WASHINGTON – The Internal Revenue Service urged any taxpayer, now finishing up their 2021 tax return, to use the IRS Tax Withholding Estimator to make sure they’re having the right amount of tax taken out of their pay during 2022. This online tool offers workers, self-employed...
WASHINGTON — The Internal Revenue Service reminded tax-exempt organizations that many have a filing deadline of May 16, 2022. Those that operate on a calendar-year (CY) basis have certain annual information and tax returns they file with the IRS. These returns are: Form 990-series annual...
IRS Form 941 is a tax form that businesses file quarterly. It is how businesses report income taxes as well as payroll taxes, Social Security, and Medicare taxes that the business withheld from employee paychecks over the previous tax year. Filing deadlines are the last...
WASHINGTON — The Internal Revenue Service urged people to stay resolute against ongoing scams and schemes by properly securing computers, tablets and phones. Solid cybersecurity protection and scam recognition is vital to reduce the threat of identity theft inside and outside the tax system. The IRS works...
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit (ERC). The Employee Retention Credit now applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. This guidance can be found in Notice 2021-65....
Once you have at least one person working for your business, you're an employer. Being an employer comes with a wide range of responsibilities, including withholding, depositing and paying employment taxes. How can you make sure you're fulfilling all your tax duties to avoid getting...
General Information When you hire an employee, you must have the employee complete a Form W-4, Employee's Withholding Certificate. Form W-4 tells you, as the employer, the employee's filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount...
Business owners need to make choices on their 2021 taxes regarding the Paycheck Protection Program and the Employee Retention Credit. Both were enacted to help businesses stay in operation during the lockdowns caused by the COVID-19 pandemic. The PPP provided forgivable loans to businesses, and the...
WASHINGTON — The Internal Revenue Service reminds taxpayers they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022. An IRA is a personal savings plan that lets employees and the...
One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov. This online tool helps employees avoid having too much or too little tax...