Friday 09:00 - 15:00
Mon - Thu 09:00-17:00
Estimated Reading Time: 2 minutes 25 seconds
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.
We have previously outlined a new and potentially powerful penalty abatement strategy that you find with tax code Section 6751(b). Since we first discussed this new abatement strategy, the Tax Court has issued several new rulings on Section 6751(b).
For those businesses that run on a calendar year basis, the fourth quarter is usually when the magic happens and tax planning gets into full swing. For some clients, it might mean buying that fancy new widget to reduce the tax bill or hiring new staff for the upcoming retail apocalypse season. For many of our clients, it means that we (the “royal we”) need to evaluate their payroll to make sure that enough is being withheld. Get in touch with us to see where you stand for 2019 taxes.
Looking forward to year end 2019…
The end of the year marks the deadline for many “tax admin” items that apply to our clients, such as final payrolls, bonus calculations, contractor payments, and even some 2020 predictions. In order to make the final days of 2019 less stressful, make sure that you have provided GP CPA with all of the information we need to complete year-end filings. A short checklist of common items we generally request are:
- A W-9 for each contractor that has been paid through the business
- Check employee’s home addresses in Gusto
- Provide any amounts to be paid as bonuses by December 15th
- Provide any special payroll instructions for holidays
- Update profit sharing contribution calculations
- Update and finalize any retirement plan contributions needed
Looking to 2020
We are currently working on 2020 business plans & income projections for clients, which can be as comprehensive as required. Perhaps you have a plan for your business already or need help with a starting point? Whatever the case, let’s have a conversation about 2020 and the goals you would like to achieve.
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.
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.