Late Filing Penalties (Effective October 1, 2011)

Beginning with reports originally due on or after Oct. 1, 2011, certain taxpayers will be assessed a $50 penalty when a report is filed late under a new law passed by the 2011 Texas Legislature. The penalty will be assessed regardless of whether the taxpayer...

Financial Literacy Month

April is Financial Literacy Month by presidential proclamation. “Americans’ ability to build a secure future for themselves and their families requires the navigation of an increasingly complex financial system. As we recover from the worst economic crisis...

Start collection W-9s now

Due to new IRS regulations related to W-9s, your business will be required to collect and verify each merchant’s Tax Identification Number (TIN) and the legal business name and address associated with that number for every vendor with which you spend at least...

Stash Away to Avoid Penalties

One major mistake many new Sole-Proprietors make is not budgeting for taxes due. Self-employment taxes are due quarterly on the following schedule: For the period: Due date: Jan. 1 – March 31 April 15 April 1 – May 31 June 15 June 1 – August 31...