September 1 - 2020 Fall and 2021
Tax Planning Contact this office to schedule a consultation appointment.
September 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
September 15 - Estimated Tax Payment Due
The third installment of 2020 individual estimated taxes is due. Our tax system is a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include:
When a taxpayer fails to prepay a safe harbor (minimum) amount, they can be subject to the underpayment penalty. This penalty is equal to the federal short-term rate plus 3 percentage points, and the penalty is computed on a quarter-by-quarter basis.
Federal tax law does provide ways to avoid the underpayment penalty. If the underpayment is less than $1,000 (the de minimis amount), no penalty is assessed. In addition, the law provides "safe harbor" prepayments. There are two safe harbors:
Example: Suppose your tax for the year is $10,000 and your prepayments total $5,600. The result is that you owe an additional $4,400 on your tax return. To find out if you owe a penalty, see if you meet the first safe harbor exception. Since 90% of $10,000 is $9,000, your prepayments fell short of the mark. You can't avoid the penalty under this exception.
However, in the above example, the safe harbor may still apply. Assume your prior year’s tax was $5,000. Since you prepaid $5,600, which is greater than 110% of the prior year’s tax (110% = $5,500), you qualify for this safe harbor and can escape the penalty.
This example underscores the importance of making sure your prepayments are adequate, especially if you have a large increase in income. This is common when there is a large gain from the sale of stocks, sale of property, when large bonuses are paid, when a taxpayer retires, etc. Timely payment of each required estimated tax installment is also a requirement to meet the safe harbor exception to the penalty. If you have questions regarding your safe harbor estimates, please call this office as soon as possible.
CAUTION: Some state de minimis amounts and safe harbor estimate rules are different than those for the Federal estimates. Please call this office for particular state safe harbor rules.
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Title: Accounting / Tax Manager
We are seeking an Accounting/Tax Manager to join our team! You will lead and manage multiple operations of the tax practice area and deliver quality tax services that will increase the firm’s reputation. You will oversee the work of accountants, review financial statements, and prepare reports. Schedule: Monday to Friday.
Job Type: Full-time.
Interested parties please call 214-646-0300.
Duties and Responsibilities:
Manage and Prepare tax returns for over 2,000 individuals, businesses, non-profits and estates
Contact clients to obtain tax documents
Review tax returns with clients
Provide basic tax planning/solutions services to clients
Accounting/Bookkeeping for firm clients in various accounting software (QBO, QBD, Intacct, Xero, Wave, Zoho Books, BQE Core, etc...)
Other administrative tasks when necessary:
Plan and schedule appointments and events
Greet and assist onsite guests
Answer inbound telephone calls
Draft correspondences and other formal documents
Develop and implement organized filing systems
Manage requests from website and social media management company
Tax preparation experience is required
Experience with Lacerte / Drake Tax software is required
QuickBooks experience is required
Previous experience in office administration or other related fields
Ability to prioritize and multitask
Excellent written and verbal communication skills
Strong attention to detail
Strong organizational skills
Must be able to speak Hindi and English
Education: Bachelor's (Required), CPA (required), Enrolled Agent: Preferred.
Experience level: 3 years.
Salary: $75,000.00 - $110,000.00 per year
Paid time off
Work from home
Interested parties please call 214-646-0300.