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Fourteen states have announced an increase in their minimum wage rate. Employers in these states should update their payroll records accordingly, install applicable payroll tax table updates in their payroll system and update their state regulated wage posters for employees.
Consult your applicable state labor department website for additional information.
Business returns include any return that posts on the IRS Business Master File (BMF). BMF returns include a variety of income tax and information returns such as Form 1120 filed by corporations, Form 1120S filed by S corporations, Form 1065 filed by partnerships and Form 1041, the return filed by estates and trusts. It also includes various excise and payroll tax returns, such as Form 720, Form 940, Form 941 and Form 2290. The IRS expects to be able to begin processing any of these business returns on Jan. 13.
The Jan. 13 start date does not apply to unincorporated small businesses that report their income on Form 1040. The start date for all 1040 filers is Jan. 31, 2014. Although the IRS encourages these small businesses to begin preparing their returns now, it will not be able to accept these or any other individual returns or begin processing them until Jan. 31. This includes sole proprietors who file a Schedule C, landlords who file a Schedule E and farmers who file a Schedule F.
The Internal Revenue Service announced they plan to open the 2014 tax filing season for all 1040 filers filing their 2013 income taxes, on January 31, 2014. This includes all small business owners that file on Schedule C as sole proprietors, Schedule F as Farmers, or Schedule E as landlords. Anyone expecting a tax refund is strongly encouraged to file electronically (e-file) to receive their refund in the fastest manner.