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TAX REPORTING

You Will Soon Find Out How Expensive Your 401(K) Plan Is

By The BIDaWIZ Team on May 3rd, 2012 at 3:00 pm

The new 401(k) disclosure rules will soon provide employees with information about the fees and expenses connected to their 401(k) plans. The fees administrators charge plan participants has always been nearly impossible to identify and many employees mistakenly think their 401(k) is free. Read More.

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TAX REPORTING, VALUATION

Valuing a Non-Compete Clause When Selling a Business

By The BIDaWIZ Team on May 2nd, 2012 at 3:00 pm

Most business owners that plan to sell their company are asked by the buyer to include a non-compete clause in the legal agreement. This can have significant tax implications to both the seller and the buyer. .
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TAX REPORTING

Do You Recommend Setting Up An LLC or LLP?

By The BIDaWIZ Team on April 27th, 2012 at 4:00 pm

New businesses have many options to choose from when it comes to selecting a legal entity. It's nice to have options but business owners sometimes misunderstand the differences. Specifically, as it relates to LLCs and LLPs. .
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TAX REPORTING

What Is The Correct Amount of Sales Tax For Discounts & Groupons?

By The BIDaWIZ Team on April 27th, 2012 at 12:00 pm

Many retailers confuse state sales tax rules when discounted items come into the equation. Are you charging or being charged the correct amount of sales tax? Read More.

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TAX REPORTING

Why You May Want to Consider Electing S Corp Status Now

By The BIDaWIZ Team on February 23rd, 2012 at 8:00 pm

The March 15th deadline for corporations to file their business tax returns or form 1120 is less than a month away. While preparing business tax returns are important as well as filing franchise taxes, which are due March 1st, it may be time to consider electing S Corporation status for 2012. C Corps have until March 15th to convert to an S Corp. .
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TAX REPORTING

Businesses Need to Complete 1099 & W-2 Forms To Avoid Future Issues

By The BIDaWIZ Team on January 19th, 2012 at 9:30 am

The January 31st deadline to complete and send 1099 and W-2 Forms to your contractors and employees is quickly approaching. Find out what you need to know about these forms and the penalties for failing to provide them to your contractors, employees and the IRS. .
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TAX REPORTING, TAX SAVINGS

What The Two Month Payroll Tax Cut Extension Means for You

By The BIDaWIZ Team on December 23rd, 2011 at 12:00 pm

Federal lawmakers finally reached a compromise or at least for the next two months on the payroll tax cut extension. While the average taxpayer will keep an extra $83 in their pockets, employers may have been dealt a major blow. Read More.

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SMALL BUSINESS, TAX REPORTING

Businesses with Sales over $20,000 Need to Prepare for form 1099-K

By Susan Ladika on October 17th, 2011 at 2:15 pm

1099-K-form
Beginning with transactions made this year, income that came to you through third-party payment processors like PayPal and credit and debit card companies need to be reported to both you and the Internal Revenue Service on the new 1099-K form. The form is being implemented in an effort to prevent merchants from underreporting their income to the IRS and is applicable to all small business owners who have 200 transactions or more for the year and total at least $20,000 from a particular payment processor. .
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TAX REPORTING

Missed the Business Filing Deadline & Didn’t File an Extension

By The BIDaWIZ Team on May 9th, 2011 at 9:45 pm

filing-late-business-tax-return
Generally, a corporation must file its income tax return by the 15th day of the 3rd month following the end of its tax year which, if on a calendar year (Dec), is March 15th. So what happens if you didn't file a return by then and didn't file a tax extension? .
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TAX REPORTING

What do Ebay Sellers need to know about the new 1099-K form?

By Susan Ladika on January 27th, 2011 at 6:08 pm
new-1099-k-form

The 1099-K is the latest addition to the family of 1099 IRS documents, joining other 1099 forms that report things like interest income, dividends and distributions and miscellaneous income. The new 1099-K was approved last year to track income from companies that do business using third-party payment processors such as credit and debit card companies and services like PayPal. Read More.

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