Wednesday 22nd of November 2017 6:31:48 PM

Posts Tagged ‘tax exemption’

  • Payroll Companies Busted!

    Wednesday 17th of July 2013 11:48:28 AM

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    Most US employers subcontract payroll and associated tax responsibilities to intermediary payers such as payroll service suppliers.  If the company that is being outsourced is trustworthy they can help employers tremendously by collecting and consigning payroll taxes (on behalf of the employer) in a judicious manner.

    Most of these third-party payroll companies generally provide good and on time service however, lately there has been a number of these payroll companies that have been prosecuted for pilfering the funds planned to pay payroll taxes.

    If you are concerned about protecting you and your business against crimes like this you may visit the IRS website for more information. You can also see a list of successfully prosecuted payroll companies here.

  • October 15 Filing and Paying of Taxes

    Monday 15th of October 2012 5:59:37 PM

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    October 15 is the deadline of most tax filings and tax payment extensions set by IRS tax help.

    Below are the classifications made by the IRS to guide taxpayers in paying and filing for their tax returns.

    Deposit payroll taxes for September if the monthly rule applies

    For Individuals: File 2011 Form 1040A or 1040EZ if you timely requested a 6-month extension

    For Electing Large Partnerships: File 2011 Form 1065 if you timely requested a 6-month extension

    File for 2011 Form 5500 if you timely requested an extension on Form 5558.

    In exemption for the deadline, members of the military or those who are serving in Iraq, Afghanistan and other combat zone localities still have some time to file for their tax returns and pay for their due taxes. Also included in the exemption to file and pay later are those taxpayers (residing in Louisiana and Mississippi) that were affected by the Hurricane Isaac.

    source: irs.gov

     

  • In Focus – Credit Shelter Trust

    Tuesday 04th of September 2012 12:54:01 PM

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    Credit Shelter Trust or “bypass trust” can be considered as an estate tax saving technique that allows married couples to receive a lifetime exemption on estate taxes. This type of trust agreement can also minimize the federal taxes between the combined estates of a married couple.

    Bypass trust can reward the husband and the wife their individual one-time exemption from gift tax or death tax. Those couples who have combined assets that exceed the exclusion amount of $3.5 million can take full advantage of Credit Shelter Trust.

    Credit Shelter Trust should therefore be considered in the planning stages of couples estates.

    SOURCE: estateplanners.com