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Last week’s tax reform proposal from the Trump administration would cut the tax rate for “Pass-Through” businesses to 15% which will create opportunity for savings, and for abuse. Proponents of the plan claim that the reduction in business tax expenses will be followed by those businesses building, growing, and hiring at an accelerated rate relative
We’re five weeks into a new administration and looking at the media, it appears no answers will be coming on tax reform. When it comes to finance, planning, and business organization, this has left CEO’s with sleepless nights and wary investors. Looking at the business practices of our President’s previous dealings, it’s believable that we
Managing Multi-State Tax Compliance Although keeping up with business tax obligations is a complicated task in itself, maintaining tax compliance across state lines is even more difficult. Each state has its own way of taxing business entities that are subject to its jurisdiction and such methods may vary widely. Generally speaking, a business must file a
Some Wise Ways to Spend Your Tax Refund Now that tax season is over and you have your tax refund check, how are you going to use it? Although there may be a number of things you have been wanting to purchase, it might be a good idea to invest at least a portion of
Today is April 18, 2016 and it is Tax Day!!!! Today is the federal income tax deadline day. The last day to file income state taxes. If your business is seeking an outsourced bookkeeping solution, the experienced professionals at Orange County Bookkeeping can provide you with the expertise you are looking for. Our licensed accountants
Tax Deductions for You! We have complied a list of the top tax deductions for the current tax season. Most of these tax deductions are items that taxpayers encounter frequently. Keep in mind, however, that this is a small list of the most important tax deductions and that
How to Prepare for Your Tax Preparer It’s tax season again and time to meet with your tax preparer. With this in mind, included below are few simple steps to help you prepare for that meeting. This is an easy system and one that will make taxes seem less
Bookkeeping Responsibilities and the IRS Since bookkeepers and outsourced bookkeeping services providers are generally the ones responsible for managing all of a company’s records, they are often placed in the position of having to communicate with the IRS on behalf of their employer or client. This being the case, it is important that the
IRS Announces Payroll Tax Initiative The IRS recently announced the introduction of a new program specifically designed to help businesses with payroll tax compliance. This plan of action, called the Early Interaction Initiative, is designed to identify and notify employers who fall behind on their payroll tax obligations. Once identified, the program includes follow up
IRS Serious About Collecting Payroll Taxes The IRS is serious about collecting all taxes but is especially aggressive when it comes to collecting payroll taxes. Not only are the penalties for payroll tax noncompliance steeper than they are for other types of taxes, but the range of accountability is much broader. The IRS assesses an