PAYROLL & TAX SERVICES
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The Financial Department of CMC Professional Services, LLC has provided financial services along the Gulf Coast for over 7 years. The Finance Manager here at CMC would be more than happy to answer any questions that you might have concerning finance. Our department is a solution solver; ready to help you organized your financial need. This department, utilizes a financial system to help you plan, coordinate, report, and analyze the financial performance of your business. We want to ensure efficient operations and the optimum use of resources. Payroll Outsourcing: A Professional Employer Organization (PEO) frees your company from the time-consuming task of payroll management. CMC services range from, processing and delivering checks, to year-end reports, and even costly payroll audits. Our staff of experts handles your payroll with total accuracy and efficiency. Summaries Reduced paper work and overhead W-2's, W-3's, and 940 reports Direct deposit Payroll reports FICA, FUTA, SUTA payments PAYROLL TAXES 940 and 941 taxes: A Professional Employer Organization (PEO) provides a team of experts to deal with your 940 and 941 taxes. 940 and 941 payroll taxes present difficult issues to businesses. Typically, creditors, employees, and suppliers are all clamoring to be paid. The IRS is the sole creditor that seems to be compliant. The IRS however has the most power to collect what is owed to it. Further, and not insignificant to a struggling business, 940 and 941 payroll taxes are never dischargeable in bankruptcy. Worse yet, even if your business is incorporated, you may have personal liability for unpaid 940 and 941 payroll taxes. This liability likewise is never dischargeable in bankruptcy. A Professional Employer Organization, (PEO), will eliminate worries of annual audits and penalties by assuming the duties of all areas related to these issues. REPORTS PAYROLL LIABILITY 941 (form 8109) this deposit is processed every month at the beginning of the for the prior month. QUARTERLY Mississippi Department of Employment Security ( Profit organization) Mississippi State Tax Withholding ( for Nonprofit and Profit) These deposits are processed at the beginning of the fourth month before the 15th Bank Statement, Income Expense, Graph, Profit & Loss Statement, Balance Sheet. ANNUAL Returns At the end of the fourth quarter 940 EZ and 940 V Federal Unemployment will be processed. |
| Income Tax Services Federal Forms, Schedules | State Returns 1040EZ, 1040, 1040A, 1040ES, Estimated Tax Vouchers 1040-V, Payment Voucher Schedule 1 Interest and Ordinary Dividends for Form 1040A Schedule 2 Child and Dependent Care Expenses for Form 1040A Schedule 3 Credit for the Elderly or the Disabled for Form 1040A Schedule A: Itemized Deductions Schedule B: Interest and Ordinary Dividends Schedule C, Profit or Loss From Business Schedule C-EZ, Net Profit From Business - EZ Form Schedule D: Capital Gains and Losses Schedule E, Supplemental Income and Loss, Page 1 & Page 2 Schedule EIC: Earned Income Credit Schedule F, Profit or Loss From Farming Schedule H, Household Employment Taxes Schedule J, Farm Income Averaging Schedule R, Credit for the Elderly or the Disabled Schedule SE, Self-Employment Tax, Page 1 & Page 2 Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer Form TD F 90-221, Report of Foreign Bank and Financial Accounts Form 1116, Foreign Tax Credit (Produced from foreign dividends and interest from mutual funds only) Form 2106: Employee Business Expenses Form 2210 Underpayment of Estimated Tax by Individuals, Estates, and Trusts (Does not include the annualized installment method) Form 2210F , Underpayment of Estimated Tax by Farmers and Fishermen Form 2441: Child and Dependent Care Expenses Form 3903: Moving Expense Form 4137 Social Security and Medicare Tax on Unreported Tip Income Form 4562, Depreciation and Amortization Form 4684: Casualty and Theft Losses Form 4797, Sales of Business Property, Page 1 & 2 Form 4835, Farm Rental Income and Expenses Form 4952, Investment Interest Expense Deduction Form 4952 AMT, Investment Interest Expense Deduction Alternative Minimum Tax Form 5329 Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts Form 5884, Work Oppotunity Credit Form 6198, At-Risk Limitations (Simplified Method Only) Form 6198 AMT, At-Risk Limitations (Alternative Minimum Tax) Form 6251, Alternative Minimum Tax Individuals (Does not include entries for lines 4, 9, 11, 13, 15, and 20 through 27.) Form 6252, Installment Sale Income (Does not include Part III, Related Party Installment Sales) Form 6478, Credit for Alcohol Used as Fuel (K1 only) Form 8271, Investor Reporting of Tax Shelter Registration Number Form 8283: Noncash charitable contributions Form 8332, Release of Claim to Exemption for Child of Divorced or Separated Parents Form 8396, Mortgage Interest Credit Form 8453-OL, Tax Declaration for On-Line Electronic Filing Form 8582, Passive Activity Loss Limitations Form 8582 AMT, Passive Activity Loss Limitations Alternative Minimum Tax Form 8582CR, Passive Activity Credit Limitations (Produced ONLY for credit entries from Partnerships and S Corporations Form 8586, Low-Income Housing Credit Form 8606, Nondeductible IRAs Form 8812: Additional Child Tax Credit Form 8814, Parents' Election to Report Child's Interest and Dividends Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989 Form 8824, Like-Kind Exchanges Form 8829, Expenses for Business Use of Your Home Form 8839, Qualified Adoption Expenses Form 8862, Information To Claim Earned Income Credit After Disallowance Form 8863: Education Credits (Hope and Lifetime Learning Credits) Form 8880: Retirement savings contributions credit. Form 8885, Health Coverage Tax Credit |