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Innovative Business Solutions Blog

The IRS Publishes 2018 Form W-4

The New Form: The IRS has published the 2018 Form W-4. The IRS developed updated guidance for withholdings after the latest tax reform bill was signed into law in December. The new withholding tables reflect many changes including updated tax rates and brackets. (more…)...

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2016 FUTA Credit Reduction Act

2016 FUTA Credit Reduction Act The FUTA Credit Reduction Tax rate has increased to 1.8% in 2016 for taxable FUTA wages.  What is this additional tax?  (more…)...

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2015 IBS and Bank Holiday Calendar

The IBS and Bank Holiday calendar for 2015 has been released. (more…)...

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Do you meet all eligibility requirements to submit that tax return this year?

It is important to understand how your combined earnings may impact your overall tax filing eligibility and ensure that all applicable earnings are correctly being reported. According to the IRS, eligibility for filing Federal and State tax returns will generally be determined by three main factors: Gross Income, Age and Filing Status. Gross Income: Gross income refers to all income received in the previous year in the form of money, goods, property, and services. This will also include all applicable earnings received from sources outside of the United States. Any income d...

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What you need to know before paying your new employee

Hiring a new employee does not end with their acceptance of the position, in fact this only represents the beginning stages of the new hire process. Many managers in human resources are then faced with a number of additional federal and state requirements that they must follow to ensure their company and new employee are in compliance with the labor board. A number of questions to be considered include: i.       Are you compliant with key federal and state regulations? ii.      Have you reported your new employ...

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Delays Expected for 2014 Tax Filing Season

On Tuesday, October 22, 2013, the Internal Revenue Service proposed a likely delay of one to two weeks for the start of the 2014 filing season, following the 16-day federal government closure. The delay is said to allow for sufficient time in programming and testing the tax processing systems to be used for the coming season. Acting IRS Commissioner Danny Werfel, however stated that they were currently exploring possible options to shorten the apparent delay and would announce a final decision with the start of the 2014 filing season this December. The original start date for the 2014 ...

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IRS Publishes Tax Calendars for 2014

The IRS issued IRS Publication 509, Tax Calendars for 2014. (more…)...

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