Newly passed tax cuts creating headaches for year-end filings
The ink has yet to dry on the tax cuts recently passed by Congress, and though the benefits will help the average employee, the new laws have left small business owners and payroll services in a state of limbo. Year-end taxes need to be paid, but many were left waiting until the 11th hour to file because of tax code uncertainty.
The bill alters payroll taxes and social security taxes for employees and allows businesses to write off capital investments in 2011. Though the bill is providing positive breaks across many enterprises, the demand for new calculations has left many frustrated.
"It's not just a matter of, flip a switch and you're ready to go," Kathy Pickering, executive director of the Tax Institute at H&R Block, told the Associated Press.
Even the Internal Revenue Service is caught behind the 8 ball a bit. Typically, the IRS delivers its year-end tax forms and calculation tables before Thanksgiving. However, the end-of-year changes means the IRS will have ship out new forms.
December 31 is the deadline for businesses to make their deductions, leaving approximately two weeks for payroll services and entrepreneurs to get their books up to speed.
The bill alters payroll taxes and social security taxes for employees and allows businesses to write off capital investments in 2011. Though the bill is providing positive breaks across many enterprises, the demand for new calculations has left many frustrated.
"It's not just a matter of, flip a switch and you're ready to go," Kathy Pickering, executive director of the Tax Institute at H&R Block, told the Associated Press.
Even the Internal Revenue Service is caught behind the 8 ball a bit. Typically, the IRS delivers its year-end tax forms and calculation tables before Thanksgiving. However, the end-of-year changes means the IRS will have ship out new forms.
December 31 is the deadline for businesses to make their deductions, leaving approximately two weeks for payroll services and entrepreneurs to get their books up to speed.
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