Monthly Archives: February 2014

The Best LinkedIn Groups for Small Business Tax Professionals

LinkedIn Groups for CPASProfessionals are always looking for ways to expand their reach and communicate effectively with their target audience.  As tax professionals, this is no different.  Perhaps you’ve looked into potential ways to communicate via the internet with fellow tax professionals and leads.  One way you may go about reaching a broader audience is by joining specific groups on LinkedIn.  We’d like to showcase our top five LinkedIn Groups:

  1. CPA & Professional Business Group – This is a closed group, which means you must request membership.  Once approved, the doors are opened to a group sponsored by the American Institute of Certified Public Accountants.  This group weighs in at just over 41,000 members and has been active on LinkedIn since 2008.
  2. Tax Professionals – Luckily, for those looking for immediate access, this is an open group.  The Tax Professionals group caters not only to tax professionals but business people.  The goal of the group is to provide connection to the two separate groups.  Active since 2007, Tax Professionals has in excess of 60,000 members.
  3. CPA Tech Connect – This private group has been on LinkedIn since 2011 and has close to 3500 members.  The aim of this particular group is to provide connections to tax professionals and the IT world.  It allows for professionals to stay updated in terms of technology.
  4. NATP – The National Association of Tax Professionals group is focused on providing information to both professionals and layman alike.  They are a nonprofit group in connection with over 25,000 professionals in all aspects of the taxes field.  They are a closed group with just under 10,000 members.  The NATP group has been active since 2008.
  5. Everything Small Business – This group opened its virtual doors in 2012 and has only twelve members.  Their focus is to provide small business owners with the opportunity to learn about other fields, create joint ventures, or just stay apprised to what’s new in the business world.  This group is run by the host of a radio show for small business owners, and thus far the group has remained open.

Whether you’re looking to make connections for future business ventures or you’re just looking to stay informed, any one of the aforementioned groups would be helpful in either capacity.  We look forward to contributing valuable information to these groups in the future!  Oh, and remember to connect with us on LinkedIn!

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Penalties for Failure to File 1099 and W-2 Forms

Online software for 1099The January 31st deadline has passed for filing 1099 and W-2 forms to your employees, but you’ve still got some that haven’t been filed.  So what happens now?

If you’ve forgotten to file, or simply become too bogged down with work to get all of your forms filed, there are penalties you will have to deal with.  Within 30 days of the deadline, penalties will run about $30 per form that you haven’t filed or have incorrectly filed, with a maximum penalty of $250, 000 for larger businesses.  If you’re running a small business, your maximum yearly penalty will be $75,000.

After 30 days, the penalties for not filing become much more expensive.  With this set of penalties, you have until August 1 to file, but you will be charged $60 per correct return.  The maximum charge for a large business is $500,000 and a small business is $200,000.

Once the August 1 deadline has passed, you’re looking at quite a costly endeavor.  With fines weighing in at $100 per form and potential maximum penalties at $1.5 million for large businesses, this is absolutely a time sensitive situation.  Even small businesses may have to deal with a maximum fine of $500,000, which has the potential to do serious damage to your bottom line.

We can still help!  Online File Taxes is set up to easily and efficiently process your 1099 and W-2 forms even after the deadline has passed.  We can help you right your failure to file before it becomes too expensive to correct.  Our system is simple and affordable, and we’ve got the ability to process hundreds of forms.

At Online File Taxes, we pride ourselves on being a one stop solution for your form filing needs.  Stop by our website today and save yourself from harsh penalties!

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