The IRS suspended PTIN registration and renewal at the beginning of this month, following continued court battles over it’s fees…
“The Internal Revenue Service reopened its Preparer Tax Identification Number system Wednesday after closing it earlier this month because it lost a lawsuit over registration and renewal fees…” [ Read more here ]
A number of states have begun implementing some new taxes on gasoline, using the funds to work on transportation services that are much needed. California is among one, with the governor proposing a 12 cent hike.
“Montana, Indiana, Tennessee and South Carolina are the other states that passed gas tax hikes this year. Several other state legislatures that are still in session are considering their own measures…” [ Read more here ]
Taxes are hard enough for a novice when filing a personal form, but when you also have to take the time to understand your business taxes, things can get a bit blurry. Cut through the paperwork and leave it to the professionals at Sterling Accounting. “There are different levels of taxes to remit, depending on the kind of business. These facts should be confirmed by speaking to an accountant, as well as the frequency the business is mandated to remit them. There are state and federal taxes, and specified taxes that must be remitted to either of them…” [ Read more here ]
There have been waves about taxes going down… at least those regarding death taxes. These changes are coming thanks to alterations in state tax exemptions…
“Want proof taxes can actually go down? In the last three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions…” [ Read more here ]
The IRS has come to a ruling in their efforts to protect surviving spouses from an estate tax trap by overlooking regulations.
“Congress added portability to the estate tax law when it settled on a “permanent” exclusion of $5 million per person (indexed for inflation) and a flat tax rate of 40%, effective 2011. It lets a surviving spouse essentially carry over any unused portion of the deceased spouse’s exclusion…” [ Read more here ]
Maximize your tax savings, and don’t sweat the headache of the paperwork with the help of Sterling Accounting’s business and personal solutions. “Normally, when you receive a paycheck or earn self-employment income (reported on Schedule C of your 1040), you pay not only income taxes but also Social Security and Medicare taxes, also known as payroll or FICA taxes…” [ Read more here ]
New accounting rules are looming for businesses and corporations, which is causing a stir for many as their revenue reporting methods are being overhauled. “The U.S. Financial Accounting Standards Board, known as FASB, imposed the new rule because it wanted financial statements to more accurately depict the timing, uncertainty and volatility of doing business. The rule will align a company’s booking of revenue with the sales of products and services…” [ Read more here ]
Let Sterling Accounting take over your office needs, so you can put that time into focusing to grow your business! From bookkeeping, to payroll and tax filing, don’t get caught up in time killing activities around the office.
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Have you received a call from the IRS? It’s long been said that the IRS will not contact your by phone, but the rules may be changing…
““A new law passed in 2016, but went into effect this spring allows the IRS to hire up to four private debt collection services that can call you,” said David Smitherman, president at the Alabama Better Business Bureau…” [ Read more here ]
The accounting industry is seeing some changes in recent months, which are being outlined by Accounting Today: “Four seismic shifts are going on in the accounting landscape right now, a panel of experts recently told a conference of CPA firm partners and leaders, from how firms generate their revenue and how they staff their engagements, to how they service their clients and how they will build the firms of the future…” [ Read more here ]