Taxpayers that have a taxable highway motor vehicle registered in their name must file an IRS Form 2290.
For vehicles placed in service July 1, 2016 or earlier, the due date to file the return is August 31, 2016.
The IRS is no longer sending out reminders and the penalties for late payment are significant. Here are a few points to consider when filing Form 2290:
Tags: Small Business, Vehicle Tax, Form 2290
What are internal controls and what do they do for my business?
Internal controls are processes and procedures that are in place to safeguard the assets of a business. This is a short summary of the purpose of internal controls, and is intended to encourage small businesses to understand and strengthen their internal control system.
Tags: Internal Controls, Small Business
With over 4.5 million users world wide, QuickBooks is the leading software choice for small businesses. QuickBooks is popular in large part due to how easy the program is to learn. You do not need to have an accounting degree, or for that matter really understand all accounting concepts to use the program. For this same reason, QuickBooks can allow for some very interesting things to occur.
Tags: Small Business Accounting, QuickBooks Tips, QuickBooks, Small Business
Small employers who have been filing Form 941 - Employer’s Quarterly Federal Tax Return - and expect that their employment taxes for the 2016 calendar year will be $1,000 or less may contact the IRS to request to file annually on Form 944.
Tags: Payroll Tax, Small Business, Employment Tax, Form 944
Michigan’s minimum wage increased on January 1, 2016 to $8.50 per hour for workers 18 years or older, and to $3.23 per hour for tipped employees. This increase is part of Public Act 138, the Workforce Opportunity Wage Act, passed May 27, 2014, which gradually increases Michigan’s minimum wage to $9.25 per hour in 2018.
If you are waiting for your Form 1095 to complete your tax return, you may be waiting a little longer!
IRS Notice 2016-4 extends the due dates for the 2015 information reporting requirements for insurers, self-insuring employers, and certain other providers (both furnishing to individuals and filing with the IRS) for insurers, self-insuring employers, and certain other providers of minimum essential coverage.
Tags: health insurance mandate, Small Business, form 1094, Form 1095
Running a business takes more than its fair share of time and effort, not to mention the seemingly endless road bumps along the way. Often, small business owners have a multitude of reasons why bookkeeping takes a backseat to the many other business related tasks. Reasons include lack of training or knowledge in accounting, the inability to afford a quality bookkeeper, or perhaps feeling that is does not add significant value to their business.
Tags: Small Business Accounting, Bookkeeping, Small Business
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