Form 709 Explained: What It Is, When You Need It, and How It Works
Giving money or property to a loved one is often seen as a personal decision, not a tax matter. However, depending on the type and value of the gift, you...
TaxBandits at AICPA Engage 2026: Key Highlights and Takeaways
Insightful conversations, exciting seminars, new connections, and warm reunions, all surrounding and celebrating the accounting and finance industries. That’s what the TaxBandits team and other attendees of AICPA Engage 2026...
IRS Releases Draft Form 5498: What’s Changed for 2027 Reporting?
Form 5498 is the information return that trustees and issuers file with the IRS to report IRA contributions, rollovers, conversions, repayments, and the fair market value of retirement accounts. The...
Form 1120-F Extension: A Complete Guide for Foreign Corporations
Expanding into the U.S. market can create new opportunities for a foreign corporation — customers, contracts, real estate, investments, partnerships, and revenue. But once a foreign corporation has U.S. activity...
Form 1040-NR Extension Guide: Filing Deadlines and Tax Rules for Nonresident Aliens
Living, studying, working, investing, or doing business in the U.S. as a nonresident can come with one very specific tax question: Do I need to file a U.S. tax return?...
Switching Payroll Schedules Mid-Year: What’s Legally Required Before You Make the Change
Switching payroll schedules during the year can impact employee pay, tax reporting, and labor law compliance. Discover the key steps employers must take before making the change.
How to Handle Payroll Taxes for Caregivers and Domestic Workers
Hiring a caregiver, housekeeper, or other domestic worker makes you a household employer—learn how to understand your payroll responsibilities and stay compliant with IRS requirements.
How to Correct Form W-2: A Complete Guide
Every January, employers across the U.S. send out Form W-2 to their employees—a summary of wages earned and taxes withheld over the past year. It’s a critical document, both for...
FIRE to IRIS Transition: What to Know Before the IRS Retires the Legacy System in 2027
Discover the key details you need to know before the IRS retires the FIRE system in 2027 and fully transitions to IRIS.