2020 Tax Calendar

To help you make sure you don’t miss any important 2020 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Contact us at 952.893.9320 or learnmore@BoulayGroup.com.

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Tax Withholding and Reporting of Payments to Foreign Contractors

Today more and more U.S. companies are hiring foreign contractors. This leads to questions about whether they need to withhold any tax and if any type of reporting related to these payments is required.

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CalSavers: What Do I Need to Know?

With the compliance deadlines for CalSavers registration on the horizon, some small businesses may already meet California state requirements.

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The SECURE Act

The SECURE (Setting Every Community Up for Retirement Enhancement) Act had been working its way through Congress for much of 2019 and was passed into law just before Christmas. As with any tax law, there are opportunities to embrace and obstacles to navigate. Your goals and financial circumstances will dictate how your personal financial planning may "pivot" with the changing landscape.

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Congress Takes Action on Taxes in Year-End Budget Bill

Congress added a number of tax extenders and changes to retirement plan rules to a must-sign budget bill that was passed and signed into law right before the holiday break.  

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New Form W-4 Changes How Withholding is Calculated

The Internal Revenue Service has revised Form W-4 – Employee’s Withholding Certificate – changing the way that employees communicate to their employers how much they want withheld from their pay for Federal income taxes. The new form is required to be used by any new employee who is first paid after 2019, or any employee who wishes to change his or her withholding after 2019.

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Are You Required to File an FBAR?

United States persons, including citizens, residents, corporations, partnerships, limited liability companies, trusts, and estates are required to report foreign bank and financial accounts annually to the U.S. government using FinCen Form 114, Report of Foreign Banks and Financial Accounts, (often referred to as the FBAR) and are required to pay U.S. tax on the income of those foreign accounts as appropriate.

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IRS Updates Rules for Using Per Diem Rates

The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance in Revenue Procedure 2019-48 modifies 2011 guidance to reflect changes made by the Tax Cuts and Jobs Act (TCJA).

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5 Pitfalls That Can Harm Your SOC 2 Audit

5 Pitfalls That Can Harm Your SOC 2 Audit

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SOC 2 & You: The What, Who & Why of Data Security

Modern businesses have benefited from technology services like cloud hosting, online payment processing and the numerous software applications that continue to innovate processes within the workplace. However, as we know, technology is a double-edged sword that, for all its innovations, increases the risk of your enterprise suffering an attack that could extort, steal, or install malware that could cripple your organization and expose partner organizations to harm.

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