July 2019
An IRS CP2000 notice is mailed to a taxpayer when income reported from third-party sources such as an employer does not match the income reported on the tax return.
Deducting Business-Related Car Expenses
If you're self-employed and use your car for business, you can deduct certain business-related car expenses.

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. There are, however, some exceptions.
               

Tax Due Dates

July 10

Employees Who Work for Tips - If you received $20 or more in tips during June, report them to your employer. You can use Form 4070.

July 15

Employers - Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June.

Employers - Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June.

July 31

Employers - Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2019. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 12 to file the return.

Employers - Federal unemployment tax. Deposit the tax owed through June if more than $500.

Employers - If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar-year 2018. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends.

Certain Small Employers - Deposit any undeposited tax if your tax liability is $2,500 or more for 2019 but less than $2,500 for the second quarter.
IN THIS ISSUE
Tax Tips
QuickBooks Tips

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Encino, CA 91436
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