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Dear GP CPA Client:
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
With about 20 weeks left in the year, we would need to move your payroll up to about $1,000 per week (its currently at $500) and put most of the paycheck toward withholding taxes. The change in the weekly amount needed for payroll would be about $825 per week, which is roughly $18,000 over 20 weeks.
Connie can make the change as soon as you confirm that it is OK.
I am in the office tomorrow from 10am – 2pm if you want to know more.
That’s fine thanks for the heads up. Do what is needed… thanks
Congress extended some of the tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020. Learn more about tax breaks that have been extended.
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GP CPA has relied on cloud-based accounting technology for many years now and devotes a significant amount of time toward testing and learning the latest and greatest systems out there.
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.
IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts
IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.