Monthly Archives: October 2019

What is your intent?

Former U.S. Secretary of State Madeline Albright once said, “There is a special place in hell for women who don’t help other women.”

In this age of social media which allows anonymity and seems to breed contempt, there are too many people who hurl insults at one another without much thought to how it reflects on her (or him).

I read some of these nasty or offensive comments and it makes me wonder: What is the intent? Is the poster trying to offend people or is she just a negative person all the time? Is everyone so angry they just react to everything with rage?

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Tax preparers can take classes online to earn CPE credits

Tax preparers who cannot attend the IRS Nationwide Tax Forums in person can do so online. They can visit IRS Nationwide Tax Forums Online anytime to earn continuing education credits. The website offers courses based on recorded seminars from previous forums. The courses can be watched for free or purchased for continuing education credits.

To receive credits, preparers will need to create an account. The frequently asked questions on the website have details about how to do this. Once preparers have an account, they can take courses on a wide variety of topics to help them serve their individual and business clients.

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Why it’s important for taxpayers to know their filing status

When a taxpayer files their tax return, they need to know their filing status. What folks should remember is that a taxpayer’s status could change during the year. So, any time is a good a time for a taxpayer to learn about the different filing statuses and which one is best for them.

Knowing the correct filing status can help taxpayers determine several things about filing their tax return:

Is the taxpayer required to file a federal tax return or should they file to receive a refund?
What is their standard deduction amount?
Is the taxpayer eligibility for certain credits?
How much tax they should pay?

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EFPTS helps employers keep an eye on tax responsibilities

The Electronic Federal Tax Payment System has features that can help small business employers meet their tax obligations. Treasury regulations require employment tax deposits be made electronically. Whether employers prepare and submit payroll taxes themselves or hire a payroll service provider, payments should be made using EFTPS.

This system is secure, accurate, easy to use and provides immediate confirmation of each transaction. Anyone can use EFTPS. The service is free of charge and allows employers to make and verify federal tax payments electronically 24 hours a day, seven days a week online or by phone.

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Quarterly Excise Tax reporting for 2019 3rd Quarter October 31 is the deadline

When it’s time to file a federal excise tax return for your business, there are various ways you can do it, depending on whether you want to do it online or manually. However this Quarterly Federal Excise tax has to be reported and paid on time, now it is due for 3rd Quarter of 2019 and October 31 is the last date.

Excise taxes are narrowly based taxes on consumption, levied on specific goods, services, and activities. They can be either a per unit tax (such as the per gallon tax on gasoline) or a percentage of price (such as the airline ticket tax). Generally, excise taxes are collected from producers or wholesalers, and are embedded in the price paid by final consumers. The excise taxes on the service or products will be collected from the buyers and paid to the IRS.

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