Featured Articles for June 2023
Employee Relocation: What Happens to Your Home?
Business owners and employees often have questions about what to do with an employee’s home when they move to a new job location. Here are some answers.
Tax Withholding for Seasonal and Part-Time Employees
Part-time and seasonal employees are subject to the same tax withholding rules that apply to other employees. Keep reading to learn more.
Avoiding a Tax Surprise When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications because not all retirement destinations are created equal.
What To Do if You Receive an IRS CP2000 Notice
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources, such as an employer, does not match the income reported on the tax return. Here’s what you need to know.
Tax Due Dates
Employees – who work for tips. If you received $20 or more in tips during May, report them to your employer. You can use Form 4070.
Individuals – If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file. Then file Form 1040 or Form 1040-SR by October 16.
However, if you are a participant in a combat zone you may be able to further extend the filing deadline.
Individuals – Make a payment of your 2023 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2023.
Corporations – Deposit the second installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.
Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in May.
Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in May.