Generally, taxpayers should file their tax returns by the deadline even if they cannot pay the full amount due, but if you can't, there are several options. Let's take a look at a few scenarios: 1. An individual taxpayer owes taxes, but can't pay in full by the deadline. If this is the case, file [...]
Note: Beginning with the 2020 tax year, Form 1099-NEC ("nonemployee compensation") has replaced Form 1099-Misc for payments to subcontractors. Form 1099-Misc remains in use for payments to attorneys and landlords. Businesses that have a Form 1099-Misc or 1099-NEC reporting requirement must issue the forms to recipients by January 31. Here is a brief summary [...]
An unprecedented "triple whammy" tax deadline is fast approaching. July 15 is the due date for the following: Individual income tax returns (Form 1040) and trust income tax returns (Form 1041); First quarter 2020 estimated tax payments; and Second quarter 2020 estimated tax payments Although an extension is available until October 15 to file [...]
ITINs (Individual Taxpayer Identification Numbers) are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. Under the Protecting Americans from Tax Hikes (PATH) Act, ITINs that have not been used on a federal tax return at least once in the [...]
A reminder that September 16 is the last day to timely file 2018 partnership and S corporation tax returns that were extended from the March 15 deadline. Please send us your tax information ASAP.
The due date for employers to transmit copies of Forms W-2 and 1099 to the Social Security Administration and IRS has historically been February 28. That is changing. Beginning with the 2016 forms, the due date will now be January 31. IRS says that this is a security measure intended to prevent tax return [...]