Entries by admin-wxc

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New requirement for seeking a tax ID number

WASHINGTON — During National Small Business Week, the Internal Revenue Service wants small business taxpayers and the self-employed to know that, starting May 13, an important change will affect the way it issues employer identification numbers, or EINs. With identity theft on the rise in the business community, the agency also offered business taxpayers tips […]

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IRS announces multi-year plan

The Internal Revenue Service released today a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system. The plan outlines a bold strategy to enable business transformation focused on improving services for taxpayers and the tax community while protecting taxpayer data. “Modernized systems are the […]

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State and Local Employment Regulations Increasing Across the U.S.

States and local jurisdictions are continuing to advance employment-related laws and regulations intended to protect workers. To help business owners remain aware and informed of the changing landscape, Paychex, Inc., a provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services, is reporting the top employer laws and regulations accelerating with […]

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For those who missed the tax-filing deadline…

While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid potential penalties and interest. There are many ways the IRS offers help to taxpayers facing this […]

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IRS revises EIN application process; seeks to enhance security

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible party” on the application. An EIN is a nine-digit tax identification number assigned to sole proprietors, corporations, partnerships, estates, trusts, […]

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Business Execs Less Optimistic on Economy

Business executives’ outlook on the global economy slid sharply over the past year, amid concerns about trade conflict and other business impacts, according to the first-quarter AICPA Economic Outlook Survey, which polls chief executive officers, chief financial officers, controllers and other certified public accountants in U.S. companies who hold executive and senior management accounting roles. A […]

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1031 Exchanges May Help Real Estate Investors

1031 Exchanges May Help Real Estate Investors Transition to a Less Active Role. For many real estate investors, there comes a point in their lives where they no longer want to be bothered with the headaches that come with actively managing their properties. However, they also don’t want to give up the income stream and […]

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IRS concludes “Dirty Dozen” list of tax scams

IRS concludes “Dirty Dozen” list of tax scams for 2019: Agency encourages taxpayers to remain vigilant year-round. WASHINGTON — The Internal Revenue Service today wrapped up issuing its annual “Dirty Dozen” list of tax scams. The IRS reminds taxpayers to remain vigilant to these often aggressive and evolving schemes throughout the year. This year’s “Dirty […]