Out of all of the IRS reporting requirements, Foreign Bank Account Reporting (FBAR) can seem the most daunting. After all, taxpayers who are non compliant can be subject to civil or criminal penalties. Think: $100,000 fine per account, or half of each account’s value per year for each year unfiled.
Modifying the default template makes tracking easier, more accurate.
Part of the reason for QuickBooks’ success is its exceptional flexibility. By allowing users to turn features and preferences on and off, the same software can be used by a wide variety of business types and sizes.
Did you know the 3.8% surtax affects trusts?
While many are discussing the significant tax impact on individuals resulting from the American Taxpayer Relief Act (ATRA), there are a several important provisions affecting businesses.
You work hard for your money.
There are two components of the 2010 health care reform law that add additional Medicare taxes for high income taxpayers; a .9% increase in the Medicare tax on wages and self-employment income, and a 3.8% Medicare tax on investment income.
The American Tax Relief Act of 2012 extends for two years, through December 31, 2013, the provision allowing tax-free distributions from individual retirement accounts to public charities, by individuals age 70½ or older, up to a maximum of $100,000 per taxpayer per year.
The work plan contains the IRS’s plans to look more closely at unrelated business income and, especially, at tax-exempt organizations that report unrelated business activities on Form 990 but do not file a Form 990-T.
Using QuickBooks Mobile, you’ll improve business relations, put out fires before they start and unchain yourself from your office computer.
If you employ someone to work in or around your home, age 18 or older, and pay them wages of $1,800 or more in 2012, you may be a household employer.