Tag Archives: TAX TIPS

You can still benefit from the Work Opportunity Tax Credit

Posted on 07/18/2016 by Sandy Suchoff

The Work Opportunity Tax Credit (WOTC) is a federal income tax break that can reduce your business income tax when you hire workers from specified groups that typically experience high unemployment rates. Normally, you have 28 days after the worker’s … Continue reading →

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Count employees to avoid ACA penalties

Posted on 05/16/2016 by Sandy Suchoff

The IRS recently updated a web page explaining how to figure out if you’re an “applicable large employer,” or ALE. If you are, you may have to pay a penalty for not providing health insurance to your employees. For 2016, … Continue reading →

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IRS interest rates rise for the second quarter of 2016

Posted on 05/03/2016 by Sandy Suchoff

The interest rates the IRS charges on underpaid taxes and pays on tax overpayments have gone up for the second quarter of 2016 (April 1 through June 30). Here are the new rates for individuals and corporations. For individuals: 4% … Continue reading →

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Form 1099 penalties increase sharply

Posted on 02/26/2016 by Sandy Suchoff

Have you filed required Forms 1099 for 2015? The forms were due by February 1 to individuals you paid $600 or more in the course of your business during the year. If you haven’t completed Forms 1099, you’ll want to … Continue reading →

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