WASHINGTON – The Treasury Department and the Internal Revenue Service recently issued guidance 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) under the...
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How To Deposit and Report Employment Taxes
If you have employees, you must deposit all the federal income tax you withhold from your employees (based on their W-4 forms), including both the employer and employee portions of Social Security and Medicare taxes. Based on your situation, you may have to make...
IRS Issues Form W-2 Reporting Rules for Deferred Employee Social Security Tax
On its website, the IRS has provided special instructions for reporting any deferred amount of employee Social Security tax on the 2020 Form W-2, Wage and Tax Statement [Form W-2 Reporting of Employee Social Security Tax Deferred Under Notice 2020-65, 10/29/2020]. Tax...