Corporate Taxpayer – Estimated Tax Payment Due December 15, 2021

Corporations must generally make estimated tax payments if they expect their estimate tax to be $500 or more. Fourth installment payment of your 2021 estimated taxes is due by December 15th, 2021. A worksheet, Form 1120-W is available to help you estimate your tax for the year.

Some corporations are required to electronically deposit taxes, this includes estimated tax payments. You can make electronic funds transfer by using the Electronic Federal Tax Payment System (EFTPS). However, if the corporation does not have an EFTPS account with the IRS, you can arrange payments through a third-party provider.
https://pasfirm.com/2021/11/01/corporate-taxpayer-estimated-tax-payment-due-december-15-2021/

Comments

Deduction of Business Meal Expenses for 2021 and 2022

In this article, we have explained the terms for the deduction of business meal expenses for 2021 and 2022. Pandemic had a drastic impact on all the businesses and companies across the globe. However, the worst impact was on the companies that handle the food services. As a result, a large number of businesses saw closure in the United States. To help the rocking food industry, the Consolidated Appropriations Act (CAA) came into existence in December 2020. It provides quick economic assistance to struggling restaurants and their families. The CAA enables the tax-paying individuals to deduct 100% of the cost of business-related meal expenses incurred at restaurants in the years 2021 and 2022; Meals includes both beverages and food given by the restaurants. Previously, it was only possible to deduct the cost of business meals to only 50% of the total cost. IRS guidance in Notice 2021-25 defines “restaurants” that will come under the tax break. The term will include those businesses th...

Difference Between Bookkeepers And Accountants

Bookkeepers and Accountants work in the same field and deal with the same set of information. They have the same goals while working for a company and support it at different levels. In simple terms, bookkeeping is more of administrative work, while accounting is more of an analysis and subjective work. Nowadays, almost every business needs a bookkeeper and accountant. The need for an accountant is not much in small companies, but it is a must when it comes to the bigger ones. On the other hand, bookkeepers are mandatory in every business, whether they are big or small. Sometimes people use the terms bookkeeping and accounting interchangeably, but as a business owner, you must know better. While bookkeeping is an essential part of accounting, accounting is broader. In this blog post, let's find out how you can differentiate between the two. Also Read: What Is Virtual Bookkeeping What Is Bookkeeping? Bookkeeping is the act of recording daily transactions and keeping them togethe...

Tangible Personal Property Tax Payment Deadline March 31st, 2022

Pay Tangible Personal Property Tax by March 31 2022. There is no payment discount of the total tax due. Additionally, this is the last date to pay tangible personal property taxes. Delinquent Tangible Personal Property Tax Taxes become delinquent on April 1st each tax year. Interest accrues at 1.5% per month (18% per annum) plus additional fees are added. What is Tangible Personal Property Tax? Tangible Personal Property Tax is an ad valorem tax assessed against: - Any equipment, fixtures or furniture used in a business or for a commercial purpose - Leased equipment - Furnishings and appliances in a rental property, owned by the real property owner - Any attachments made to a mobile home or manufactured housing in a rental park Tangible Personal Property includes everything other than real estate used in a business. Assets such as office furniture and fixtures, office equipment like copier machines, printers, and scanners, etc. Also tools, machinery, signs, leasehold ...

Professional Accounting Solutions

Search This Blog