Tax processing and preparation can be frustrating and even confusing for businesses. But, don’t worry, Bit Accounting has up-to-date tax blog posts to help you understand core things easily. Keep reading to learn more!
IRS Cafeteria Plans Tax Relief through Increased Flexibility in Section 125; The Internal Revenue Service (IRS) allows temporary changes to section 125 cafeteria plans that provides guidance on increased flexibility for taxpayers. According to the changes, the claims period for…
IRS New Regulations on Income Tax; The Internal Revenue Service (IRS) and the U.S. Department of the Treasury issued new guidance for Income Tax Withholding for retirement and annuity payments. As per the details, the proposed regulation provides update regarding…
IRS Settlement Days program to resolve tax disputes during COVID-19 pandemic; The Internal Revenue Service Office of Chief Counsel announces that the IRS retools Settlement Days program in response to Coronavirus pandemic in order to allow unrepresented taxpayers for settlement…
IRS Accepting Applications for TCE and VITA grants; The Internal Revenue Service (IRS) has started to accept applications for the Tax Counseling for the Elderly (TCE) and Volunteer Income Tax Assistance (VITA) grant programs. TCE and VITA programs by the…
IRS Accepting Applications for 2021 for Low Income Taxpayer Clinics Grants; The Internal Revenue Service (IRS) has started accepting 2021 LITC Grant applications throughout the United States. For calendar year 2021, the application period for Low Income Taxpayer Clinic grants…
Cross Border Tax Guidance Regarding Coronavirus-Related Travel Disruptions; The U.S. Treasury Department and the Internal Revenue Service (IRS) issue guidance that provides relief to individuals as well as businesses affected by travel disruptions arising from the COVID-19 emergency. Cross-border guidance…
Tax Deadline Delayed For Alcohol, Tobacco, Firearms And Ammunition Businesses by the Internal Revenue Service (IRS) and the U.S. Department of the Treasury, businesses affected by Coronavirus. As per the details, tax deadlines for payments & reporting has been postponed…
IRS Extends More Tax Deadlines For Individuals & Businesses; The Department of Treasury and the Internal Revenue Service (IRS) extend additional key tax deadlines for individuals and businesses throughout the United States. As per the details, Notice 2020-23 (PDF) is…
Starting a business is not an easy task for sure, and we all agree with it. Besides kicking off the business is not only hectic work but also making sure the legitimacy factor also fulfill before getting into any trouble….
So how much do you know about the trust fund? or just trust. The trust fund is exactly the same as the word trust. The term’s meaning actually fits the trust. A trust fund is a three-way relationship between three…
