taxation in the united states
Failing to remit payroll taxes is a big mistake! Sometimes a business owner will let the payment of payroll taxes slide in favor of paying other vendors OR perhaps will make a partial payment, thinking it will be ok -- not a good idea ----- always remit the full amount of your payroll taxes before paying other bills. Here are a couple of examples why. Continue reading
Is your CPA REALLY the right person to be completing your tax return? Did you know that there are different educational requirements for different types of tax preparers? For example, attorneys, certified public accountants, and enrolled agents will not have to undergo competency testing or obtain CPE credits for federal tax law topics under new IRS regulations?
Who does your taxes? Do they know tax law? This guest blog post by Bruce McFarland of L & R Tax Preparation will provide information about new rules and regulations that the IRS is mandating for paid tax preparers. Continue reading
Can you deduct the cost of lost equipment from your employee’s pay? As a business owner I'm betting that on more than one occasion you have had an employee who has lost his company provided cell phone more than once and you've have to replace it.
Perhaps you want to recover the cost of the phone via a payroll deduction - before you do, read the rest of this article, because the answer depends first on state and federal restrictions and second on how much you want to deduct. Continue reading
Displaying employee social security numbers and addresses on certified payroll reports, which are ultimately public documents, causes privacy and identity theft concerns for many employers and employees - not to mention confusion over reporting requirements. Read this question submitted by a blog reader and our response. Continue reading
QuickBooks can handle both taxable and non-taxable customers and sales using the same item list. Find out how by watching this YouTube video. Continue reading
In 2012 it is mandatory that we show the company share of employee health insurance on W-2's, do you know if there is there a way in QuickBooks to track this on a regular basis, so that it shows on the employees paystubs and then have it flow through onto the W-2 at the end of the year? Continue reading
The Small Business Jobs Act of 2010 removed cell phones from the definition of listed property, a category under tax law that normally requires taxpayers to perform additional recordkeeping Continue reading
Business owners have the choice of paying employees weekly, bi-weekly, semi-monthly, or monthly BUT it all depends on the laws of your State. Continue reading
This payroll tip discusses being prepared for Wage & Hour and IRS Audits - what records have to be kept, how long you need to keep them, etc. Continue reading
The Internal Revenue Service advised truckers and other owners of heavy highway vehicles that their next federal highway use tax return, usually due Aug. 31, will instead be due on Nov. 30, 2011. Continue reading
The IRS offers initial information and guidance to employers about 2011 W-2 reporting of the cost of health insurance coverage they sponsor for employees. Source: SSA/IRS Reporter – Summer 2011 Newsletter Continue reading
Guest blogger Jo Ellen Peters discussed who the IRS may hold liable for 941 payments. A must read for anyone who signs a 941. Continue reading
Spending payroll tax money for other purposes is considered to be willful failure to pay taxes and can lead to huge penalties and interest. Continue reading
The IRS can request a copy of your QuickBooks (or Peachtree) company data file during an audit - Part 1 of a multi-article series featured this week.
A QuickBooks Payroll Subscription makes processing W-2's a piece of cake, however, there are still some things that you need to do to properly prepare for W-2 processing. Continue reading