Prepare your finance staffers now: Year-end may soon look different than it has in the past, thanks to the just-signed Taxpayer First Act.
What one word best describes the 2013 tax season? Chaotic? Uncertain? Worrying? All of the above?
Your employment tax returns may have been among the millions of unprocessed forms identified in a recent audit of IRS (yes, even IRS gets audited). Topping the list of unprocessed business tax returns? Form 941 and other forms in the 94x series – with 5,497,383 paper employment tax returns on hold as of Dec. 31, […]
Attention all businesses impacted by Hurricane Laura: IRS has some temporary tax relief for you. And it lasts for the rest of 2020. Specifically, all tax filing and payment deadlines that occurred beginning Aug. 22 get pushed back to Dec. 31. So says a recent announcement by IRS. This tax relief includes: quarterly estimated income […]
Was your company impacted by any of the recent storms or natural disasters in several states? IRS is offering you some tax relief.
If your company needs to file an amended Form 941-X to claim any new tax credits or correct a quarterly return, heads up: The IRS has released a new draft version of the form. Here’s a preview of the most important changes for your Payroll pros once the agency finalizes the new form. Line-by-line updates […]
The IRS wants to make sure employers accurately repay any Social Security tax they may have deferred as part of COVID-19 relief during 2020. In its most recent Payroll Industry Call, the agency discussed its efforts to resolve persistent issues with ensuring deferred Social Security tax payments are applied to the correct tax liability. Problems […]
The annual Purple Book from the National Taxpayer Advocate is here, and this year’s report contains several recommendations for the IRS to make changes that’ll impact your Payroll and Finance teams. Many of the suggested updates deal with e-filing returns, making tax payments online and penalties. They could reduce red tape and save you big […]
It’s hard to believe that it’s been over a year since the Supreme Court ruled online sales are taxable in the highly watched case South Dakota v. Wayfair. Chances are, your A/P and A/R departments are still reeling from the massive change and trying to keep up with all the state laws that followed in […]
The ever-growing, ever-changing realm of online sales tax has made the waters so muddy compliance can seem like an impossible task. Your fellow CFOs confirm that in the Future of E-Commerce Compliance: Part 1, by TaxJar. It shows where the greatest compliance hurdles lie now. And there are plenty of them! A staggering 88% of […]
More of each employee’s earnings will be subject to Social Security tax starting Jan. 1, 2022 when the taxable wage base climbs higher. Next year’s number? $147,000. That’s a $4,200 increase from the current taxable wage base of $142,800. No changes to the tax rate for 2022, the Social Security Administration (SSA) also announced. Employers […]
You can expect to pay more Social Security tax in 2022. Same goes for employees on your payroll. That’s because the federal taxable wage base is going up. The 2022 Social Security taxable wage base estimate is $146,700, an increase from the number in use this year: $142,800. That’s $3,900 more of each employee’s wages […]
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