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Archive for January 15, 2021

Looking For An Easy Way To File And Deliver 1099s And W-2s?

Looking For An Easy Way To File And Deliver 1099s And W-2s?

Small and medium sized businesses are moving to the cloud to easily file Forms 1099, W-2 and ACA. As an authorized IRS transmitter of these forms, the process is made much easier for you with efile4Biz. This quick and easy interface will have you filing forms in just minutes so you have more time to spend on other activities.

You work in the cloud to enter your data manually of via an excel template or use your accounting apps like Quickbook or Xero. If you are a tax preparer filing on behalf of multiple clients, they offer multiple options. You can use Excel Template, Xero API, Quickbooks Desktop Plugin, Quickbooks Online Plus and Quickbooks Online Accountant. Cost is $1.50 Per Form. eFile4Biz files with IRS, then prints, emails or sends through post email copy of Forms to recipients for you.


Tax Treaties: United States And Greece

Tax Treaties: United States And Greece

Quick Summary. Greece (Ελλάδα, Hellada or Hellas)sits on the Mediterranean Sea in Southeastern Europe.   Officially the Hellenic Republic (Ελληνική Δημοκρατία, Elliniki Dimokratia), Greece’s government is a parliamentary republic.  Its structure is set forth in the Constitution of Greece, its fundamental charter, which was adopted by the Fifth Revisional Assembly in 1975 and last amended by the Greek Parliament in 2008.

In 2019, Greece implemented several amendments to its Income Tax Code, including a corporate income tax rate reduction, reduced dividend withholding tax rates, and a participation exemption for certain capital gains.  The amendments also reduced bracketed rates for individuals and certain exemptions for non-residents from income, inheritance, and gift taxes.
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250 Motivational Quotes To Inspire You In 2021

250 Inspirational Quotes For 2021

We have compiled a complimentary eBook of more than 250 Motivational Quotes from famous people for you to read each day. View them for yourself or distribute them daily to your team members. Great thoughts create great results.

“Be kind whenever possible.It is always possible.” ~ Dalai Lama

“Victory belongs to the most persevering.” ~ Albert Einstein, Theoretical Physicist

“Believe you can and you are halfway there.” ~ Theodore Roosevelt, 26th U.S. President

“Strength does not come from physical capacity. It comes from indomitable will.” ~ Mahatma Gandhi

“An investment in knowledge pays the best interest.” ~ Benjamin Franklin, Inventor, Author, Politician


State And Local Tax: Entity Formation For Certain Texas Activity

State And Local Tax: Entity Formation For Certain Texas Activity

My colleague, Matthew Roberts, recently posted an article regarding choice-of-entity, “Starting a Business in Texas:  Choice of Entity.”   The article provided a summary of the tax and non-tax implications of each potential entity type.

We will discuss “passive entities” under Texas law.  Please note the definition of a passive entity under Texas law is not the same as the definition under the Internal Revenue Code.   Depending on the business being conducted in Texas, a certain type of entity may be more beneficial to reduce or eliminate your  Texas Margin Tax (the “Margin Tax”).

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Businesses Have Feb. 1 Deadline To Provide Forms 1099-MISC And 1099-NEC To Recipients

Forms 1099-MISC and 1099-NEC

The Internal Revenue Service reminds businesses and other payors that the revised Form 1099-MISC, Miscellaneous Income PDF, and the new Form 1099-NEC, Nonemployee Compensation PDF, must be furnished to most recipients by February 1, 2021.

Redesigned Form 1099-MISC

The IRS revised Form 1099-MISC for the 2020 tax year to accommodate the creation of a new Form 1099-NEC. The redesigned 1099-MISC has different box numbers for reporting certain income. Businesses must send Form 1099-MISC to recipients by February 1, 2021, and file it with the IRS by March 1 (March 31 if filing electronically).

If businesses are using Forms 1099-MISC to report amounts in box 8, Substitute Payments in Lieu of Dividends or Interest, or box 10, Gross Proceeds Paid to An Attorney, there is an exception to the normal due date. Those forms are due to recipients by February 16, 2021.

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National Taxpayer Advocate Annual Report To Congress

National Taxpayer Advocate Annual Report To Congress
National Taxpayer Advocate delivers Annual Report to Congress; focuses on taxpayer impact of COVID-19 and IRS funding needs

National Taxpayer Advocate Erin M. Collins released her 2020 Annual Report to Congress, focusing on the unprecedented challenges taxpayers faced in filing their tax returns and receiving refunds and stimulus payments during a year consumed by the COVID-19 pandemic. The report also finds that a roughly 20% inflation-adjusted reduction in the IRS’s budget since fiscal year (FY) 2010 has left the agency with antiquated technology and inadequate staffing levels to meet taxpayers’ needs.

As part of the report, Collins released the fourth edition of the National Taxpayer Advocate’s “Purple Book,” a compilation of 66 legislative recommendations designed to strengthen taxpayer rights and improve tax administration.

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