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FAQ

Why are IRS forms so badly designed?
Without a doubt Erik Fair has identified the root cause, but another contributing factor is that many people who might complain about the forms do not actually fill them out.If you like your abstractions to be human, you can engage a certified public accountant. If you prefer to gloss over the gross realities of life with software, you have a lot of options. I've used H&R Block's web application for the past several years. It ain't great, but it's faster and more forgiving than hand-filling forms, and it remembers information from the previous year's return.I guess this is an instance of the general principle that if you give people a tolerable escape valve, you delay the solution of the underlying problem indefinitely.
What is the IRS Form 941?
The third quarter filing deadline for Form 941 is fast approaching! If you don’t have a full-service payroll solution for your small business like PayWow, manually filing Form 941 can be tricky but it need-not be difficult. We’re sharing a complete small business guide to IRS Form 941 to help during this tax season!The Complete Small Business Guide to IRS Form 941What is Form 941?Form 941, the Employer’s Quarterly Tax Return, is used to report employment taxes. If you pay wages for employment, you will need to file IRS Form 941 quarterly. You, the employer, are responsible for withholding and reporting social security tax, income taxes, and Medicare tax from employee wages. Form 941 is also used to calculate your portion of social security and Medicare tax.Fourth Quarter Form 941 Deadline: January 31stDo I Need to File IRS Form 941?All businesses that pay wages for employment are required to file Form 941 and continue to do so even if there are no employees present during select quarters. Seasonal and agricultural employers are the only exception and are not required to file for each quarter.What Do I Need to File Form 941?To file Form 941, you will need your business details such as your EIN and preferably an Online Signature PIN. You do not necessarily need a PIN to file, however, if you choose to file online it will make the process simpler. If you do not have a PIN, you will need to complete and e-sign Form 8453-EMP.In addition to your business information, you need these three pieces of payroll information in order to file Form 941.Number of EmployeesTotal Paid WagesIRS Tax Amount WithheldWhat are the Penalties Associated with Form 941?A failure-to-file tax penalties for Form 941 result in a 5% penalty based on the total tax amount due. Your business is then charged an additional 5% each month the return remains unpaid, for up to five months.You’ll be penalized for depositing tax payments late. Initially, you will be penalized .5% of the unpaid tax amount and will be charged each month following the deadline. The penalty amount will increase to 1% of the tax amount ten days following notice that the IRS intends to levy. This notice should be taken seriously and is a final warning that the IRS is prepared to seize your property to satisfy the unpaid debt.Warning: The IRS can garnish your wages, withdraw money from your bank accounts or posses other personal property to settle the owed debt. However, the tax penalty will be capped at 25% of the total unpaid tax.I hope this was helpful!! For the full article click here:The Complete Small Business Guide to IRS Form 941 - PayWow:) I know that filing employment taxes can be hard from personal experince so why not seek help!
Is there a free IRS form 1099 template?
You can use Form 1099-MISC, Miscellaneous Income for the copy you send to the independent contractor, but the IRS requires that you send them the red scannable copy you purchase at an office supply store or you file electronically.
Do convertible note investors need to receive IRS form 1099INTs from the company after their note converted to equity?
Convertible notes (Reg D investment) are almost always converted into shares of the issuing company, including any interest earned. Generally companies that issue convertible notes to raise capital are not in a position to redeem notes with cash. They are simply not in the financial position to do so. Companies treat the interest portion their own way, issuing interest shares in drips and drabs or they wait until the principal part of the note has been converted and then convert the interest amount. There really isn't a set rule, basically CFO's choice.If you are paid in cash your taxable amounts are straightforward. If you exit through a conversion you would need to sell every share converted to truly understand the note's genuine return. And of course you don't know your "basis" or cost basis until the entire note including any and all interest has been converted into stock.Things can get messy when the note requires many conversions and the time require for liquidation is drawn out for many months and for multiple years.The only rule for Convertible notes is that its paper, cash is king. And paper is 19¢ a pound.
What is IRS Form W-2?
Form W-2 is one of the most crucial documents at the tax time, which states the wages you earned and the taxes you paid. It is mandatory for every employer to fill out this form. They can also refer W-2 Form as an output document received from employer’s end, summarizing employee’s total Gross Earnings, Social Security Earnings and Medicare Earnings. Filling out a W-2 form is more like a ritual in the USA that every employer needs to follow. The basic purpose of this form is to provide all the information to employees that need to be included in their income tax form.Almost every employer needs to fill out this form for their employees and send it to the SSA and then, to the IRS. Employees can file the return and get their refund only after the verification from IRS. Every employer should mail the verified form from SSA to IRS latest by 31st January. Read this blog to learn more.
For taxes, does one have to fill out a federal IRS form and a state IRS form?
No, taxes are handled separately between state and federal governments in the United States.The IRS (Internal Revenue Service) is a federal, not  state agency.You will be required to fill out the the necessary tax documentation for your federal income annually and submit them to the IRS by April 15th of that year. You can receive extensions for this; but you have to apply for those extensions.As far as state taxes go, 41 states require you to fill out an income tax return annually. They can either mail you those forms or they be downloaded from online. They are also available for free at various locations around the state.Nine states have no tax on personal income, so there is no need to fill out a state tax return unless you are a business owner.Reference:www.irs.gov
Which IRS forms do US expats need to fill out?
That would depend on their personal situation, but should they actually have a full financial life in another country including investments, pensions, mortgages, insurance policies, a small business, multiple bank accounts…The reporting alone can be bankrupting, and that is before you get on to actual taxes that are punitive toward foreign finances owned by a US citizen and god help you if you make mistake because penalties appear designed to bankrupt you.US citizens globally are renouncing citizenship for good reason.This is extracted from a letter sent by the James Bopp law firm to Chairman Mark Meadows of the subcommittee of government operations regarding the difficulty faced by US citizens who try to live else where.“ FATCA is forcing Americans abroad into a set of circumstances where they must renounce their U.S. citizenship to survive.For example, suppose you have a married couple living in Washington DC. One works as a lobbyist for an NGO and has a defined benefits pensions. The other is self employed in a lobby firm, working under an LLC. According to the IRS filing requirements, it would take about 15 hours and $280 to complete their yearly filings. Should they under report income, any penalties would be a percentage of their unreported tax burden. The worst case is a 20% civil fraud penalty.Compare the same couple with one different fact. They moved to Australia because the NGO reassigned the wife to Sydney. The husband, likewise, moves his business overseas. They open a bank account, contribute to the mandatory Australian retirement fund, purchase a house with a mortgage and get a life insurance policy on both of them.These are now their new filing requirements:• Form 8938• Form 3520-A• Form 3520• Form 5471 (to be filed by the husbands new Australian corporation where he is self employed)• Form 720 Excise Tax.• FinCEN Form 114The burden that was 15 hours now goes up to• 57.2 hours for Form 720,• 54.20 hours for Form 3520,• 61.22 Hours for Form 3520-A.• 50 hours estimate for Form 5471For a total of 226.99 hours (according to the IRS’s own time estimates) not including time to file the FBAR.The penalties for innocent misfiling or non filings for the above foreign reporting forms for the couple are up to $50,000, per year. It is likely that the foreign income exclusion and foreign tax credit will negate any actual tax due to the IRS. So each year, there is a lurking $50,000 penalty for getting something technically wrong on a form, yet there would be no additional tax due to the US treasury.”
What is the definition of "Qualified Widower" in IRS Form 1040?
A federal tax filing status available to widows and widowers for two years after their spouse's death. In the year the spouse dies, the widow or widower can (but is not required to) still file as married filing jointly; he or she could then file as qualifying widow/widower for the two years after that unless he or she remarries during that period. While the surviving spouse cannot continue to claim an exemption for the deceased spouse, he or she can take the same standard deduction as a married couple filing jointly. This filing status can ease the financial sting of losing a spouse.
Are IRS forms for year 2022 available?
The short answer is no. They typically are finalized and available by January 15th. However, the current situation in Congress has “delayed” the final tax code for 2022. Congress has released memo’s to tax servicers stating finalized forms may not be available until February or March next year. Congress and the president have made so many changes that the tax code, which is normally pretty much finalized in November, may not be finalized until after Congress’s christmas break. It’s going to be a challenging tax year so be prepared and keep informed.
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