April 2 - Electronic Filing of Forms 1098, 1099 and W-2G If you file forms 1098, 1099, or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, February 28 was the due date. The due date for giving the recipient these forms was January 31. April 17 - Social Security, Medicare and … [Read more...] about April 2012 Business Due Dates
April 2012 Individual Due Dates
April 2 - Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2011’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2011. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became 70½ before 2011 were required to make their 2011 … [Read more...] about April 2012 Individual Due Dates
Tax Tidbits
From time to time issues related to taxes arise that are interesting, informative or humorous that is not directly related to the preparation of a tax return but are related issues associated with federal taxation. Passports Could Be Revoked for Delinquent Taxpayers – The U.S. Senate has unanimously approved a provision added to a highway transportation bill that would revoke … [Read more...] about Tax Tidbits
Are You an Employee or an Independent Contractor?
The distinction has significant implications for both the employer and the employee. Employers like to treat individuals as independent contractors because they avoid having to match the employees’ payroll tax, pay benefits, pay unemployment insurance, etc. This results in a significant savings for employers. When you are an employee, the employer pays you a net amount after … [Read more...] about Are You an Employee or an Independent Contractor?
Can’t Pay Your Taxes by the April Due Date?
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late payments if you don’t. So if you are unable to pay the tax you owe, it is generally in your best interest to make other … [Read more...] about Can’t Pay Your Taxes by the April Due Date?