If you owe taxes but can't pay in full by the April deadline, you should file your tax return anyway. Pay as much as you can and request an installment agreement for the rest. That's because an extension of time to file is not an extension of time to pay. However, if you need more time [...]
This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn't generally withhold taxes from certain payments. They don't do this because it's assumed the [...]
This article was published by the IRS. By law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form 1099-NEC, Nonemployee Compensation. Generally, payers must file Form 1099-NEC by January 31. For 2021 tax returns, there is no automatic 30-day extension to file Form [...]
This article was published by the IRS. The Internal Revenue Service is reminding employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022. Most affected employers and self-employed individuals received reminder billing notices from the IRS. The agency noted, however, [...]
This video explains the variety of actions taxpayers can take if they are unable to pay their tax bills. It could happen to any of us. You've just finished preparing your tax return or received a bill from the MA Department of Revenue and have an unexpected balance due. The problem is, you can't afford to [...]
