Tax Withholding For Seasonal and Part-Time Employees

by ABIP | Jun 9, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Many businesses hire part-time or full-time workers, especially in the summer. The IRS classifies these employees as seasonal workers, defined as employees performing labor or services on a seasonal basis (i.e., six months or less). Examples of this kind of work...

What To Do if You Receive an IRS CP2000 Notice

by ABIP | Jun 8, 2023 | Accounting, Individuals, News, Newsletter, Taxes

An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer, bank, or mortgage company does not match the income reported on the tax return. It is not a tax bill or a formal audit notification; it merely informs you...

Saving for Education: Understanding 529 Plans

by ABIP | May 4, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Many parents are looking for ways to save for their child’s education, and a 529 Plan is an excellent way to do so. Even better is that thanks to the passage of tax reform legislation in 2017, 529 plans are now available to parents wishing to save for their...

What To Do if You Missed the Tax Deadline

by ABIP | May 3, 2023 | Accounting, Individuals, News, Newsletter, Taxes

Tuesday, April 18, 2023, was the deadline for most taxpayers to file their tax returns. If you haven’t filed a 2022 tax return yet, it’s not too late. First, gather any information related to income and deductions for the tax years for which a return is...

What Are Estimated Tax Payments?

by ABIP | May 2, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Estimated tax is the method used to pay tax on income not subject to withholding, such as income from self-employment, interest, dividends, alimony, and rent and gains from the sale of assets, prizes, and awards. You also may have to pay an estimated tax if the income...

Certain Taxpayers May Need to File an Amended Return

by ABIP | May 1, 2023 | Accounting, Business, Individuals, News, Newsletter, Taxes

Taxpayers who reported certain state 2022 tax refunds as taxable income may need to file an amended tax return. Affected taxpayers include those who filed before February 10, 2023, and meet certain requirements. Taxpayers who used a tax professional should consult...