Payroll tax

Tax

New tax legislation creates, renews many breaks

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 is packed with new provisions. Following is a rundown of what you can expect from this legislation.
Tax

Update: Obama signs tax bill into law

President Barack Obama signed a tax bill into law Friday that allows tax cuts for all income levels to continue for another two years and extends unemployment benefits for the next 13 months.
Tax

Senate approves tax package that includes extending tax cuts, unemployment benefits

The U.S. Senate today gave broad bipartisan approval to a tax bill that extends the Bush era income tax rates, capital gains and dividend rates for individuals, and adjusts exemptions for the AMT.
Tax

Deadline approaching for elimination of paper coupon deposits

Companies currently making their federal payroll tax deposits by taking them directly to an authorized bank will no longer be able to use paper coupon as of January 1, 2011.
Tax

Bush tax cut dithering might lead to shrinking paychecks

The clock is ticking on the Bush tax cuts, and the likelihood that a vote to extend them will happen before November is not looking good. Why the urgency? Because the Internal Revenue Service needs lead time to create, publish, and distribute tax tables for the first payroll of 2011.
Tax

IRS to eliminate paper coupon deposits

The IRS has issued proposed regulations that will eliminate the rules for making federal tax deposits by paper coupon. Electronic deposits will be required effective January 1, 2011.
Tax

HIRE Act: Payroll tax exemption claim form for hiring new workers available

The Internal Revenue Service this week has issued the newly revised payroll tax form that most eligible employers can use to claim the special payroll tax exemption that applies to many new workers hired during 2010.
Tax

Super Bowl vs. state of Michigan: A ball of confusion

More than four years after Super Bowl XL, the state of Michigan has filed liens against the Super Bowl Host Committee, charging that it failed to pay payroll taxes.
Tax

Court case could create an upside to severance payments

Severance pay has become an unfortunate fact of life for many companies and employees. But based on a recent court case, there may be some good news for both.
Tax

IRS and employers gear up for employment tax audits

The Internal Revenue Service has announced plans to launch employment tax audits this fall in conjunction with its National Research Program (NRP).
Tax

Business Tax Index ranks state tax systems

In April, 2009, the Small Business & Entrepreneurship Council (SBE Council) published the "Business Tax Index 2009: Best to Worst State Tax Systems for Entrepreneurship and Small Business," which ranks the 50 states and District of Columbia according to the costs of their tax systems for entrepreneurship and small business.
Technology

Payroll provider plants trees to reward new direct deposit customers

Online payroll service SurePayroll is proving that it pays to help the environment. To recognize National Direct Deposit Month, the company has announced that it will partner with American Forests to plant a tree for every employee of every new business customer who enrolls in SurePayroll's complimentary direct deposit feature during the month of May. As an online company that provides a paperless way to manage payroll, SurePayroll hopes to show how direct deposit creates a positive environmental impact.
Tax

7 Things small business owners should know about payroll tax problems

Past due payroll taxes can cause you to lose your business and in some cases, your freedom. The IRS is focusing increased tax compliance efforts on small businesses so it is important to know the common payroll tax audit triggers and learn how to avoid severe IRS penalties, huge tax debt and federal criminal investigation.Small businesses are the most likely target of increased tax compliance enforcement. Small business owners have been identified by the IRS as the largest source of uncollected taxes.
Tax

Tax strategy: Prepay unemployment tax and save later

Sometimes, the money spent now can save valuable tax dollars in the near future. It may even defy conventional logic. Case in point: Generally, companies are required to pay tax into a state unemployment insurance fund. The pay-in amount is usually determined by the ratio of payroll to the reserve in the company's account.Strategy: Advocate making voluntary contributions this year. By taking this proactive approach, the employer increases the reserve amount in the account.

Test your payroll I.Q.!

CheckPoint HR, LLC, an administrative service organization that offers mid-size organizations a single source for human resources, payroll and benefits administration, and Business & Legal Reports Inc. (BLR), helping HR, Safety and Environmental professionals with legal compliance and professional support resources, have announced their "Test Your Payroll I.Q." quiz in celebration of National Payroll Week, September 1-5, 2008. The Test Your Payroll I.Q. quiz features seven evocative questions designed to test your payroll knowledge.
Tax

ADP offers tips to stretch your payroll dollars

ADP Employer Services, a provider of HR, payroll, and benefits administration services, has announced its annual National Payroll Week campaign to help educate workers on how to maximize their paychecks. In today's economic climate, ADP and the American Payroll Association (APA) highlight small businesses as the engine behind job growth and demonstrate how pre-tax payroll deductions can help small business employees stretch their earnings. "According to the ADP Small Business Report, small businesses continue to outpace their larger counterparts in terms of job growth.
Technology

Has the IRS lost its appetite for collecting payroll tax?

Evidence suggests that many businesses are no longer taking their obligation to pay and remit payroll tax seriously. According to recent GAO report, as of last September 30, 1.6 million businesses owe the IRS in excess of $58 billion in payroll taxes, interest, and penalties. That is the amount accumulated over a period of ten years. Taxes that have been owed for longer than ten years may have been permanently lost, due to a statute of limitations. That amounts to about 20 percent of the total delinquent taxes ($288 billion) for the same period.
Tax

Indiana accountant arrested for embezzling, shoots himself

Sixty-four-year-old Robert "Mike" Symmes, a Pendleton, IN accountant who operated his practice, Robert M. Symmes & Co., out of Chesterfield, IN, shot himself in the chest after being release on bail from an arrest stemming from a charge of embezzling more than $350,000 from his clients. Symmes was arrested last Wednesday and jailed in connection with felony charges of corrupt business influence, forger, and five counts of theft, the Anderson, IN-based Herald Bulletin reported. He was accused of not forwarding payroll and personal tax payments to the Internal Revenue Service.
Tax

New regulations ‘electrify’ Form 5500 filers

Uncle Sam is giving employers with qualified retirement plans a reprieve from new electronic filing requirements. Alert: New regulations relating to Form 5500, Annual Return/Report of Employee Benefit Plan, have been issued to reflect changes in the Pension Protection Act of 2006 (PPA). The electronic filing requirement mandated by the PPA has been postponed for one year.The new regulations generally apply to plan years beginning after 2008.
Tax

IRS provides guidance on withholding of supplemental wages

The IRS has issued guidance on how an employer determines the amount of income required to be withheld for tax purposes relative to payments of supplemental wages paid under nine differing circumstances. Employers determine withholding on payments of supplemental wages under either an aggregate method or an optional flat rate method.

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