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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.

SAVE TIME AND MONEY: Go To eFile4Biz

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

REQUEST 250 MOTIVATIONAL QUOTES AND INSPIRATIONS eBOOK

California’s Proposed Wealth Tax Is Coming After Your Money

A Silent Taxpayer

Yesterday, we read an article written by Virginia La Torre Jeker, JD that caught our attention! You should read her article as it is beautifully written as she always does an outstanding job.  However, we ask you to carefully read through the Bill No 2088 Text as tax professionals and taxpayers globally will be stunned what Virginia La Torre Jeker brings to light:

“California’s Legislature is contemplating a wealth tax on ANY person who spends more than 60 days within the State in a single year. Assembly Bill 2088 will assess a wealth tax annually for a 10-year shadow period and extend to residents, part-year residents, foreigners – in short, every individual who is in the state for over 60 days in a calendar year.  Even those who move out of California to another state, or foreigners who return to their home country, say, after extended medical care in Cedars Sinai Hospital or attendance at UCLA, would continue to be subject to the wealth tax for a decade.  The law makes no distinction between a nonresident from North Dakota or a nonresident from Dubai.”

Here is a portion of California Legislature Bill No 2088 you will want to read:

THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

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OECD Transfer Pricing Guidelines For Multinational Enterprises And Tax Administrations

OECD TRANSFER PRICING GUIDELINE
The OECD has spent a lot of time developing the Transfer Pricing Guidelines. While they help corporations avoid double taxation, they also help tax authorities to receive a fair share of the tax base of multinational corporations.
This 2017 edition of the OECD Transfer Pricing Guidelines incorporates the substantial revisions made in 2016 to reflect the clarifications and revisions agreed in the 2015 BEPS Reports on Actions 8-10 Aligning Transfer pricing Outcomes with Value Creation and on Action 13 Transfer Pricing Documentation and Country-by-Country Reporting. It also includes the revised guidance on safe harbours approved in 2013 which recognises that properly designed safe harbours can help to relieve some compliance burdens and provide taxpayers with greater certainty. Finally, this edition also contains consistency changes that were made to the rest of the OECD Transfer Pricing Guidelines.  The OECD Transfer Pricing Guidelines were approved by the OECD Council in their original version in 1995.

OECD/G20 BEPS Virtual Conference Open To Public January 27-29, 2021

OECD/G20 BEPS Virtual Conference Open To Public January 27-29, 2021

Date 27-28 January 2021 (Inclusive Framework plenary); 29 January 2021 (Tax and Development briefings)

Time 12:30-17:00 CET (Day 1); 12:30-15:30 CET (Day 2)

Meeting type Virtual Conference

Due to the ongoing health crisis, the 11th plenary meeting of the 137 members of the OECD/G20 Inclusive Framework on BEPS will be held virtually and open to the public, allowing a glimpse into the various international tax-related workstreams undertaken by the Inclusive Framework to date. This work to end international tax avoidance through global co-operation, is especially timely in light of the fiscal challenges countries will face in the aftermath of the COVID-19 crisis. The event will take stock of the unparalleled transformation in international tax policy and administration in recent years, discuss current challenges and what the future holds.

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Letter From The IRS To Taxpayers With Virtual Currency

Letter From IRS On Digital Currency

Reporting Virtual Currency Transactions

Have You Received This Letter From The IRS Recently?

Dear [Name]:
Why we’re writing to you. We have information that you have or had one or more accounts containing virtual currency and may not have
met your U.S. tax filing and reporting requirements for transactions involving virtual currency, which include cryptocurrency and non-crypto virtual currencies.

Virtual currency is considered property for federal income tax purposes. Generally, U.S. taxpayers must report all sales, exchanges, and other dispositions of virtual currency. An exchange of a virtual currency (such as Bitcoin, Ether, etc.) includes the use of the virtual currency to pay for goods, services, or other property,
including another virtual currency such as exchanging Bitcoin for Ether. This obligation applies regardless of whether the account is held in the U.S. or abroad. More information can be found on www.irs.gov and in Notice 2014-21, found at www.irs.gov/pub/irs-drop/n-14-21.pdf, which describes how general tax principles
for property transactions apply to transactions using virtual currency.
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Why Millions Of Taxpayers Have Not Received 2nd Stimulus Check

CORONA VIRUS STIMULUS CHECK

Millions of taxpayers have not received their 2nd stimulus check who used online services. Their 2nd stimulus check may have been sent to the wrong bank account. The IRS apparently sent payments to more than thirteen million bank accounts that have been closed and are no longer valid.

The bank accounts were set up by tax companies like Turbo Tax, HR Block and Jackson Hewitt as temporary accounts used to deposit tax refunds for taxpayers who opted to have tax preparation fees taken out of their tax refunds. Furthermore, for taxpayers who used online tax services it may be too late to receive their $600 stimulus payment. The banks involved are required to send the payments received back to the IRS. Taxpayers who do not receive their 2nd round stimulus checks by the January 15, 2021 deadline will have to wait to receive their stimulus check as a tax credit when they file their 2020 tax return.

Go to the IRS Get My Payment link to see the status of your corona virus stimulus check.

Go to TaxConnections To Find A Tax Professional

Important Tax Changes In 2021: Individuals And Businesses

Keith Youngren: tax Changes For Individuals And Businesses

Every year, it’s a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here’s a checklist of tax changes to help you plan the year ahead.

Individuals

In 2021, a number of tax provisions are affected by inflation adjustments, including Health Savings Accounts, retirement contribution limits, and the foreign earned income exclusion. The tax rate structure, which ranges from 10 to 37 percent, remains similar to 2020; however, the tax-bracket thresholds increase for each filing status. Standard deductions also rise, and as a reminder, personal exemptions have been eliminated through tax year 2025.

Standard Deduction
In 2021, the standard deduction increases to $12,550 for individuals (up from $12,400 in 2020) and to $25,100 for married couples (up from $24,800 in 2020).

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TaxCalendar Organizes All Tax Returns Securely In The Cloud

AKORE Tax Calendar Software

An easy to use and affordable Tax Calendar is being adopted by corporate tax organizations and tax services firms today. Having the luxury of a high performance tax calendar that covers every imaginable tax is a welcome tool to manage any tax organization. The Akore TaxCalendar is considered by Fortune 500 companies and tax services firms as the consummate tool to tracks all tax returns.

Request a complimentary tour and Akore will show you how to get all your tax returns organized.  You even receive email reminders so you are never late on tax filings. The Akore Tax Calendar can be stored in your company cloud or a secured cloud provided by the team at Akore.

They offer two Tax Calendar software versions geared to corporations and another for tax practices. Best of all, it is the least expensive Tax Calendar software on the market!  Special Note: Akore provides the onboarding for free while competing software may charge onboarding fees that can run into thousands.

Request A Tour To Get All Your Corporate, Partnership And Individual Tax Returns Organized For 2020/2021 And Beyond

Tax Advisor Helps Other Tax Advisors “Reduce Client’s Taxes By 50%, Almost 100% Of The Time

Outsourcing tax planning services

TaxConnections has attracted a large community of tax advisors helping and supporting each other. TaxConnections is an asset for tax advisors who want to add services outsourcing work to other tax advisors through TaxConnections referral network. In the weeks ahead, I want to bring to your attention to tax advisors who are supporting tax advisors. It is important to learn what our members are doing to adapt their tax practices to the market while helping other tax professionals increase revenue.

Keith Youngren helps tax advisors by supporting them in providing tax planning services to clients. Keith serves you by offering “Foundational Planning” to your clients, including providing trust and legal documents through legal counsel.

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IRS “Dirty Dozen” List Of Tax Scams For 2020

IRS "Dirty Dozen" List Of Tax Scams For 2020

The Internal Revenue Service announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments.

This year, the Dirty Dozen focuses on scams that target taxpayers. The criminals behind these bogus schemes view everyone as potentially easy prey. The IRS urges everyone to be on guard all the time and look out for others in their lives.

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Consolidated Appropriations Act, 2021 – An Important Question To Ask

Consolidated Appropriations Act, 2021

A Tax Advisor sent me a message yesterday stating he was providing me with the full text the House Of Representatives published on the Consolidated Appropriations Act, 2021. As I looked at this monstrous bill of 5593 Pages, I was struck by the fact the government has only provided a truncated version of the bill that ended on Page 3126. I asked him, ” Where are the other 2467 Pages of the bill that are missing from this government publication?

This House of Representative Bill 133 was negotiated during the holidays when the majority of Congress and “the people” have not had the opportunity to read it yet.

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