Category: NEWS

July 8th, 2017 by Oscar

Las leyes federales requieren que la mayoría de los empleadores retengan el impuesto federal de los sueldos de sus empleados. Las herramientas del IRS pueden ayudar a pequeñas empresas a comprender algunos de los requisitos para la retención, la información que se debe presentar y el pago de impuestos de nómina que se debe hacer. 

El impuesto federal – Las pequeñas empresas primero necesitan calcular cuánto deben retener. Los empleadores de pequeñas empresas pueden llegar a conocer este proceso mejor si comienzan con el Formulario W-4 de un empleado y las tablas de retención .

El impuesto de Seguro Social y Medicare – La mayoría de los empleadores también retienen impuestos de seguro social y Medicare de los sueldos de los empleados y los depositan junto con la cantidad combinada del empleador. En el año 2013, a los empleadores se les dio la responsabilidad de retener el impuesto adicional de Medicare de los sueldos que superan la cantidad del umbral.  No existe un sistema para igualar contribuciones por parte del empleador para el impuesto adicional de Medicare y ciertos tipos de salarios y compensación no están sujetos a la retención. 

Impuesto Federal por Desempleo (FUTA, por sus siglas en inglés) – Los empleadores reportan y pagan el impuesto FUTA por separado. Los empleados no tienen que pagar este impuesto y tampoco se les retiene de su paga. El impuesto FUTA se paga directamente de los fondos de la pequeña empresa.  

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June 1st, 2017 by Oscar

Taxpayers who need in-person help from an IRS Taxpayer Assistance Center (TAC) need to call to schedule an appointment. All TACs provide service by appointment. They are an essential service the IRS provides when a tax issue cannot be resolved online or by phone.

Consider the self-service options on IRS.gov before calling for an appointment. Many questions can be resolved online without taxpayers having to travel to a Tax Assistance Center.

If face-to-face service is necessary, then taxpayers should call 844-545-5640 to schedule an appointment. .

Avoid scams. The IRS does not initiate contact using social media or text message. First contact normally comes in the mail. Those wondering if they owe money to the IRS can check to see if they have a balance due on IRS.gov.

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March 3rd, 2017 by Oscar

Not finding quite everything you need in QuickBooks Online? Here are some handy add-on apps available.

QuickBooks Online may work for you just fine as is. After all, it was designed to meet the needs of the millions of small businesses that want to manage and track their income and expenses, create records and transactions, and run reports to gauge their financial health. QuickBooks Online was also designed to grow along with your business. But there’s no need for Intuit to add internal features to do so. In fact, that would make it too expensive and unwieldy for many companies.

Instead, Intuit has partnered with other small business websites to provides add-ons—applications that extend the usefulness of QuickBooks Online in one or more areas, like accounts receivable and payable, inventory, and expense-tracking. They integrate easily to share data and do the extra work you need. Here are some of them to consider.

Bill.com
Bill.com automates your accounts receivable and payable processes. It supports electronic billing and payment, as well as multiple approval levels.

You can certainly enter and pay bills using QuickBooks Online. And you can send invoices to customers and receive payments. But adding a connection to Bill.com gives you more advanced options for accounts receivable and payable. Simply send your bills to Bill.com by scanning, emailing, faxing, or taking a picture with your smartphone. The site’s automation tools turn them into digital records and route them through your specified approvers. Once approved, they’re paid electronically or by paper check. Invoices are just as easy to process; customers can pay by using PayPal, credit card, or ACH. Bill.com’s mobile app makes it possible to keep up with invoices and bills while you’re out of the office.

Expensify

Are your employees still paper-clipping receipts to handwritten expense reports? This method is unnecessarily time-consuming – and often inaccurate. Expensify solves both problems. Your staff can take photos of receipts with their smartphones. Expensify then converts the expense information into coded digital records and submits them for approval based on your company’s policies. Credit card purchases can be automatically imported, too. All data is synchronized with QuickBooks Online in real-time and coded to reflect your preference of QBO’s expense accounts, customers/jobs, etc. Once you’ve approved a report, you can have the money deposited in the employee’s bank account the next day.

TSheets Time Tracking

TSheets employee scheduling software automates tasks that QuickBooks Online doesn’t do: scheduling and remote time-tracking for your hourly employees. Your staff no longer has to fill in paper timesheets. Instead, they can use their smartphones to track their hours and GPS location points. And while Excel is certainly better for creating schedules than paper, TSheets takes over that task, too. After you’ve approved timesheets, that information is sent over to QuickBooks, ready for use in your payroll processing.

Your employees can easily “punch” in and out using their smartphones. TSheets also uses GPS technology so that your staff members’ locations are always known to you.

SOS Inventory

QuickBooks Online performs some basic inventory management tasks. You can create records for items and use them in transactions, and keep track of the number of items in stock so you know when to reorder (or have a sale). SOS Inventory goes well beyond those capabilities. You can create sales orders, track cost history and serial numbers, and document work-in-progress (WIP). SOS Inventory supports multiple locations and the entire pick/pack/ship process.

Insightly CRM

You can create thorough customer records in QuickBooks Online and document some of your interaction. But it doesn’t facilitate true Customer Relationship Management (CRM) nor project management. Insightly CRM does both. It lets you build exceptionally thorough customer profiles so that you can view social streams, email history, and any events, opportunities, or events related to them. Its project management features include the ability to track by pipelines or milestones, define contact roles and custom fields, and generate advanced project reporting.

QuickBooks Online Integration Key

All of these apps can work in standalone settings, but their integration with QuickBooks Online and their mobile capabilities create powerful partnerships that help you serve both your customers and your employees in ways that QuickBooks Online alone can’t.

We’re not trying to sell you applications here. Our concern is that you’re getting as much out of QuickBooks itself as you can. We can steer you toward add-on solutions if that seems necessary, but we’re always happy to work with you on getting to know QuickBooks Online better and matching its capabilities to your company’s needs.

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March 2nd, 2017 by Oscar

If a lender cancels part or all of a debt, a taxpayer must generally consider this as income. However, the law allows an exclusion that may apply to homeowners who had their mortgage debt canceled in 2016.

Here are tips about debt cancellation:

Main Home. If the canceled debt was a loan on a taxpayer’s main home, they may be  able to exclude the canceled amount from their income. They must have used the loan to buy, build or substantially improve their main home to qualify. Their main home must also secure the mortgage.

Loan Modification. If a taxpayer’s lender canceled or reduced part of their mortgage balance through a loan modification or ‘workout,’ the taxpayer may be able to exclude that amount from their income. They may also be able to exclude debt discharged as part of the Home Affordable Modification Program, or HAMP. The exclusion may also apply to the amount of debt canceled in a foreclosure.

Refinanced Mortgage. The exclusion may apply to amounts canceled on a refinanced mortgage. This applies only if the taxpayer used proceeds from the refinancing to buy, build or substantially improve their main home and only up to the amount of the old mortgage principal just before refinancing. Amounts used for other purposes do not qualify.

Other Canceled Debt. Other types of canceled debt such as second homes, rental and business property, credit card debt or car loans do not qualify for this special exclusion. On the other hand, there are other rules that may allow those types of canceled debts to be nontaxable.

Form 1099-C. If a lender reduced or canceled at least $600 of a taxpayer’s debt, the taxpayer should receive Form 1099-C, Cancellation of Debt, by Feb. 1. This form shows the amount of canceled debt and other information.

Form 982. If a taxpayer qualifies, report the excluded debt on Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness. They should file the form with their income tax return.

Exclusion Extended. The law that authorized the exclusion of cancelled debt from income was extended through Dec. 31, 2016.

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February 1st, 2017 by Oscar

El Servicio de Impuestos Internos (IRS) advirtió hoy a los contribuyentes que estén atentos a correos electrónicos y sitios web falsos que buscan robar información personal. Estas tácticas conocidas como phishing continúan en la lista anual de estafas tributarias del IRS, conocida como la “Docena Sucia,” para la temporada tributaria de 2017.

El IRS observó un gran aumento en el número de incidentes de phishing y malware durante la temporada tributaria de 2016. Este mes ya se han visto esquemas de tipo phishing que han evolucionado conforme los estafadores buscan nuevas maneras de confundir a los contribuyentes durante la temporada tributaria. El IRS ya recibió quejas de estafas durante las últimas semanas, enfocadas hacia profesionales de impuestos, profesionales de servicios de nómina, personal de recursos humanos, escuelas, así como contribuyentes ordinarios. 

En estos esquemas de correo electrónico, los criminales se hacen pasar por una persona u organización que el contribuyente reconoce o en quien confía. Le pueden filtrar su cuenta de correo electrónico y enviar una cantidad masiva de correos electrónicos bajo el nombre de otra persona. Puede que se hagan pasar por un banco, compañía de tarjeta de crédito, proveedor de software de impuestos o agencia de gobierno. Los criminales hacen todo lo posible por crear sitios web que parecen legítimos pero que contienen páginas falsas. Estos criminales esperan que las víctimas muerdan el anzuelo, por decirlo así, y proporcionen dinero, contraseñas, números de seguro social, y otra información que pueda resultar en el robo de identidad. 

Los correos y sitios web falsos también pueden infectar las computadoras con malware sin que el contribuyente se dé cuenta. El malware le puede dar acceso al criminal a los sistemas del contribuyente, permitiéndole acceder todos sus archivos privados o trazar la pulsación en las teclas de la computadora para dar con la información de ingreso.

La lista recopilada anualmente de la “Docena Sucia” enumera una variedad de estafas comunes que los contribuyentes pueden enfrentar en cualquier momento. Sin embargo, muchas de estas estafas aumentan durante la temporada de impuestos, mientras las personas preparan sus declaraciones o contratan a terceros para hacerlas. 

Para los responsables de este crimen, las estafas podrían conllevar multas significativas, intereses y un posible proceso criminal. La división de Investigaciones Criminales del IRS trabaja muy de cerca con el Departamento de Justicia (DOJ, por sus siglas en inglés) para acabar con las estafas y procesar a los criminales responsables.

 

Si un contribuyente recibe un correo que no ha solicitado y que aparenta ser del IRS o de una organización conectada al IRS, tal como El Sistema de Pago Electrónico de Impuestos Federales (EFTPS, por sus siglas en inglés), repórtelo enviándolo a phishing@irs.gov. 

Es muy importante tomar en cuenta que el IRS generalmente no inicia comunicación con los contribuyentes por medio de correos electrónicos o solicita información personal o financiera. Esto incluye cualquier tipo de comunicación electrónica tal como mensajes de texto y medios sociales. El IRS ofrece información en línea que puede proteger a los contribuyentes de estafas por correo electrónico. 

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January 26th, 2017 by Oscar

Easy, safe and fast — that’s direct deposit. It’s the best way to get a tax refund. Eighty percent of taxpayers choose it every year. The IRS knows taxpayers have a choice of how to receive their refunds.

IRS Direct Deposit:

  1. Is Fast. The quickest way for taxpayers to get their refund is to electronically file their federal tax return and use direct deposit.
  2. Is Secure. Since refunds go right into a bank account, there’s no risk of having a paper check stolen or lost in the mail. This is the same electronic transfer system used to deposit nearly 98 percent of all Social Security and Veterans Affairs benefits into millions of accounts.
  3. Is Convenient. There’s no need to wait for a refund check to come in the mail.
  4. Is Easy.  Choosing direct deposit is easy. With e-file, just follow the instructions in the tax software. For paper returns, the tax form instructions serve as a guide. Make sure to enter the correct bank account and routing number.
  5. Has Options. Taxpayers can split a refund into several financial accounts. These include checking, savings, health, education and certain retirement accounts. The U.S. Treasury Department offers a retirement account. It’s called a MyRA account.  Designate all or a part of a refund to a new MyRA account. Simply mark the “savings” box in the refund section of the return. Use IRS Form 8888, Allocation of Refund (including Savings Bond Purchases), to deposit a refund in up to three accounts. Do not use Form 8888 to designate part of a refund to pay tax preparers.

Taxpayers should deposit refunds into accounts in their own name, their spouse’s name or both. Avoid making a deposit into accounts owned by others. Some banks require both spouses’ names on the account to deposit a tax refund from a joint return. Taxpayers should check with their bank for direct deposit rules.

There is a limit of three electronic direct deposit refunds made into a single financial account or pre-paid debit card. The IRS will send a notice and a refund check in the mail to taxpayers who exceed the limit.

All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity.

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January 17th, 2017 by Oscar

Taxpayers have fundamental rights under the law. The “Taxpayer Bill of Rights” presents these rights in 10 categories. This helps taxpayers when they interact with the IRS.

1. The Right to Be Informed.

Taxpayers have the right to know what is required to comply with the tax laws. They are entitled to clear explanations of the laws and IRS procedures in all tax forms, instructions, publications, notices and correspondence. They have the right to know about IRS decisions affecting their accounts and clear explanations of the outcomes.

2. The Right to Quality Service.

Taxpayers have the right to receive prompt, courteous and professional assistance in their dealings with the IRS and the freedom to speak to a supervisor about inadequate service. Communications from the IRS should be clear and easy to understand.

3. The Right to Pay No More than the Correct Amount of Tax.

Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties. They should also expect the IRS to apply all tax payments properly.

4. The Right to Challenge the IRS’s Position and Be Heard.

Taxpayers have the right to object to formal IRS actions or proposed actions and provide justification with additional documentation. They should expect that the IRS will consider their timely objections and documentation promptly and fairly. If the IRS does not agree with their position, they should expect a response.

5. The Right to Appeal an IRS Decision in an Independent Forum.

Taxpayers are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties. Taxpayers have the right to receive a written response regarding a decision from the Office of Appeals. Taxpayers generally have the right to take their cases to court.

6. The Right to Finality.

Taxpayers have the right to know the maximum amount of time they have to challenge an IRS position and the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt. Taxpayers have the right to know when the IRS concludes an audit.

7. The Right to Privacy.

Taxpayers have the right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary. They should expect such proceedings to respect all due process rights, including search and seizure protections. The IRS will provide, where applicable, a collection due process hearing.

8. The Right to Confidentiality.

Taxpayers have the right to expect that their tax information will remain confidential. The IRS will not disclose information unless authorized by the taxpayer or by law. Taxpayers should expect the IRS to take appropriate action against employees, return preparers and others who wrongfully use or disclose their return information.

9. The Right to Retain Representation.

Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation.

10. The Right to a Fair and Just Tax System.

Taxpayers have the right to expect fairness from the tax system. This includes considering all facts and circumstances that might affect their underlying liabilities, ability to pay or ability to provide information timely. Taxpayers have the right to receive assistance from the Taxpayer Advocate Service if they are experiencing financial difficulty or if the IRS has not resolved their tax issues properly and timely through its normal channels.

 

All taxpayers should keep a copy of their tax return. Beginning in 2017, taxpayers using a software product for the first time may need their Adjusted Gross Income (AGI) amount from their prior-year tax return to verify their identity. Taxpayers can learn more about how to verify their identity and electronically sign tax returns at Validating Your Electronically Filed Tax Return.

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January 9th, 2017 by Oscar

If someone helps you do your taxes, you’re not alone. The IRS asks you to choose your tax return preparer wisely – for good reason. You are responsible for the information on your income tax return. That’s true no matter who prepares your return. Here are ten tips to keep in mind when choosing a tax preparer:

  1. Check the Preparer’s Qualifications. Use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications on IRS.gov. This tool can help you find a tax return preparer with the qualifications that you prefer. The Directory is a searchable and sortable listing of certain preparers registered with the IRS. It includes the name, city, state and zip code of: Attorneys, CPAs, Enrolled Agents, Enrolled Retirement Plan Agents, Enrolled Actuaries and Annual Filing Season Program participants. Attorneys, CPAs and enrolled agents can represent any client before the IRS in any situation. However, new rules apply to the rights of non-credentialed tax preparers to represent their clients before the IRS. Non-credentialed preparers without an Annual Filing Season Program – Record of Completion – may only prepare tax returns. The new rules do not allow them to represent clients before the IRS on any returns prepared and filed after December 31, 2015. Annual Filing Season Program participants can represent clients in limited situations.
  1. Check the Preparer’s History. Ask the Better Business Bureau about the preparer. Check for disciplinary actions and the license status for credentialed preparers. For CPAs, check with the State Board of Accountancy. For attorneys, check with the State Bar Association.
  2. Ask about Service Fees. Avoid preparers who base fees on a percentage of their client’s refund. Also avoid those who boast bigger refunds than their competition. Make sure that your refund goes directly to you – not into your preparer’s bank account.
  3. Ask to E-file Your Return. Make sure your preparer offers IRS e-file. Paid preparers who do taxes for more than 10 clients generally must file electronically. The IRS has safely processed more than 1.5 billion e-filed tax returns.
  4. Make Sure the Preparer is Available. You may want to contact your preparer after this year’s April 18 due date. Avoid fly-by-night preparers.
  5. Provide Records and Receipts. Good preparers will ask to see your records and receipts. They’ll ask questions to figure your total income, tax deductions, credits, etc. Do not use a preparer who will e-file your return using your last pay stub instead of your Form W-2. This is against IRS e-file rules.
  6. Never Sign a Blank Return. Don’t use a tax preparer that asks you to sign a blank tax form.
  7. Review Your Return Before Signing. Before you sign your tax return, review it and ask questions if something is not clear. Make sure you’re comfortable with the accuracy of the return before you sign it.
  8. Ensure the Preparer Signs and Includes Their PTIN. All paid tax preparers must have a Preparer Tax Identification Number, or PTIN. By law, paid preparers must sign returns and include their PTIN. Be sure you get a copy of your return.
  9. 10. Report Abusive Tax Preparers to the IRS. Most tax return preparers are honest and provide great service to their clients; however, some preparers are dishonest. Report abusive tax preparers and suspected tax fraud to the IRS.

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January 6th, 2017 by Oscar

El Servicio de Impuestos Internos informó a los contribuyentes que el inicio de la temporada de impuestos para individuos es el 23 de enero de 2017.

El IRS proyecta que más de 153 millones de declaraciones de impuestos serán presentadas este año y los contribuyentes tendrán hasta el martes, 18 de abril de 2017 para presentar sus declaraciones de 2016 y pagar los impuestos adeudados. La extensión de la fecha límite se debe a que el lunes, 17 de abril se conmemora el Día de la Emancipación en Washington D.C., lo que creó la necesidad de mover la fecha límite para el martes, 18 de abril.

Los contribuyentes que presenten electrónicamente aún pueden enviarle su declaración a su proveedor de software antes del 23 de enero. El proveedor retendrá la declaración y la transmitirá al IRS cuando abran los sistemas. El IRS también recuerda a los contribuyentes que no tienen que esperar al 23 de enero para comunicarse con su profesional de impuestos.

Además, el IRS recuerda a los contribuyentes que una nueva ley requiere que el IRS retenga los reembolsos de las personas que reclaman el Crédito Tributario por Ingreso del Trabajo, (EITC, por sus siglas en inglés), y el Crédito Tributario por Hijo Adicional (ACTC, por sus siglas en inglés) hasta el 15 de febrero.

Se proyecta que más de cuatro de cinco declaraciones serán presentadas electrónicamente, con una porción similar de reembolsos entregados a través de depósito directo. 

La presentación electrónica y el depósito directo es la manera más fácil y segura de presentar una declaración precisa y recibir un reembolso. El IRS proyecta emitir más de nueve de 10 reembolsos en menos de 21 días, desde el momento en que se reciben las declaraciones.

 

 

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January 3rd, 2017 by Oscar

Under the Affordable Care Act, insurance companies, self-insured companies, and large businesses and businesses that provide health insurance to their employees must submit information returns to the IRS and individuals reporting on health coverage.

Taxpayers can use the information on these forms when they file their tax returns to verify the months that they had minimum essential coverage and determine if they satisfied the individual shared responsibility provision of the health care law. The IRS will use the information on the statements to verify the months of the individual’s coverage.

Here is some information about the types of forms, the purpose of each, and noteworthy dates

Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

  •  This form is filed by applicable large employers, which generally are employers with 50 or more full-time employees, including full-time equivalents. • ALEs send this form to certain employees, with information about what coverage the employer offered.
  • Employers that offer health coverage referred to as “self-insured coverage” send this form to individuals they cover, with information about who was covered and when.
  • This form is submitted to the IRS with Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns.
  • The deadline for filing this form with the IRS is February 28, 2017, or March 31, 2017 if filing electronically.
  • The deadline for furnishing this form to the employee is March 2, 2017, which is a 30-day extension from the original due date of January 31.

Form 1095-B, Health Coverage Information Return

  • This form is filed by providers of minimum essential coverage, including employers that are not applicable large employers, but who offer employer-sponsored self-insured health coverage.
  • It is used to report information to covered individuals about each person enrolled in coverage – this form is sent to the person identified as the responsible individual on the form.
  • This form is submitted to the IRS with Form 1094-B, Transmittal of Health Coverage Information Returns.
  • The deadline for filing this form with the IRS is February 28, 2017, or March 31, 2017 if filing electronically.

The deadline for furnishing this form to the covered individual is March 2, 2017, which is a 30-day extension from the original due date of January 31.

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