Reporting cash transactions helps government combat criminal activities
Did you know reporting cash transactions helps the government combat criminal activities? The information on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business (PDF), helps law enforcement combat money laundering, tax evasion, drug dealing, terrorist financing, and other criminal activities. Here are facts on who [...]
Employers should consider filing payroll taxes electronically
Tired of paperwork? Business owners can now make taxes a little easier on themselves by filing payroll and employment taxes electronically. According to the Internal Revenue Service, there are several benefits to filing these forms electronically: It saves a lot of time. It is more secure and accurate. The filer [...]
Businesses filing cash transaction reports via e-file option; batch filing available
The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy, and secure option for filing their reports. Now, businesses can batch file their reports, which is especially helpful to those required to file many forms, according to an IRS news [...]
New law, seniors not req’d to take distributions from retirement accounts
The Internal Revenue Service reminds seniors and retirees that they are not required to take money out of their IRAs and workplace retirement plans this year. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives required minimum distributions during 2020 for IRAs and retirement plans, including beneficiaries [...]
IRS: a ‘Paycheck Checkup’ helps avoid tax surprises
It's almost the deadline to pay your 2019 taxes, are you ready? The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. Because income taxes are pay-as-you-go, taxpayers [...]
More retailers accepting cash payments for federal taxes
Good News: the Internal Revenue Service recently announced additional retail partners who are accepting cash payments for federal taxes. This cash payment option is for individual and business taxpayers. The IRS' continuing partnership with ACI Worldwide's OfficialPayments.com and the PayNearMe Company lets taxpayers make a payment without a bank account or [...]