Posted on July 25, 2022

Backup withholding sounds confusing. So what is it and why do we need it? Mike Poynter, senior CPA at Teipen CPA Group explains. “Under tax law, payers are responsible for knowing who they are paying. To accomplish this, payers are required to collect the legal name and taxpayer identification number, or TIN, from vendors they pay.” […]

Posted on July 19, 2022

According to Mike Poynter, senior CPA at Teipen CPA Group, when someone dies, their surviving spouse or representative files the deceased person’s final tax return, noting that the person has died. Surprisingly, the IRS doesn’t need a copy of the death certificate or other proof of death. Usually, the representative filing the final tax return is […]

Posted on July 12, 2022

Good news! In recognition of recent gasoline price increases, the IRS announced an increase in the standard mileage rate for the final 6 months of 2022 – which is great for those of us feeling stunned at the pump. These new rates become effective July 1, 2022, for the final 6 months of 2022. Midyear […]

Posted on July 7, 2022

Lots of teens and young adults go into business for themselves over the summer — whether their work is babysitting, lawn mowing, dog walking, or some other part time endeavor. This creates an excellent teachable moment when it comes to taxes. It’s well worth explaining to them that as an employee of a business, their […]

Posted on June 27, 2022

If you are a victim of identity theft, there’s lots of preventative work to be done with your bank and credit cards. But the IRS wants you to add them to your list. Preventing tax fraud is every bit as important – and often goes undone after identity theft. That’s because it’s increasingly common for […]

Posted on June 20, 2022

Planning for a wedding can be overwhelming, but figuring out how your upcoming marriage will affect your tax situation doesn’t have to be. Here are a few things couples should think about as they prepare for the big day, according to the happily married CPAs at Teipen CPA Group: Changing your name? Report it to […]

Posted on June 13, 2022

Filing taxes is waaaay back there in the rear-view mirror. And yet, June — the half-way point in the year —  is an ideal time to review withholding and see if summer plans will affect next year’s tax return. Here are some common summertime tax situations to consider as well as a few helpful tips […]

Posted on June 6, 2022

Sure, most payroll service providers give quality service and go by the rules, but how do you know which companies to screen out? The most common culprit? Payroll service providers who don’t submit their client’s payroll taxes — and then close abruptly. The damage hits their unsuspecting clients hard. That’s because typically, your company remains […]

Posted on May 19, 2022

Business owners filing payroll taxes electronically radically reduces the chances of receiving an IRS notice. “It couldn’t be simpler,” says Mike Poynter of Teipen CPA Group, “even if this is your first time filing business payroll taxes online. The online system not only populates forms and schedules using a step-by-step process, it also lets you […]