Latest news with #1099
Malaysian Reserve
23-07-2025
- Business
- Malaysian Reserve
Submit Your Q2 941 Tax Form Before the Looming Deadline with ezPaycheck
The IRS Form 941 Deadline is July 31st — Stay Compliant and Avoid Penalties by E-Filing with ezPaycheck or ezAccounting. Purchase E-Files Today for a Faster, Easier Filing Experience! REDMOND, Wash., July 22, 2025 /PRNewswire/ — The IRS Form 941 deadline is quickly approaching on July 31st , and now is the time to ensure your payroll taxes are filed accurately and on time. With ezPaycheck , e-filing your 941 form with is simple, fast, and reliable—helping you stay compliant and avoid costly penalties. Don't wait— purchase your e-files today and experience a stress-free, efficient filing process with the help of our experienced staff. What is efile 941 service via ezPaycheck? Purchase efile here For those filings, the charge is determined by each form sent starting at $5.95 but rapidly decreasing in cost. Consumers can monitor their submissions on the submissions page . Here you can view the status of submissions and any possible errors that may have occurred. 'Clients are fully prepared to tackle the upcoming second quarter 941 deadline with a secure feature to upload the 940 and 941 form for quarterly reporting to the IRS with the new e941 add-on,' said Dr. Ge, the Founder of Discover how effortless payroll and tax form processing can be—download and explore ezPaycheck today to streamline your business. Try it risk-free; all forms and checks will remain in trial mode until you activate with a one-time key for just $169 per installation for a calendar year. (941 form e-File is available as an optional add-on.) Best of all, any data you enter during the trial stays intact when you upgrade—clients can begin with confidence! Clients value the unique features in the latest ezPaycheck payroll software , including flexible pay schedules, automatic tax calculations, and built-in tax tables for all 50 states. The software prints payroll and miscellaneous checks, supports multiple companies, and handles differential pay with ease. ezPaycheck payroll software is compatible with Windows 11, 10, 8, 7 and other Windows systems. We also sell a MAC version separately. Users can print tax forms like 941, 940, 943, W2, and W3, and now securely e-file 941/940/94x forms directly within the software using the IRS-authorized system. ezPaycheck supports multiple accounts, offers optional network access, and provides a 30-day free trial —no registration or obligation required . Check out a few products that integrate seamlessly with ezPaycheck for upcoming tax form deadlines: ez1099 : Simplifies the preparation and e-filing of 1099 forms. ezW2 : Simplifies the preparation and e-filing of W2, 1099 NEC forms. ezW2Correction: Printing and e-filing of W2 and W3 Corrections for years 2015 to 2024. It is SSA approved to print on plain white paper and trusted by thousands. As always, all applications can be tested prior to purchase to ensure complete compatibility before purchase. Also, all data entered into the trial version will remain. No adding data twice! Please note: trial watermark will appear on the checks and forms until the purchased key is entered into the application. Start your test drive today on our website. For over two decades, has been a trusted partner to thousands of U.S. businesses, delivering powerful and affordable software solutions designed to simplify everyday operations. From online and desktop payroll tools to employee attendance tracking, accounting, check printing, W2, 1099, 1095 filing, and ezACH direct deposit software— offers everything small business owners need to stay compliant, save time, and run more efficiently. Whether you're managing payroll in-house or streamlining tax reporting, our easy-to-use software is built to help you take control and grow with confidence.
CNN
15-07-2025
- Business
- CNN
Two tax reporting changes on tap for businesses, freelancers and payment apps like Venmo
'Never mind. Pretend like nothing ever happened.' That might as well have been the text of one provision in President Donald Trump's mega tax-and-spending-cuts package that reverses more stringent tax-reporting requirements for payment apps when it comes to telling the IRS how much small businesses and freelancers are taking in via business transactions on their platforms. The package also contains a new measure for all businesses that issue 1099-NEC and 1099-MISC forms to report to the IRS how much non-employee compensation they pay to vendors and contractors. It's a change that upends decades of practice. But we'll get to that in a minute. The upshot of both changes is this: The IRS will have much less of a view into how much income small businesses and independent contractors make because there will be much less third-party reporting required under the new law. Worth noting, however: Neither of the changes eliminates the requirement for small businesses, freelancers and contractors to accurately report all their earnings to the IRS on their own tax forms. First, let's address the 'we're going right back to the way things were' measure for 'third-party settlement organizations' — i.e., payment apps like Venmo. For many years, those payment platforms only had to issue 1099-K forms to the IRS if a person had conducted more than 200 transactions in the tax year and those transactions combined exceeded $20,000. But lawmakers under the American Rescue Plan Act had lowered that dollar-threshold to $600 and eliminated the number-of-transactions rule altogether — a change that was supposed to take effect in 2021. It was postponed, however, for a few years and then only partially implemented for tax years 2024 and 2025, when payment apps only had to report a person's business transactions if they were more than $5,000 in 2024 and more than $2,500 this year. Well, forget about all that. The new tax law repeals that revision and reinstates the 200 transactions/$20,000 threshold rule. The second change upends decades of practice and affects businesses of all kinds, said Wendy Walker, a vice president of regulatory affairs at Sovos, a business compliance software provider. Until now, businesses have been required to issue 1099-NEC or 1099-MISC forms to report to the IRS the non-employee compensation they pay on a one-off basis to independent contractors and vendors throughout the year. Think everyone from the landscaper and cleaning staff to outside legal, accounting or human resource service providers. The new law raises the required reporting threshold from $600 paid for services rendered to $2,000, starting after December 31, 2025. The $2,000 will be adjusted for inflation annually. 'That is a huge change,' Walker said. And, she added, 'virtually every business in the US is impacted.' The two changes will result in much less required paperwork for businesses to issue. And they will reduce businesses' risk of being hit with penalties by the IRS if they file a required form late, file it incorrectly or fail to file it at all, Walker said. The 1099-NEC rule change in particular is likely to offer the most relief to small businesses. Walker noted that plenty of her small business clients have vendors to which they pay less than $2,000 a year, so it could mean up to a 30% reduction in the 1099s they have to issue. Both rule changes also mean freelancers, contractors and vendors will have less third-party recordkeeping to rely on when they do their taxes. And that lack of reliable third-party records means the IRS — on behalf of US coffers — will take in less revenue overall. The Joint Committee on Taxation estimated that the two provisions combined could reduce federal revenue by roughly $13 billion over a decade. That is likely to due to underreporting of income earned. Underreporting of income is a significant contributor to the country's estimated gross tax gap, which reflects revenue legally owed but not paid voluntarily and on time. For 2022, underreporting accounted for $539 billion of the estimated $696 billion yearly tax gap, according to the IRS. The same report noted that the share of the gross tax gap due to underreporting by individuals was lowest (just 1% — or $9 billion) among filers whose income is subject to substantial information reporting and tax withholding. Think your basic W-2 employee with a steady paycheck. By contrast, the highest share of the gross tax gap due to underreporting (26% — or $179 billion) came from those whose income is least likely to be subject to third-party reporting (e.g. freelancers, contractors and sole proprietors).
Yahoo
14-07-2025
- Business
- Yahoo
7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
Let's be honest: Tax planning isn't exactly fun (nor is paying taxes). But ignoring it could mean parting with money you didn't have to. Find Out: Read Next: If you're making one of these seven common tax planning mistakes — and many people are — you could face higher tax bills or missed opportunities come 2026. Christopher Stroup, a CFP and founder of Silicon Beach Financial, explained what to watch out for and how to get ahead of the curve. Tax planning should be 'proactive, not reactive,' Stroup insisted. 'When you wait until March, most of the best opportunities are already gone.' In fact, even sooner than that, as by year-end many strategies are off the table, especially for equity compensation (non-cash pay, such as stock), retirement savings and charitable giving, Stroup said. 'Last-minute tax planning tends to be reactive, rushed and sloppy. Real tax savings require time to coordinate across your income, goals and entity structure.' By waiting until the end of the year, you could be failing to coordinate with your financial goals at best or missing important deadlines and subjecting yourself to higher tax or penalty fees. Learn More: Another common mistake is neglecting to track your cost basis, especially for stocks, crypto or equity compensation, Stroup said. Your cost basis is essentially what you originally paid for an investment, including commissions or fees. It's easy to lose records over time he said, but if you don't have documentation to prove it, you could be taxed as if the entire sale was profit — even if you only made a modest gain or none at all. If you experienced a job change during the year but fail to account for it in your withholding — the amount of taxes you pay — this could cause problems, Stroup said. 'A second job or dual-income household might bump you into a higher bracket. If you don't update your W-4 or check your withholding early, you might face an unexpected tax bill and possibly a penalty.' If you earn income that must be reported on a 1099, either as a business owner or freelancer/contractor, you're expected to pay estimated quarterly taxes. 'Many freelancers forget to account for self-employment tax, which can add 15.3% to their liability,' Stroup said. Unfortunately, if you underpay your estimated taxes, the IRS may charge penalties, even if you're due a refund later, Stroup warned. 'Accurate quarterly payments protect cash flow and avoid year-end sticker shock,' he said. For eligible taxpayers, some credits can reduce your tax bill 'dollar for dollar,' Stroup said, but many people assume they don't qualify without even checking. A few of these credits include: Saver's credit (for low- to moderate-income retirement savers) QBI deduction (for self-employed and pass-through business owners) Health savings account contributions Education credits like the lifetime learning credit Recently President Donald Trump signed the 'One Big Beautiful Bill' (BBB) into law, which maintains many of the tax cuts from the Tax Cuts and Jobs Act of 2017 and adds other tax changes. It's important to plan for how this will impact next year's taxes, especially as some of the provisions are retroactive to 2025. 'Start modeling different scenarios now. Look at whether Roth conversions, income acceleration or trust updates make sense under current rules,' Stroup said. The 2026 sunset could bring higher income, estate and capital gains taxes. Early action lets you use today's lower rates strategically. When your financial life gets more complex than a W-2 and a 1099-INT, it's time to bring in the professionals, Stroup said. If you're dealing with equity comp, restricted stock units (RSUs), multiple income streams, business ownership and/or changing tax law, these all signal it's time to partner with someone who can go beyond filing and focus on building after-tax wealth. More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
Yahoo
14-06-2025
- Business
- Yahoo
What To Do When a Loved One Dies With Unpaid Taxes
It's never easy to lose a loved one. Not only are you grieving, you're making funeral arrangements and handling their affairs. Unfortunately, you might also need to deal with their unpaid taxes. Find Out: Read Next: Just because a family member dies, their taxes don't go away, and if you ignore their taxes, it can mean penalties, interest charges and even more stress while you're dealing with a huge loss. Whenever anyone dies, someone needs to be in charge of settling their affairs. Usually, this person will be named in the will as the executor. If the deceased didn't leave a will, the probate court will appoint an administrator. Usually that means a close family member. Learn More: If you're the executor or administrator, you need to obtain certified copies of the death certificate. You'll need these when you're dealing with the IRS and other financial institutions. Send the IRS a copy of the death certificate as soon as possible to notify them of the death. This also helps reduce the risk of identity theft using the deceased's information. You need to get a picture of the tax situation you'll be dealing with. So the next step is to gather all of your loved one's financial records. That means previous tax returns, W-2 forms, 1099 forms, bank statements, investment accounts, retirement accounts, property deeds and any other documents that show income or assets. You'll need to submit a final individual income tax return for the year your loved one died. Just like any other tax return, it's due by April 15 of the next year after their death. If they were married and filing jointly, the surviving spouse should still file a joint return for that final year. Your loved one's debt belongs to their estate, not to the surviving relatives. Taxes are paid out of the estate's assets. This will happen before the heirs get their inheritance, but individual family members themselves aren't personally responsible for the debt. It's possible that the estate doesn't have enough cash to pay the taxes owed. If that's the case, the executor might have to sell some of the estate's assets to pay for everything. That might mean property or investments will need to be liquidated. If the estate truly doesn't have the means to pay, the IRS might forgive the remaining debt, depending on the circumstances. Tax situations like this can get complex fast. Getting the help of a tax attorney or CPA who specializes in settling estates is a great idea. Usually the cost of hiring a professional is considered a necessary expense, so it's paid from the estate's assets, not by you personally. It's already a difficult and stressful time; the last thing you want to do is add to your woes by making expensive mistakes. More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard 6 Big Shakeups Coming to Social Security in 2025 Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on What To Do When a Loved One Dies With Unpaid Taxes
Miami Herald
13-06-2025
- Business
- Miami Herald
Your Tax Transcript Could Reveal More Than You Think - Clear Start Tax Explains Hidden IRS Red Flags That Can Trigger Enforcement
Clear Start Tax Reveals How Hidden Red Flags in IRS Records Can Trigger Enforcement - and Why Reviewing Your Transcript Is the First Step Toward Resolution IRVINE, CA / ACCESS Newswire / June 13, 2025 / For many taxpayers, the term "IRS transcript" sounds like a dry document meant for accountants or audits. But according to Clear Start Tax, this internal report could be the most important tool in identifying what the IRS knows, what they're watching, and what may be coming next. Often overlooked or misunderstood, a tax transcript is a line-by-line history of how the IRS sees your account, and it's where red flags, errors, and silent collection activity first appear. "A lot of people wait for a scary IRS letter in the mail," said the Head of Client Solutions at Clear Start Tax. "But by the time the letter arrives, the IRS may have already made a move. The transcript tells the story before enforcement begins if you know how to read it." What Is an IRS Tax Transcript - and Why It Matters An IRS tax transcript is a downloadable record that shows return information, wage reporting, payment history, refund activity, and internal IRS codes tied to collections or audits. Clear Start Tax says it's one of the first documents they pull when reviewing a client's case. Taxpayers can request their transcript online at or by submitting Form 4506-T. There are several types, but the Account Transcript and Wage & Income Transcript are often the most revealing. What Red Flags Could Be Hiding Inside Clear Start Tax warns that IRS systems rely heavily on automation, and transcripts can silently show when a taxpayer's account is being reviewed, flagged, or prepared for enforcement. Key signs that may appear in a transcript: Transaction codes showing levy or lien preparationMissing filings or unreported 1099/W-2 incomeRefund holds or offsets due to outstanding balancesSubstitute for Return (SFR) assessments when no return is filedPayment reversals or dishonored payments the IRS sees as non-compliance "We've seen transcripts where the client had no idea they were on track for garnishment," said the Head of Client Solutions at Clear Start Tax. "But the IRS had already processed flags and updated their status behind the scenes." Errors You Might Not Know Exist Many clients are shocked to learn that their transcripts contain clerical mistakes, misapplied payments, or unfiled returns they thought were submitted. In some cases, wage data is incorrect, or the IRS has assessed tax based on substitute returns without deductions, inflating the amount owed. These inaccuracies can cause enforcement to escalate, even when the taxpayer thought they were compliant. By answering a few simple questions, taxpayers can find out if they're eligible for the IRS Fresh Start Program and take the first step toward resolving their tax debt. How Clear Start Tax Uses Transcripts to Protect Clients Clear Start Tax begins every resolution case with a full transcript audit, reviewing IRS activity, matching it with client documentation, and identifying risks before they lead to liens or levies. This proactive approach allows their team to: Flag inaccurate balances or datesCorrect reporting issues and reestablish complianceIdentify program eligibility (like Fresh Start or hardship status)Halt enforcement by addressing problems early About Clear Start Tax Clear Start Tax is a full-service tax liability resolution firm that serves taxpayers throughout the United States. The company specializes in assisting individuals and businesses with a wide range of IRS and state tax issues, including back taxes, wage garnishment relief, IRS appeals, and offers in compromise. Clear Start Tax helps taxpayers apply for the IRS Fresh Start Program, providing expert guidance in tax resolution. Fully accredited and A+ rated by the Better Business Bureau, the firm's unique approach and commitment to long-term client success distinguish it as a leader in the tax resolution industry. Need Help With Back Taxes? Click the link below: 710-3533 Contact Information Clear Start TaxCorporate Communications Departmentseo@ 535-1627 SOURCE: Clear Start Tax
