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New Tax Tables! As of 2018, The International Revenue Service (IRS) has established new income-tax withholding tables to accommodate for the 1.5 trillion dollar tax overhaul. This updated version has been the first major rewrite in 30 years. If you are not familiar with this newly passed tax cut, it provides large cuts to corporations and the wealthy while giving mild cuts to middle and lower class. For the latest news on these tax cuts and information for this blog provided by: IRS.gov/Notice1036 Below includes the table for Percentage Method for Income Tax withholding for wages paid in 2018. For tips on how to interpret these tables visit: https://www.irs.gov/pub/irs-pdf/n1036.pdf For all your Quickbooks needs, call the Quickbooks gal!

IRS changes W-2 & 1099 filing deadlines In an effort to prevent fraud,  The Protecting Americans from Tax Hikes (PATH) Act of 2015   was passed by Congress and signed by President Obama in December 2015. One key provision revises the filing deadline for Form W-2 and certain types of Form 1099.  What's Changing? Until now, employers had two dates to keep in mind when remitting W-2's: January 31, to provide employee copies, and February 28, for paper filings submitted to the Social Security Administration (March 31 for electronic filings). Beginning with forms for tax year 2016 , the filing deadline for all federal W-2s is  January 31 . This is true for both employee and agency copies, or whether filing paper or electronic returns.  What about Form 1099-Misc?   The new January 31 deadline applies to certain types of 1099s.    If you're filing Form 1099-Misc and reporting amounts in  Box...