Reminder: File Quarterly Form 941 and Colorado Tax Return by October 31
Businesses paying wages—file your IRS Form 941 and Colorado Department of Labor tax return by October 31. Stay compliant to avoid penalties.
Understanding the Extended Federal Income Tax Return Filing Deadline
Asking to extend the deadline for filing the tax return gives more time to gather the necessary information and prepare the tax return without a late filing penalty.
Managing Tax Underpayments: Understanding IRS Interest Rates and Exploring Cost-Effective Solutions
The IRS announced that the interest rates on tax underpayments (i.e., taxes owed but not fully paid) for the fourth quarter of 2024 will remain at 8%, starting from October 1, 2024.
Navigating Tax Return Deadlines: A Guide for Individuals and Businesses
As tax return filing deadlines approach, staying informed about filing deadlines is crucial. Whether you’re an individual taxpayer or a business owner, understanding these dates can help you avoid penalties and ensure compliance with the IRS.
House Rejects Proposal to Increase State and Local Tax Deduction Cap
House Democrats and Republicans voted against a proposal to increase the cap on state and local tax deductions for married couples with adjusted gross incomes below $500,000 for the fiscal year 2023.
Did you know that the world's first tax was levied in ancient Egypt?
The world's first tax was levied in ancient Egypt around 3000 BCE. The tax was called the "heqat" and it was a tax on agricultural land, that was collected by the pharaoh and used to fund the government and public works projects. The word "tax" comes from the Latin word "taxa", which means "assessment".
The IRS is taking action against collectives that profit from the use of an individual's NIL
The IRS has issued a memo stating that donations to NIL collectives may be subject to federal taxation as they primarily serve the private interests of student-athletes. Student-athletes engaging in NIL activities should consider the tax implications of the IRS decision.