Interest rates charged by the IRS on underpaid taxes and applied by the IRS on tax overpayments will remain the same for the second quarter of 2017 (April 1 through June 30). Therefore, the rates will be as follows for individuals and corporations: For individuals: 4% charged on underpayments; 4% paid on overpayments.
Tax time can be stressful, but don’t panic if you can’t file your tax return on time. There’s still time to get an automatic six-month deadline extension. There are four ways to obtain an extension: File a paper copy of Form 4868 with the IRS and enclose your payment of estimated tax due. File for an extension electronically using the IRS e-file system on your computer. Using Direct Pay, the Electronic Federal Tax Payment System, pay
Tuesday, April 18, is a major tax deadline. Here are some of the tax filing and related deadlines: 2016 individual income tax returns. Calendar-year 2016 C corporation income tax returns. 2016 annual gift tax returns. 2016 IRA contributions. 2017 individual estimated tax first quarter installment. 2013 individual tax return amendments unless the 2013 return had a filing extension.
If you have a policy that requires drug testing after a workplace accident or injury, you may need to change it as a result of new rules issued by OSHA. The new rules generally require that companies have a reporting procedure in place for work-related injuries and illnesses, and prohibit them from discouraging workers from reporting injuries. The catch is that, according to OSHA, a policy that requires drug testing after a workplace accident could discourage
Many companies have flexible spending accounts that allow employees to pay health care and dependent care expenses with pre-tax dollars. The biggest drawback to these accounts is that they’re “use it or lose it” – so if employees put money into an FSA and don’t spend all of it on qualified expenses during that calendar year, they forfeit the remainder. So what happens to the money they forfeit? The short answer is that the business can
All businesses are scared these days of having their data stolen by highly sophisticated foreign computer experts – and yet a surprisingly large number of “hacks” are actually very low-tech affairs, carried out by people with minimal computer skills. The good news is that some simple measures can reduce the risk. According to a study by the Ponemon Institute, the vast majority of CEOs view sophisticated intentional hacking as the biggest data security problem they face.
The maximum penalties that can be imposed on businesses by federal agencies are being dramatically increased, as a result of a new law passed by Congress. OSHA’s civil penalties hadn’t increased since 1990, but that changed on August 1, 2016, when they jumped roughly 80%. The top penalty for a serious OSHA violation went from $7,000 to $12,471, and the top penalty for a willful or repeated violation went from $70,000 to $124,709. What’s more, if
President Obama has signed a new federal law that expands the ability of companies to sue when someone steals or misuses a trade secret. The law also contains new requirements for employment contracts that refer to trade secrets – which means that many such agreements should now be revised. The “Defend Trade Secrets Act,” or DTSA, will change the legal landscape by making misuse of trade secrets a federal issue, comparable to patent, trademark and copyright
During his first week in office, President Trump signed an executive order asking federal agencies to reduce the economic burden the Patient Protection and Affordable Care Act (ACA) puts on American citizens. Unfortunately, this executive order is causing confusion. Many people are left wondering if fines will no longer be imposed or rules no longer need to be followed. Until the agencies impacted by this executive order publish their intent, act as though current laws are
Common errors have helped to make the Earned Income Tax Credit (EIC) a major source of what the IRS calls “improper payments.” The agency estimates that of the $66 billion in EIC funds paid in 2015, nearly a quarter were collected by filers who didn’t qualify to receive them. To help combat this problem, the IRS now requires additional confirmation of information regarding the EIC and three new credits beginning in 2016. Now if you claim
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