by George Dimov | Oct 3, 2024 | NYC Accounting
What Is Backup Withholding? Backup withholding is a federal tax mechanism that applies when taxpayers fail to provide a correct taxpayer identification number (TIN) or have unresolved issues regarding income underreporting. When backup withholding occurs, payers...
by George Dimov | Oct 3, 2024 | NYC Accounting
What Are the Quarterly Tax Dates for 2025? The quarterly tax payment deadlines for 2025 are essential for taxpayers, including self-employed individuals and businesses, to avoid penalties and interest. The first quarter’s payment, covering income earned from...
by George Dimov | Oct 3, 2024 | NYC Accounting
What Are Easy Payroll Services? Easy Payroll Services simplify the process of managing employee payments, tax withholdings, and compliance with IRS regulations. These services handle everything from wage calculations to filing payroll taxes. Dimov CPA offers a...
by George Dimov | Oct 3, 2024 | NYC Accounting
What Are Deferred Tax Assets? Deferred Tax Assets (DTAs) represent a future tax reduction for businesses. Specifically, they arise when a company has overpaid taxes or incurred losses that can offset future tax liabilities. In essence, a DTA indicates that the company...
by George Dimov | Oct 3, 2024 | NYC Accounting
Trusts and Inheritance Tax Trusts offer a legal framework where a trustee manages assets for the benefit of a beneficiary. Consequently, they serve as a valuable tool in estate planning, helping individuals transfer wealth, avoid probate, and lower tax liabilities....
