Preparing for April 15, 2025
The next April 15 filing date may seem far away. You should start thinking about gathering information prior to April 15, 2025.
Tag: Tax compliance
Employee v. Freelancer Tax Implications
As a business owner, a critical and ongoing predicament you face is whether you should onboard freelancers or hire employees. Learn how to make informed staffing decisions for your company and avoid potential tax implications.
Tax and Employee Bonuses
When rewarding your team’s performance with bonuses, it is important to consider how those bonuses are given, along with the tax implications for both you and the employee. One-time bonuses are generally calculated by percentages.
What Triggers an IRS Business Audit
Are you concerned about the likelihood of your business being audited by the IRS? What does the IRS see as red flags? How can you avoid them?
Business Tax Records
When operating an Arizona business, in addition to the industry, the services or products that you offer will affect the records you retain. What records does the IRS expect you to retain? How should you record and organize your business-related costs and revenue?
Gifts for Employees
The holiday season is the most popular time for companies to offer gifts to their employees. Although, there may be other occasions that might be gift worthy too. What are some of the ways a business can build goodwill with its employees?
Fringe Benefits and Taxes
Additional benefits on top of an employee’s regular pay may be taxable. The rules are complicated and employers should familiarize themselves with the requirements. Do you know which benefits are taxable?
Common Tax Myths and Facts
What are some common tax myths and facts about filing taxes? If you file a tax extension, do you still need to pay taxes owed? Are minor children required to pay taxes on income?
January 31 Preparing for Business Tax Filings
January 31 is a significant date for businesses to perform certain tasks and start preparing for their tax filings. Businesses should keep in mind that state taxing authorities have their own set of due dates. It is never too early to work with your accounting and payroll staff to make sure your end-of-year reporting is accurate and timely.
Remote and Hybrid Employees | State and Local Tax Considerations
With remote and hybrid work arrangements, employers should be very deliberate when communicating and executing policies relating to an employee’s work location. Individual taxpayers need to be familiar with tax laws in their resident state and businesses should be aware of tax laws in all states they operate.
Future of Taxes and Multinational Corporations
Countries around the globe are trying to stem the “rush to the bottom,” which has multinational companies moving their corporate headquarters to lower their tax bills. According to the International Monetary Fund, the result of this tax strategy is a loss of worldwide government revenues estimated between $500 and $600 billion annually.
FATCA Basics and Form 8938
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.