New Features for Tax Year 2019

BoomTax is excited to announce the release of our Tax Year 2019 product. We’ve been hard at work developing new features that will save you time while keeping the filing process simple.

Continue reading New Features for Tax Year 2019

New Features for Tax Year 2018 – Now with W-2 Reporting

BoomTax is excited to announce the release of our Tax Year 2018 product. We’ve been hard at work to develop new features that will provide you with the same simplicity you love for even more tax forms.   Continue reading New Features for Tax Year 2018 – Now with W-2 Reporting

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