AVOIDING THE PAYROLL TAX PENALTY A grueling task for many small businesses is keeping up with payroll. Withholding the correct amount of taxes from your employees’ paychecks and paying them to the government on time is absolutely necessary. You can personally be charged with the Trust Fund Recovery Penalty (or the 100% penalty) if you willfully neglect to withhold and pay the payroll taxes due. The penalty is applied to … Read more
For 2018, the federal income tax filing deadline has been deffered to — April 17 — but it’s now less than 1 week away! So, if we haven’t received your documents or filed your tax returns by now, you may be on an extension or getting extended. If you are considering an extension then beware of these potential errors. Filing for an extension Filing for an extension allows you to … Read more
Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” Penalty exemptions Before we review how the penalty is calculated, let’s … Read more
