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Category Archives: Personal Tax

Helping Employees Build Wealth

The Department of Labor is helping companies remind their employees about the importance of saving for retirement. A series of four posters is available for companies to display. You can print them from the web site address below and display them in your workplace, or e-mail the messages to each of your employees. The posters come in text and graphic format and are available in English and Spanish.

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Changes in Tax and Reporting Rules

W-9/1099 Reporting It is important for each business that issues checks to non-employees to have a form W-9 on file. Form W-9 is the non-employee equivalent of form W-4. Now is a good time to review your files to make certain that these forms are on hand and current. The information contained on form W-9 is used to determine if a form 1099 must be filed. Even you don’t need to issue a 1099, you are still required to have a W-9 on file. If a proper W-9 is not on file, backup withholding should be withheld from each check issued to the non-employee. Otherwise, the IRS can disallow related tax deductions and assess taxes equal to the backup withholding which you did not withhold, plus penalty and interest.

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Technology Spending

All companies should include strategic technology plans as part of their overall business plans. This helps balance the need for new technology now and in the future.

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UBIT…Yes Indeed!

Our firm’s position has not changed in the last year. We are still encouraging our clients to make the appropriate tax filings (990-T) to comply with Internal Revenue Code Sections 511-513.

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Tax Relief for Victims of Floods and Storms

Businesses, retirees, and self-employed individuals who owe quarterly payments or who must file various returns will have extra time to do both. Due dates vary but you can find details for your state and county on the IRS Web at: (click on: “IRS Provides Disaster Relief to Ike Victims”)

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