taxes Tag

What Employers Need To Know When Classifying Workers as Employees or Independent Contractors

It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it will be done. What matters is...

29 October, 2021

The Tax Responsibilities That Come With Shutting Down A Business

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS...

22 October, 2021

IRS: New contracts awarded to private collection agencies; taxpayers may be contacted by one of three groups

WASHINGTON — The Internal Revenue Service has awarded new contracts to three private-sector collection agencies for collection of overdue tax debts. The new contracts begin Thursday following today’s expiration of the old contracts. Beginning Thursday, Sept. 23, 2021, taxpayers with unpaid tax bills may be contacted...

15 October, 2021

Give tax withholding a fresh look as 2021 year-end nears

WASHINGTON — The Internal Revenue Service reminds taxpayers today that the last quarter of 2021 is a good time to check withholding. Life brings constant changes to individual financial situations. Events like marriage, divorce, a new child or home purchase can all be reasons to adjust...

08 October, 2021

Here are some key reminders for extension filers

October 15 is fast approaching. That's the last day to file for most people who requested an extension for their 2020 tax return. These taxpayers can file any time on or before Friday, October 15 if they have all their required tax-related documents. They should also...

01 October, 2021

Understanding the tax responsibilities that come with starting a business

Small business owners have a variety of tax responsibilities. The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a...

24 September, 2021

Renewed tax credit can help employers hire workers; key certification requirement applies

WASHINGTON – With many businesses facing a tight job market, the Internal Revenue Service reminds employers to check out a valuable tax credit available to them for hiring long-term unemployment recipients and other groups of workers facing significant barriers to employment. During National Small Business Week,...

17 September, 2021

IRS highlights employer tax responsibilities and benefits during Small Business Week

WASHINGTON — In support of National Small Business Week, the Internal Revenue Service will issue numerous online materials that focus on getting small business owners the information they need to comply with filing and paying requirements. The IRS also reminds employers of the tax benefits available...

10 September, 2021

Important additional guidance for employers claiming the employee retention credit

The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention credit in both 2020 and...

03 September, 2021

Businesses, charities, others with Employer Identification Numbers must update responsible party information within 60 days of any change

WASHINGTON – Calling it a key security issue, the Internal Revenue Service urged those entities with Employer Identification Numbers (EINs) to update their applications if there has been a change in the responsible party or contact information. IRS regulations require EIN holders to update responsible party...

27 August, 2021