The commencement of the Affordable Care Act will affect some small businesses this year at tax time. The most prominent issue for many small businesses is that they can face tax penalties for failing to provide health insurance to employees, or for neglecting to report to the IRS what specific type of coverage they provided for their employees. The Affordable Care Act in 2016 now applies to businesses that have between 51 and 99 employees. Since the start of 2016, businesses

When most of your compensation is paid in cash, many wait staff are, understandably, tempted to keep much of the cash undeclared. However, this is simply a bad idea. The IRS is always watching; if they determine you failed to declare part (or all) of your tips, you'll be facing penalties and interest on the unpaid taxes due. By following these tips, restaurant owners and employees can ensure tax compliance and avoid damaging IRS penalties: * All employees must report tip i

While most employers give W-2 forms to their workers by Jan. 31, sometimes extenuating circumstances prevent that from happening. If this has occurred, there's no need to panic. If you still haven’t received yours by mid-February, here’s what the IRS instructs you to do: Contact your employer. You should first ask your employer to give you a copy of your W-2. You’ll also need this form from any former employer you worked for during the year. If employers send the form to you