February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2011 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time. February 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2011. This due date applies only if you deposited the tax for the … [Read more...] about February 2012 Business Due Date Reminders
Tax related
The IRS Is Attacking the Medical Marijuana Business
Generally a business can deduct normal business expenses such as rent, payroll, etc. However, the IRS is using an obscure section of the code passed during the Reagan Administration as part of the “War on Drugs” to deny normal business expenses to medical marijuana-related businesses. § 280E Expenditures in connection with the illegal sale of drugs – No deduction or credit … [Read more...] about The IRS Is Attacking the Medical Marijuana Business
New Credits for Hiring Veterans
Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the employer beforeJanuary 1, 2013. For all other classifications, the credit ended at the close of 2011. Under the new law, … [Read more...] about New Credits for Hiring Veterans
Are You Required to File 1099s?
If you use independent contractors to perform services for your business and you pay them $600 or more for the year, you are required to issue them a Form 1099 after the end of the year to avoid facing the loss of the deduction for their labor and expenses and to avoid a monetary penalty. The 1099s for 2011 must be provided to the independent contractor no later thanJanuary 31, … [Read more...] about Are You Required to File 1099s?
January 2012 Business Due Dates
January 17 - Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2011. This is also the due date for the nonpayroll withholding deposit for December 2011 if the monthly deposit rule applies. Generally, this due date is … [Read more...] about January 2012 Business Due Dates