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Our newsline provides the latest news from the IRS, due dates, reminders, and thoughtful insights on accounting and tax related topics

IRS says, " Here’s what taxpayers should know about making 2019 estimated tax payments"

8/13/2019

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Even more so than the requirements and penalties for underpaying taxes, no one wants a giant tax bill to figure out how to pay at the end of the year. It's so much better to pay as you go and stay out of the hole. Anyone getting into business for themselves or working as an independent contractor should estimate their tax liability and make quarterly payments to avoid surprises. When in doubt, find out.

IRS Tax Reform Tax Tip 2019-109, August 13, 2019
Small business owners, self-employed people, and some wage earners should look into whether they should make estimated tax payments this year. Doing so can help them avoid an unexpected tax bill and possibly a penalty when they file next year.
Everyone must pay tax as they earn income. Taxpayers who earn a paycheck usually have their employer withhold tax from their checks. This helps cover taxes the employee owes. On the other hand, some taxpayers earn income not subject to withholding. For small business owners and self-employed people, that usually means making quarterly estimated tax payments.
  Read On


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IRS Says Individuals with significant tax debt should act promptly to avoid revocation of passports

8/8/2019

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The Internal Revenue Service today urged taxpayers to resolve their significant tax debts to avoid putting their passports in jeopardy. They should contact the IRS now to avoid delays in their travel plans later.

Under the Fixing America’s Surface Transportation (FAST) Act, the IRS notifies the State Department (State) of taxpayers certified as owing a seriously delinquent tax debt, which is currently $52,000 or more. The law then requires State to deny their passport application or renewal. If a taxpayer currently has a valid passport, State may revoke the passport or limit a taxpayer’s ability to travel outside the United States.

When the IRS certifies a taxpayer to State as owing a seriously delinquent tax debt, the taxpayer receives a Notice CP508C from the IRS. The notice explains what steps the taxpayer needs to take to resolve the debt. IRS telephone assistors can help taxpayers resolve the debt. For example, they can help taxpayers set up a payment plan or make them aware of other payment options. Taxpayers should not delay because some resolutions take longer than others.

For more on denying, revoking passports because of tax debt visit IRS.gov


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State Announces File Phase of New Computer System To Be Live 9-3-2019

8/8/2019

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The moment we have all been waiting for... the State announces the final phase of their new computer system will be ready to deploy on September 3rd.  This final phase will mean faster tax clearance applications.  Certified copies are no longer needed. The tax clearance certificates will be certified using a QR code that can be validated instead of a green stamp with a signature.  ​
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State Imposes Mandatory Electronic Filing or Face Penalties

8/8/2019

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The state is jumping on board with mandating electronic filing. They are even imposing penalties for mailing in paper returns for cigarette, fuel, liquor, and rental motor vehicle taxes.  Effective dates and more information can be found here.  
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Business Licensing Requirements

8/8/2019

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Starting a business in Hawaii?  Remember all businesses  need a general excise tax license.  If you also furnish transient accommodations, or sell liquor, fuel, or cigarettes there are other licenses you need as well.  The Department of Commerce may have separate licensing requirements for certain industries as well. Here's a convenient list of the department of taxation registration requirements.   ​
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