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What is an IRS Identity Protection PIN (IP PIN)?

An identity protection personal identification number (IP PIN) is a six digit number that prevents someone else from filing a tax return using your Social Security number (SSN) or individual taxpayer identification number (ITIN). The IP PIN is known only to you and the IRS (and your tax preparer, if you share it). It helps the IRS verify your identity…

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Things to Keep in Mind When Hiring Summer Help

As summer approaches, many businesses look to bring on seasonal help—whether it’s to handle increased demand, fill in during employee vacations, or give students a chance to gain real-world experience. If you’re considering hiring summer workers, here are a few things to keep in mind: Classify Workers Correctly Be sure to determine whether your summer hire is an employee or…

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Don’t Forget About Use Tax

Online shopping is the major way in which many of us make our purchases these days. You may think you lucked out if an online vendor doesn't charge you sales tax, but in the state of Kansas, you're responsible for making sure those taxes get paid. We often talk about sales and use tax in the same sentence, because they're…

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The Ins and Outs of Estimated Tax Payments

If you have taxable income from sources such as investments, self-employment, or working in the gig economy, you may need to make estimated tax payments throughout the year. If you work for an employer, you're familiar with the federal and state withholding that's deducted from each of your paychecks. But if you have income from other sources, such as interest,…

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Year End 2024: Payroll Action Items

Now is the time to finish up these year-end tasks if you haven't already! Confirm employee addresses for W-2 delivery. Gather health insurance coverage information for W-2s. If your business files 250 or more W-2 forms, you're required to include the cost of group health insurance in Box 12. This includes both employer- and employee-paid premium amounts. This is information…

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Year-End 2024: Non-Payroll Action Items

Yep, here we are again. If you're an elf with accounting responsibilities, now is the time to put your gingerbread house in order so you're ready for year-end reports. Here's your action item list: Forms 1099 There are multiple types of 1099s - each with a different purpose. Here's the list in alphabetical order (click on each one for the…

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A Medicare Primer

Many of us are anxiously awaiting retirement. We have visions of doing whatever we want whenever we want to do it, right? But we also know that we'll need money to live in the manner to which we've become accustomed. That's where Social Security and Medicare come in - the safety nets that provide us with a foundation of income…

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