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Employers Must Stop Advance Earned Income Credit Payments in 2011

Employers Must Stop Advance Earned Income Credit Payments in 2011


 

Advance earned income credit has been repealed for 2011. This credit allowed certain low-income employees to receive an advance payment of the earned income credit in their paychecks. Their withholding was lowered to take into account the payment. However, employers are cautioned that the advance earned income credit has been repealed beginning with the 2011 tax year.  Therefore, they must stop the advance EIC credit payments effective for payroll payable in 2011.

 

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Circular 230 Disclosure, United States Treasury regulations effective June 21, 2005 require us to notify you that to the extent of this communication, or any of its attachments, contains or constitutes advice regarding any U.S. Federal tax issue, such advice is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding any penalties that can be imposed by the Internal Revenue Service.

 

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March 14, 2011 Posted by | antelope valley income tax, av best payroll, av best tax preparation, lancaster tax advice, lancaster tax questions | , , , , | Leave a comment

Antelope Valley Tax – March 2011 Business Due Dates

Proud BLVD Business

March 15 – Corporations

File a 2010 calendar year income tax return (Form 1120 or 1120-A) and pay any tax due. If you need an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information and Other Returns, and deposit what you estimate you owe. Filing this extension protects you from late filing penalties but not late payment penalties, so it is important that you estimate your liability and deposit it using the instructions on Form 7004.

March 15 – S-Corporation Election

File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2011. If Form 2553 is filed late, S treatment will begin with calendar year 2012.

March 15 – Electing Large Partnerships

Provide each partner with a copy of Schedule K-1 (Form 1065-B), Partner’s Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K-1. This due date is effective for the first March 15 following the close of the partnership’s tax year. The due date of March 15 applies even if the partnership requests an extension of time to file the Form 1065-B by filing Form 7004.

March 31 – Electronic Filing of Forms 1098, 1099 and W-2G

If you file forms 1098, 1099, or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, February 28 was the due date. The due date for giving the recipient these forms was January 31.

March 31 – Electronic Filing of Forms W-2

If you file forms W-2 for 2010 electronically with the IRS, this is the final due date. This due date applies only if you electronically file. Otherwise, the due date was February 28. The due date for giving the recipient these forms was January 31.

March 31 – Large Food and Beverage Establishment Employers

If you file forms 8027 for 2010 electronically with the IRS, this is the final due date. This due date applies only if you file electronically. Otherwise, February 28 was the due date.


 

We’re on the BLVD! Come See us at the Corner of 10th and Lancaster BLVD TODAY!

 

 

February 28, 2011 Posted by | av best tax preparation, lancaster business tax, lancaster tax preparation, palmdale business tax | , , , | Leave a comment

Lancaster Payroll Services

Managing payroll may not seem like a critical task until something goes wrong.  It can be time-consuming, but, more importantly, it requires a good knowledge of the tax laws and deposit rules.

At Accurate Bookkeeping & Tax, we can simplify the payroll process for you.  We assist in all areas of payroll and can provide full-service payroll duties upon request.  Your only responsibility is to obtain and provide employee data, such as the hours worked and other related information.  Upon receipt of your data, we’ll take it from there.

Lancaster Payroll Services



We offer a wide range of services, which include the following:
  • Checks or Direct Deposit for Your Employees
  • Payroll Reports
  • Quarterly Tax Forms
  • Year-End Tax Forms
  • Tax Deposit Services
  • W-2s and 1099s

 

February 21, 2011 Posted by | antelope valley income tax prep, av best bookkeeping, av best payroll, av best tax preparation, lancaster tax preparation, Uncategorized | , , , , | Leave a comment

Lancaster Bookkeeping & Accounting

 

Lancaster Bookkeeping & Accounting

Whether you are a start-up business, a growing business or a mature corporation, Accurate Bookkeeping & Tax has the expertise to help you.  Through prompt and timely service, along with an intimate knowledge of the rules and regulations, we can keep you ahead of government deadlines, maintain order in your internal financial systems, and reduce the headaches that come with owning a business.

We can handle it all, from your payroll needs to banking and check writing.  If you’re having issues preparing your financial statements, we can tackle them for you.  You name it…we can do it!

Why hire staff?  Let do your monthly bookkeeping at a fraction of the cost of a full-time employee.

Our talented team is experienced with all the major accounting software programs.  We perform vital accounting functions, such as accounts payable/receivable, payroll, general ledger accounting, bank reconciliations, financial statement preparation and financial analysis.

When you retain our services, we make it a priority to learn your goals and operations quickly so we can hit the ground running.  Based on experience, we can easily identify opportunities for more effective tax planning, improved internal controls, and other areas that will make your business more profitable.

February 17, 2011 Posted by | antelope valley income tax prep, av best bookkeeping, av best payroll, av best tax preparation, lancaster tax preparation | , , , , | Leave a comment

Tax Preparation and Planning

Accurate Bookkeeping & Tax has the expertise to provide you with the services that you need.  Dedicated to keeping our tax preparation skills honed with continuing education courses throughout the year, we are highly qualified to prepare tax returns for all fifty states.

Our goal is to make the preparation process as easy as possible for you and minimize your tax liability with careful planning. Your tax preparation interview can be conducted either in person, by mail, or e-mail – whichever is most convenient for you.  Whatever your circumstances may be, we are here to give you the best advice to help you get through life’s challenges.

Whether you need current year returns prepared or need to plan for retirement or your child’s education, our professional team can assist you with all of your needs.

This office provides many services, including the following:

Thank you for allowing us to be of service.

February 2, 2011 Posted by | antelope valley income tax prep, av best bookkeeping, av best tax preparation, av best tax preperation, lancaster tax preparation | , , , , | Leave a comment