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Welcome to Feeley and Driscoll's tax and business updates. These short articles address current tax planning, tax services, news, and business updates.
This article outlines five basic tips on how to avoid IRS penalties when paying independent contractors, as outlined by The American Payroll Association (APA).
In order to facilitate systems and programming changes, the IRS issued Notice 2012-4 to notify tax-exempt organizations that use of the IRS Modernized e-file (MEF) system will be suspended from January 1, 2012 through February 29, 2012 for electronic filing of Forms 990, 990-EZ, 990-PF and 1120-POL information returns.
The MA DOR released a warning about several unscrupulous tax preparers who coaxed elderly public housing residents to fraudulently apply for the Senior Circuit Breaker Tax Credit last year.
The Tax Relief Act of 2010 extended some tax breaks and expanded others. However, some generous tax breaks are set to expire at the end of 2011 and others at the end of 2012. As the end of the year approaches, all taxpayers should consider every possible tax planning strategy that is currently available both on the business and personal level to minimize taxes now with the uncertainty of what the upcoming years have in store.
This article addresses some of the easier parts to a succession plan, describing tools and techniques frequently used in executing a succession plan for a closely held business that, properly structured, will result in tax efficiency. However, it is important that tax-planning techniques do not take on a life of their own, resulting in a tax-efficient plan that doesn't accomplish the underlying family goals.
The IRS recently became aware of a fraudulent scheme targeting EFTPS users, the scheme uses an e-mail that claims your tax payment was rejected and directs you to a website for additional information. The website contains malware that will attempt to infect your computer.
Outsourcing payroll duties to third-party service providers can streamline business operations, but the IRS reminds employers that they are ultimately responsible for paying federal tax liabilities. The IRS has outlined three tips that employers should keeep in mind when outsourcing their payroll.
Please contact Feeley & Driscoll's Boston Accounting team by Email or call us at 1 (888) 875-9770.
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