Tag Archives: Small Business Tips

Due Date for Forms 1099 Quickly Approaching

Form 1099-MISC along with many other informational returns are due to recipients at the end of this month. Last year, I gave a brief outline of who may be be required to file. Penalties for late filing range from $30-100 per late or incorrectly filed return. The maximum penalty is $250,000 per year. ($75,000 for […]

IRS to Begin Contacting Employers with Late Payroll Tax Payments

Falling behind on payroll taxes? Expect a call from the IRS soon. In a recent news release, the IRS announced its plans to launch a new initiative aimed at monitoring payroll deposit patterns. Employers that are falling behind on payments will receive a letter or automated phone message reminding them of their payroll tax responsibilities. […]

Standard Mileage Rate Increases for 2015

Back in December, the IRS issued the optional standard mileage rate for business, medical, moving, and charitable deductible costs. Taxpayers have the option to use this rate as an alternative to the actual costs of operating an automobile. Surprisingly, with the fall of oil prices, the rate for 2015 increased to 57.5 cents/mile, up 1.5 […]