Waypoint Accounting's blog

Electronic Federal Tax Deposits Now Mandatory

If you're a small business owner who makes federal tax deposits with paper coupons at the bank, you should know that starting Jan. 1, 2011, paper coupons will no longer be accepted by the IRS or by banks. You must make your deposits through the EFTPS (either online or by telephone). Payments can be made 24/7 and can be scheduled in advance. For more information, click here.

Extended Limitations Period

Under IRC Sec. 6501(e)(1), the statute of limitations for assessing tax is extended to six years when the taxpayer omits gross income in an amount exceeding 25% of the gross income reported on the tax return.

2010 Tax Relief Act Summary

The recently enacted "Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010" is a sweeping tax package that includes, among many other items, an extension of the Bush-era tax cuts for two years, estate tax relief, a two-year "patch" of the alternative minimum tax (AMT), a two-percentage-point cut in employee-paid payroll taxes and in self-employment tax for 2011, new incentives to invest in machinery and equipment, and a host of retroactively resuscitated and extended tax breaks for individuals and businesses.
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