Newsletters

Tax Filing Reminders

January 31st  Due date for employers to furnish W-2 statements to employees and to file Forms W-2 with the Social Security Administration (both paper and electronic forms) Due date for payers to provide most Forms 1099-MISC to recipients and Forms 1099-MISC with box 7 Non-Employee Compensation to the IRS Due date for employers to file 2019 federal unemployment tax returns and pay any tax due February 28th Due date for payers to provide Forms 1099-MISC (other than box 7 Non-Employee Compensation) to the IRS Due date for payers to provide…

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To Safeguard Your Company’s Data, Consider a Cybersecurity Assessment

As data breaches continue to make headlines at an alarming rate, no business can afford to ignore cybersecurity. To ensure that your company is taking appropriate steps to protect sensitive information — both its own and that entrusted to it by customers and business partners — consider conducting a cybersecurity assessment or audit. An added benefit of these assessments is that it sends a message to your customers and others that you take their data security seriously, which can provide a competitive advantage. The first step the auditor will take…

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2020 Limitations and Rate Updates

The IRS has released a new Form W-4. With the Tax Cuts and Jobs Act, personal exemptions were discontinued. In response, the IRS has redesigned the Form W-4 to remove the allowances previously used in determining the appropriate withholding. Current employees do not have to file new Form W-4. Employers can continue using the previous one. All new employees must file with the new Form W-4. The following payroll caps and limitations have been updated for 2020: Social Security wage base increases from $132,900 to $137,700 401(k) maximum deferral increases…

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New tax bills were signed into law by year-end could affect your tax your return

On December 20, 2019, President Trump signed into law two bills that would fund the government until September 2020. Inside the spending bills were many tax extenders, tax repeals, and changes that affect taxpayers. The legislation repealed taxes associated with the Affordable Care Act. A 2.3% excise tax on medical devices was set to begin in 2020 and a 40% excise tax on the expensive health insurance plans known as “Cadillac Plans” was set to begin in 2022. Both of these taxes were repealed. In addition, the annual fee to…

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