IRS: Reduced Backup Withholding Rate Applies to Small Businesses

The IRS updated Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), last month to reflect a key change as part of the Tax Cuts and Jobs Act (TCJA). Effective January 1, 2018, the backup withholding tax rate dropped from 28 to 24 percent.

Among other circumstances, backup withholding applies when a taxpayer fails to provide their correct taxpayer identification number (TIN) to a payer or when a taxpayer underreports interest or dividend income on their federal tax return. Continue reading IRS: Reduced Backup Withholding Rate Applies to Small Businesses

Preparing Form 1095-C: A Step-by-Step Guide for Tax Year 2018

Before you begin to prepare your ACA reporting, it’s important that you know what information you need to prepare Form 1095-C. This step-by-step guide identifies 7 key topics that will help you correctly and timely file your Form 1095-C ACA reporting.  Continue reading Preparing Form 1095-C: A Step-by-Step Guide for Tax Year 2018

Preparing Form 1099-DIV: A Step-by-Step Guide for Tax Year 2018

Before you begin to prepare your Form 1099-DIV filing, it is important that you know what information you need. This step-by-step guide identifies 5 key topics that will help you correctly and timely file your Form 1099-DIV.  Continue reading Preparing Form 1099-DIV: A Step-by-Step Guide for Tax Year 2018