Earlier this month, the IRS issued notices to about 260,000 taxpayers, stating they haven’t filed their 2019 federal tax return. The IRS refers to these notices as CP59 notices. They are issued yearly to taxpayers who haven’t filed their tax returns from the prior calendar year (Tax Year 2019).
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New Podcast Episode: How Should Business Owners Navigate 2021?
The first quarter of 2021 is in the books. What should business owners be concerned about as they navigate the rest of the year?
Exclusion of Exempt Organization Employees from Retirement Plans
The IRS has finalized proposed regulations, with modifications, permitting the exclusion of employees of Code Sec. 501(c)(3) exempt organizations and governmental entities for purposes of testing whether a 401(k) or 401(m) retirement plan satisfies the minimum coverage requirements.
Do Non-Profits Ever Pay Taxes?
When you think about a non-profit, the first thing that often comes to mind is that it is tax-exempt. Most non-profits are not subject to federal, state, and local income tax.
Keep Up With Payables: Entering Bills in QuickBooks
Did you resolve to pay bills on time in 2021? Here’s how QuickBooks can help.
Billing Customers for Time and Expenses in QuickBooks Online
Sometimes, you have to spend money on your customers. Make sure you’re billing them for it.
Guidance on Tax-Free IRA Distributions to Charity
The Tax Code has several provisions encouraging individuals to make charitable contributions. One of these provisions allows individuals who are at least 70 1/2 by the end of the year to make a contribution of their taxable individual retirement account (IRA) distribution.
Employee Retention Credit Extended and Expanded
The Consolidated Appropriations Act, 2021 extends and expands the employee retention credit first created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The employee retention credit is designed to encourage businesses to keep workers on their payroll and support small businesses and nonprofits through the Coronavirus economic emergency.
How to Create Recurring Transactions in QuickBooks Online
QuickBooks Online saves time and improves accounting accuracy in numerous ways. One example is its support for recurring transactions
Should You Charge Late Fees? QuickBooks Can Help
Do you have a lot of aging receivables? Assessing finance charges can speed up customer payments.