WHAT IF I GET A LETTER FROM THE IRS DURING SHUTTER IN PLACE The following was posted today by the AICPA Journal of Accountancy. Question Due to office shutdowns in major cities, taxpayers and tax preparers may not timely receive or respond to IRS communications/notices that are sent by mail. Will the IRS provide any relief [...]
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The $2 trillion economic stimulus package that cleared Congress on Friday will let struggling companies defer paying the IRS a portion of payroll taxes. Workers’ share, however, would still be collected and passed on to Uncle Sam. Companies still will be withholding taxes from paychecks and remitting that to the IRS, but the employers half [...]
We are living in extraordinary and unsettling times. With the novel coronavirus (COVID-19) global pandemic still taking shape in Wisconsin and all of us experiencing dramatic changes to our daily lives, we wanted to let you know that the Tax Management family is thinking of you and hoping that your loved ones are safe and well. [...]
Has the information about COVID-19 and the recommendations to avoid public places and close contact causing you concern over filing your 2019 tax return and delaying obtaining your refund? Tax Management & Financial Horizons has a solution for you. Tax Management offers a secure way to have your tax return prepared by a professional preparer without [...]
We are experiencing an unprecedented event in our lifetime. However, that does not mean that this event will take down the global economy. Certainly, we will find that we will likely fall into another recessionary period in the coming months. I have lived through almost 50 years of economic cycles. My father worked in a [...]
What are HRA accounts? Health Reimbursement Arrangements (HRAs) are a type of plan where employers reimburse employees for medical and insurance coverage expenses tax-free. There are 6 different HRAs available to cover the wide variance of business ownership, number of employees and circumstances. Each HRA has it’s unique-approved guidelines to fit the right situation. This article [...]
One of the first and most frequent questions that tax preparers hear each year from their clients is: When will I get my tax refund from the IRS? We have the answer (estimated) in a simple chart below. The tax reform law that took effect in early 2018 will still have an effect on many Americans, with [...]
Small business owners, have you ever asked yourself the following questions: Should I Incorporate or form an LLC? Should I form a C-Corp or an S-Corp? Which business structure will get me the most tax savings? And what about annual report filings? When and HOW do I file those? And how do I keep my company [...]
Recently the Wisconsin Department of Workforce Development posted the following statement concerning independent contractors: The integrity of the Trust Fund is important to the Department. A key to maintaining that integrity is ensuring all employers properly classify employees, report wages and pay their unemployment tax contributions as well as other state and federal employment taxes when [...]
"In this world, nothing can be said to be certain except death and taxes" - Benjamin Franklin While inevitably Ben Franklin's statement is true, by proper tax planning you can avoid and even delay taxes. The professional staff of Tax Management & Financial Horizons offers you the opportunity to delay, minimize and avoid taxes. To accomplish [...]