Accounting, Bookkeeping & Tax Blog

Your small business resource for accounting, bookkeeping, and taxes from our experts.
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FUTA Tax Responsibility of Foreign Employers

Involuntary unemployment can happen at any time, and the United States government has programs in place to lighten the load for Americans who are affected. Established in the 1930s, the Federal Unemployment Tax Act (FUTA) requires employers to pay taxes to the federal government based on their number of employees. These taxes are not withheld […]

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FUTA Tax Responsibility Regarding International Organization Personnel and Companies Owned by Foreign Governments

In the United States, the federal and state governments collect taxes from employers to support benefits for the involuntarily unemployed. These taxes have been around since the establishment of the Federal Unemployment Tax Act in the 1930s, and they are a major payroll liability for employers in addition to Social Security and Medicare taxes. Employers […]

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FUTA Tax Responsibility Regarding Aliens in the U.S.

According to the Federal Unemployment Tax Act (FUTA), employers are required to pay federal unemployment taxes to support the government’s benefit programs for involuntarily unemployed individuals. If an employer’s FUTA payroll liability exceeds $500 per quarter, the company must make quarterly payments to the Internal Revenue Service. U.S. Aliens and FUTA The Internal Revenue Service […]

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Learn How to Fill Out Form W-7

Noncitizens who are ineligible for a Social Security number need an Individual Taxpayer Identification Number (ITIN) to file a U.S. federal tax return. To apply for an ITIN, noncitizens must fill out Form W-7. Follow along with our step-by-step guide to complete the process with ease. Step 1 – Reason for Filing On the right side […]

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The Fill-Out Process for Form W-2

Form W-2 reports an employee’s total earnings for the year, as well as the amount of federal, state and other taxes withheld from his or her paycheck. As an employer, preparing your employees’ Form W-2s is one of your most crucial responsibilities, especially since the penalties for incorrect or late filing can be quite steep. […]

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How to File Your Payroll Taxes with Form 941

Every quarter, you must file your business’s payroll tax activity with the IRS via Form 941. This is strictly an informational report. The easiest and quickest way to pay for your taxes will be via The Electronic Federal Tax Payment System. If you manage your payroll using a software or service like ours, you can seamlessly pull all […]

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FAQs about Form 1023

If your nonprofit organization is looking to be exempt from federal taxes, you must fill out Form 1023. Just a warning, it’s a long, laborious process to complete this 31-page form, especially if you’re doing it yourself. That’s why we compiled some of the most frequently asked questions we’ve received over the past couple of […]

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Common Bookkeeping Mistakes & How To Avoid Them

Bookkeeping can be the bane of many a business owner. But it doesn’t have to be the onerous chore it’s often made out to be. Avoiding bookkeeping mistakes can keep your business successful and headed in the right direction. Here are some common bookkeeping mistakes and how to avoid them. Procrastinating Waiting too long to […]