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When you start a business, a key to your success is to know your tax obligations. You may need to not only know about tax rules but also on rules payroll tax.

Here are five tips IRS tax that can help make your business off to a good start.

Business structure. Need early to decide what type of structure will choose for your business.

Business tax. There are four general types of business taxes. These are: income tax, self-employment tax, employment tax and excise duties. In most cases, the types of taxes you pay your business depends on the type of business structure that you set. You may have to make payments of estimated taxes. If you do, use IRS Direct Pay to pay....

The Internal Revenue Service has issued final and temporary regulations removing the automatic 30-day extension of time to file information returns on forms in the W-2 series, with the exception of Form W-2G, in an effort to combat tax-related identity theft, starting in 2017, according to an article in Accounting Today by Michael Cohn.

They are doing this to fight identity theft.

If you'd like to read the entire article, click here.

In a recent testimony before Congress, Troy Lewis, CPA, CGMA, and chair of the American Institute of CPAs’ (AICPA) Tax Executive Committee, claimed that that compliance with federal tax laws can act as a road block in the growth of small businesses, according to Seth Fineberg, writing in Accounting Web.

 “It is imperative that small businesses and their tax return preparers have the ability to communicate with the IRS when preparing their taxes and addressing compliance issues,” Lewis told committee members. “However, there has been increasingly limited access to the agency....

In an article published in Bloomberg News, Zachary R. Mider reports that the Obama administration quietly handed a victory to U.S. companies that avoid taxes by claiming a foreign address, suggesting that virtually all of them are still eligible for government contracts.

The Department of Homeland Security last year endorsed a legal memorandum that argued in part that a 2002 law banning such companies from federal contracts was invalid, according to a copy of the memo obtained by Bloomberg News. Although President Barack Obama later began publicly criticizing the tax maneuvers known as inversions, there’s no sign that he has reversed the department’s decision.

The March...

Brian M. Kalish, writing in the Employment Benefit Advisor, reports that state-based health insurance marketplaces aren't performing up to the Obama Administration's expectations.

As they struggle to become financially stable, state-based marketplaces are lagging behind the federally-facilitated marketplace and are likely to continue to do so in the near future.

Despite improvement efforts, it is safe to “say that the experience for issuers on the public exchange has been challenging,” said Scott Rathke, vice president of government relations at Tampa, Fla.-based Health Plan Services, a third-party administrator which works in the FFM and eight state-based marketplaces....

The Internal Revenue Service issued a consumer alert today providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS.
These callers may demand money or may say you have a refund due and try to trick you...

Students often get a job in the summer. If it’s your first job it gives you a chance to learn about work and paying tax. The tax you pay supports your home town, your state and our nation. Here are some tips students should know about summer jobs and taxes:

  • Withholding and Estimated Tax.  If you are an employee, your employer withholds tax from your paychecks. If you are self-employed, you may have to pay estimated tax directly to the IRS on set dates during the year. This is how our pay-as-you-go tax system works.
  • New Employees.  When you get a new job, you will need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use it to...

IRS recognizes Small Business Week May 4 – 8, 2015, by highlighting some of its most popular educational products, videos and webinars to help your small business thrive. If you are self-employed, be sure to view the IRS webinar “Business Taxes for the Self-Employed: The Basics.” 

Here are some topics included in the webinar or on IRS.gov that you should know:

Accounting Method.  An accounting method is a set of rules about when to report income and expenses. Many small businesses use the cash method. Under the cash method, you normally report income in the year that you...

But the bad news is that your winnings are taxable. According to the IRS, gambling winnings are fully taxable and you must report them on your tax return.

Gambling income includes but is not limited to winnings from lotteries, raffles, horse races, and casinos. It includes cash winnings and the fair market value of prizes such as cars and trips.

A payer is required to issue you a Form W-2G (PDF), Certain Gambling Winnings, if you receive certain gambling winnings or if you have any gambling winnings subject to federal income tax withholding. You must report all gambling winnings on your Form 1040 (PDF) as "Other Income" (line 21), including winnings that are...

Mark Mazur is a heavyweight numbers guy and he didn't mince words about the current state of American business tax policies during a recent speech.

“The business tax system today is inefficient, overly complex, and too riddled with loopholes,” Mazur said, making it difficult for US business to function as a world-class system.

Mazur, assistant secretary for tax policy at the U.S. Department of Treasury, a position to which he was appointed in 2011 by President Barack Obama, made the comments while addressing the NYU/KPMG Tax Lecture Series, according to an article in...

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