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Highlights from National Small Business Week 2021

The IRS continues to provide materials and information to help small business owners and self-employed individuals comply with filing and paying requirements. Here’s a recap of key topics covered in IRS messages during National Small Business Week. Small businesses...

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  • September 22, 2021

Things people do during the summer that might affect their tax return next year

It’s summertime and for many people, summertime means change. Whether it’s a life change or a typical summer event, it could affect incomes taxes. Here are a few summertime activities and tips on how taxpayers should consider them during...

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  • July 26, 2021

Checking withholding can help taxpayers decide if they need to give their employer a new W-4

All taxpayers should review their federal withholding each year to make sure they’re not having too little or too much tax withheld. Employees, retirees and self-employed individuals can use the IRS Tax Withholding Estimator to help decide if they should...

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  • May 27, 2021

Eligible Paycheck Protection Program expenses now deductible

WASHINGTON – The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan)...

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  • January 14, 2021

February 1 is the deadline for employers to issue and file wage statements

Employers must file Form W-2 and other wage statements by Monday, February 1, 2021. This is also the date Form W-2s are due to employees. By law, employers are required to file copies of their Form W-2, Wage and...

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  • January 8, 2021

Helpful information for taxpayers on backup withholding

Taxpayers who receive certain types of income may have backup withholding deducted from these payments. Backup withholding can apply to most payments reported on certain Forms 1099 and W-2G. Here are some facts to help taxpayers understand backup withholding....

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  • October 16, 2020

Choosing a trustworthy payroll service provider can protect employers from fraud

When hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a business avoid missed deposits for employment taxes and other unpaid bills. Most of these businesses provide quality...

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  • September 9, 2020

Tips for taxpayers who need to file a new W-4

All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimator to check and make sure they’re not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals...

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  • August 27, 2020

Why You Need to Consider Outsourcing in 2020

Outsourcing is a growing trend with seemingly countless benefits. Typically, responsibilities such as accounting and financial decision-making, marketing, and programming will be among the first that businesses make the decision to outsource. By delegating these tasks to experts, your...

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  • January 17, 2020

Improved Tax Withholding Estimator helps workers target the refund they want; shows how to fill out new 2020 W-4

IRS YouTube Videos: IRS Tax Withholding Estimator – English | Spanish WASHINGTON — The Internal Revenue Service has launched a new and improved Tax Withholding Estimator, designed to help workers target the refund they want by having the right...

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  • January 15, 2020

Interest rates remain the same for the first quarter of 2020

WASHINGTON —The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2020.  The rates will be:   5% for overpayments [4% in the case of a corporation]; 2.5% for the...

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  • December 11, 2019

Get ready to take the guesswork out of paycheck withholding

The tax filing season is quickly approaching. With that in mind, taxpayers should remember there’s still time to make an estimated or additional tax payment to ensure their tax withholding is still accurate. Those who need to make an...

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  • December 5, 2019

IRS recommends business owners e-file payroll tax returns

WASHINGTON — With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and IRS Forms 940, 941, 943, 944 or 945...

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  • October 24, 2019

Guide for Reporting Tip Income by Employers & Employees

MIKE D’AVOLIO, CPA, JD SEPTEMBER 2, 2019 Employers and employees in the service industries that involve tipping need to comply with a unique set of tax rules.  Like wages, you must pay income tax, Social Security tax and Medicare tax on tip income....

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  • September 18, 2019

It’s summertime…and these tips can help make livin’ easy for teens with jobs

With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes....

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  • July 9, 2019

Here’s what taxpayers should know about doing a Paycheck Checkup

Everyone should check their withholding by doing a Paycheck Checkup ASAP, even if they did one in 2018. The federal income tax is a pay-as-you-go tax. This means that taxpayers pay the tax as they earn or receive income...

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  • June 13, 2019

Done with taxes this year? Use 2018 return to get 2019 withholding right 

  WASHINGTON — Millions of taxpayers filed a 2018 tax return in the last few weeks, making now a prime time for everyone to consider whether their tax situation came out as they expected. If it didn’t, they can...

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  • April 29, 2019

IRS Withholding Calculator

The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent changes to the tax law for 2018. The Calculator helps you identify your tax...

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  • March 2, 2018

Taxpayers Should Review Their Withholding; Avoid Having Too Much or Too Little Federal Income Tax Withheld

IRS YouTube Video: IRS Withholding Calculator: English | Spanish WASHINGTON — The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe...

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  • July 20, 2017