations that may affect your business. One of the major changes implemented by the IRS for the 2016 tax year includes the increasing of the de minimis safe harbor threshold from $500 to $2500. […]
When it comes to your taxes, the last thing you want to do is make a mistake. Throughout the year you should be constantly checking in on your finances, making sure you are on track to complete the necessary legalities. The IRS (Internal Revenue Service) expects all persons to be proactive when it comes to filing taxes, and holds everyone accountable for his or her own timeliness of the matter. […]
When it comes to any partnership that you may be a part of, it can be easy to forget about the tax responsibilities that your organization is responsible for. Throw into the mix all of the legalities of partnership taxes, and you could be looking at a situation that it a lot more difficult and time consuming than you had originally thought. Luckily for you, the IRS understands that sometimes mistakes are made and taxes are filed late, which is why the Rev Proc 84-35 exists. […]
