The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action in the future such as audits,…
Tip 1: Know What “Estimated Quarterly Taxes” Actually Means According to the Internal Revenue Service (IRS), estimated quarterly tax payments are regular (typically 4x/year) payments made by individuals and businesses to the IRS to prepay income, self-employment, and other taxes throughout the year. Just like the annual April filing, quarterly payments are based on your earnings….
The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange. The size of your Premium Tax Credit is based on a sliding scale. Those who have a lower income get…
Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax generally must file a Form 720, Quarterly Federal…
