Reporting & Filing Requirements
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2 under the Presidential Memorandum authorizing the deferral.
A tax return filed without an IP PIN starts the running of the Sec. 6501(a) limitation period.
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
One of the biggest, yet most misunderstood, penalty defenses is that a tax position was based on reasonable cause and the taxpayer acted in good faith.
The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
President Donald Trump issued an presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
Government agencies such as the IRS, the U.S. DOL, and the NLRB each look at their own set of factors.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
The new draft form, which has been extensively redesigned, is intended to simplify the calculation of income tax withholding after the changes made by the law known as the Tax Cuts and Jobs Act.
This article discusses who qualifies to take the credit, how to make the election, the calculation and allocation of the credit, and how to report it.
The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.
A recent Tax Court case highlights pitfalls frequently encountered by small businesses that engage in related-party transactions without appropriate planning.
The Social Security Administration said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.
Tax Court held that rent payments to chicken farmers by their S corporation’s poultry farming operations qualified for the exclusion for rental payments from self-employment income.
The SSA said that the maximum amount of wages subject to the 6.2% Social Security tax in 2018 will rise a little more than 1%, after a much larger increase last year.
Income earned by financial adviser was his, not the income of his wholly owned S corporation, and was therefore subject to self-employment tax.
The wife of a partial owner of a corporation that owned a restaurant signed payroll checks yet was determined to be not a responsible person for purposes of the Sec. 6672 trust fund penalty.
The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.
