August 11 - Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2014. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in July. August 15 - Non-Payroll … [Read more...] about August 2014 Business Due Dates
August 2014 Individual Due Dates
August 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient … [Read more...] about August 2014 Individual Due Dates
A Tour through QuickBooks’ Payroll Setup Tool
Getting QuickBooks ready to process payroll is a complex, time-consuming process. Here’s what you can expect. Payday. You look forward to it when you’re young and working at your first part-time job. But as a grown-up who needs to start processing payroll for your employees, you probably anticipate it in a different way, perhaps even with a sense of dread. QuickBooks handles … [Read more...] about A Tour through QuickBooks’ Payroll Setup Tool
Have You Reviewed Your Will or Trust Lately?
Your will or trust was prepared so that your assets will be distributed according to your wishes after your death. These documents can also reduce estate taxes. However, certain events can cause these documents to become outdated and create family stress and unpleasant tax results. Revised tax laws and life’s ever-changing circumstances make estate planning an ongoing … [Read more...] about Have You Reviewed Your Will or Trust Lately?
Beware of Trust Fund Penalties
Article Highlights Trust fund penalty Employers can be held personally liable Responsible persons of a corporation or limited liability firm can be held personally liable Factors used in determining a liable responsible person The term “trust fund recovery penalty” refers to a tax penalty assessed against the directors or officers of a business entity that failed to pay a … [Read more...] about Beware of Trust Fund Penalties