Payroll Tax Cut Extended New Form 941 Released
Article:
President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012. The IRS released a revised Form 941 to reflect the extended payroll tax cut
Published on April 30, 2012
The HIRE Act of 2010
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In March 2010, Congress enacted the Hiring Incentives to Restore Employment Act, which includes provisions to encourage employers to hire new employees and to make new capital investments. This article discusses these new incentives, as well as the revenue-raising provisions included in the act to offset their cost.
Published on January 28, 2011
Lack of Control Does Not Except Owners from Trust Fund Recovery Penalty
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The owners of a company who had delegated payroll functions to a separate payroll company they owned but did not operate were liable for trust fund recovery penalties because they were responsible persons both before and after the...
Published on October 04, 2011
Volunteer Board President Responsible Person for Payroll Taxes
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Taxpayer who served (without compensation) as the president of a daycare center was responsible person under Sec. 6672.
Published on April 19, 2010
HIRE Act 2010
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On April 7, 2010, the IRS issued additional guidance, in the form of frequently asked questions (FAQ), on the 2010 payroll tax exemption and the 2011 retention tax credit. You can review these frequently asked questions (FAQs) on the IRS website under HIRE Act: Questions and Answers for Employers. These...
Published on January 28, 2011
Congress Enacts Hiring Incentives Act with Tax Provisions
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The Hiring Incentives to Restore Employment Act contains several tax items, the biggest of which is a payroll tax credit for employers who hire workers who have been unemployed for at least 60 days and who are not replacement hires
Published on January 28, 2011
Pilot Program Tests EFTPS Interface with QuickBooks
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Treasury has been testing an interface between Intuit’s QuickBooks Payroll product and the electronic federal tax payment system (EFTPS
Published on May 14, 2010
A Trust Fund Recovery Penalty Primer
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This item discusses the basic mechanics of the trust fund recovery penalty, what qualifies someone as responsible for payroll taxes, and what constitutes willfulness
Published on September 30, 2012
All Aboard The Impact of the New York State MTA Payroll Tax on Alternative Investment Fund Managers
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Assembly Bill A08180, establishing the Metropolitan Commuter Transportation Mobility Tax. The bill imposes a new tax on employers and self-employed individuals engaging in business within the 12 counties of the Metropolitan Commuter Transportation District.
Published on January 28, 2011
Is Your Contractor Really Independent
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This item provides an overview of the factors examined by the IRS and offers insight into how to better secure independent contractor status.
Published on October 05, 2010
Form W-2 Reporting Requirement Extended for Employer-Sponsored Group Health Plans
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...will not be required to report the cost of employer-sponsored coverage on Forms W-2, Wage and Tax Statement, issued for 2011, due to the difficulty in preparing payroll systems for the requirement
Published on January 28, 2011
Accelerating FICA and FUTA Tax Deductions for Vacation and Bonus Pay
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...12 holds that if the all-events test and recurring-item exception of Sec. 461 are otherwise met, an accrual-method taxpayer may deduct FICA and FUTA tax expenses (payroll taxes) in the year that the deferred compensation to which they relate is earned, regardless of whether that deferred compensation is
Published on May 18, 2010
Current Developments in Employee Benefits and Pensions (Part I)
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This article covers significant developments in late 2009 and 2010 in employee benefits. Part I discusses employment taxes, including the Hiring Incentives to Restore Employment Act and medical resident FICA refund claims, and provides an overview of the new health care reform legislation, focusing on guidance released and provisions that require immediate
Published on November 02, 2010
Employment Tax Liability of Third-Party Agents Subject of Prop. Regs.
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The IRS released proposed regulations under Sec. 3504 that would govern the liability for employment taxes when an employer designates an agent under a “service agreement” to pay its employees and to satisfy all employment tax obligations.
Published on April 01, 2013
Bankruptcy and the Trust Fund Recovery Penalty
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When a corporation fails to remit the withheld taxes to the government, the IRS looks through the corporation to the individual or individuals who are responsible for the failure.
Published on April 01, 2013