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Payroll tax

The 5 Key Small Biz Tax Issues

Midway through the year, whether you work for a small business or have small business clients, it's a good time to pauses and take stock of your tax situation. Consider these five tips.

Worker Classification Conundrum: Employee or Independent Contractor?

If your clients have workers they consider to be independent contractors, you may want to drill down to ensure they are classifying them correctly and they're not actually employees in the eyes of the government.

New Tax Law Emerges Beyond the Fiscal Cliff

The agreement hammered out in the Senate, and subsequently approved by the House on January 1, pulled the nation back from the edge of the fiscal cliff. President Obama signed the "American Taxpayer Relief Act" into law on January 2. Here's an overview of the key tax provisions in store for individual and business clients in 2013.

Stake Your Claim to FICA Refunds on Severance

Do you remember those payroll tax payments your client made a few years ago on severance packages for workers it was forced to lay off or fire? It's much more than "water under the bridge."

IRS Gives More Time to Taxpayers and Preparers Affected by Sandy

The IRS announced it is granting taxpayers and tax preparers affected by Hurricane Sandy until November 7, 2012, to file returns and accompanying payments normally due October 31.

IRS Freezes Per Diem Rates for 2013

Now that new per diem rates for business travelers have been released, there's a definite chill in the air. The IRS has announced the rates for the government's 2013 fiscal year have been frozen at the same levels as last year.

New York CPA Gets Two-Year Prison Sentence

Silford Warren of Queens, New York, was sentenced June 12 to two years in prison for failure to pay over employment taxes in connection with his ownership of Silford Warren, CPA PC.

Payroll Tax Takes Another Holiday

Our nation's lawmakers finally agreed to a compromise extension of the so-called "payroll tax holiday." The new law signed by the president on December 23 – the Temporary Payroll Tax Cut Continuation Act of 2011 – keeps the payroll tax break alive for another two months.

Wrangling Continues over the Payroll Tax Cut

This morning (December 19), the Associated Press reported that "Boehner spoke after a chaotic weekend in which Senate leaders first failed to agree on a full-year bill, then coalesced around the two-month extension that passed overwhelmingly, only to spark a revolt among GOP conservatives in the House."

Clock Still Ticking on Payroll Tax Cut Extension Deadline

The impasse between Republicans and Democrats over the proposed payroll tax cut extension grew larger on December 8. Senate Republicans blocked the latest Democratic bill designed to extend the tax cut, and Republicans unveiled their own plan to lengthen the payroll tax holiday.

Thomson Reuters User Conference Sets the Right Tone for Learning, Innovation

Over 800 members of the Thomson Reuters tax and accounting community gathered in San Diego last week to learn about the latest innovations in their software, experiment with new tools, and connect with peers, colleagues, and members of the Thomson Reuters staff.

Your Social Security Check Is NOT in the Mail

Do you have clients who still receive their Social Security checks in the mail? Mail carriers won't be dropping them in your clients' mailboxes in the near future.

IRS Eases Up on Worker Misclassifications

The Internal Revenue Service is extending an olive branch to employers that may have misclassified "employees" as "independent contractors."

Recap of tax winners and losers in new jobs bill

President Obama has proposed a number of significant tax changes in the American Jobs Act of 2011, including payroll tax cuts, tax credits to encourage hiring, extension of the 100 percent bonus depreciation tax break, and several revenue-raisers.

Hiring teens to work for a business – don't take shortcuts

If your business clients need extra help, you might suggest they hire their teenage children to pitch in after school or on weekends. This strategy may result in tax savings and other potential benefits if the children are treated as official employees.
Election 2012

Will the payroll tax holiday be extended?

President Obama doesn't want the "payroll tax holiday" for workers to end. The administration is calling for an extension of the 2 percent payroll tax break as a way to reinvigorate the economy.

IRS wants comments on employer provisions of Affordable Care Act

The Treasury Department and IRS have requested public comment on issues relating to the shared responsibility provisions included in the Affordable Care Act.

Charlie Sheen, out of work, faces tax issues

Unlike many other celebrities, Sheen has not been in the news for tax trouble. But his new situation poses some interesting tax issues.

Dubious achievement: Californian offers IRS revenue officer largest bribe ever recorded

Kulwant Lasher has been sentenced to four years and nine months in prison to be followed by three years of supervised release for conspiring to bribe an IRS Revenue Officer and failing to pay withholding and payroll taxes.

Obama plan would ease state debts through payroll taxes

An Obama administration proposal would ease the debts of states struggling to pay unemployment benefits by increasing the amount of payroll taxes collected from businesses.


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