Employers May ‘Designate’ Certain Payroll Tax Payments
As an employer, you are no doubt aware of your obligation to submit payroll tax payments to the federal government. However, you may have more control of those payments than
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Tag: Payroll Tax
Hiring Your Minor Children This Summer? Reap Tax & Nontax Benefits.
If you are a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. Your kids can gain on-the-job experience, spend time
Updated Guidance on the Employee Payroll Tax Deferral
In late January, the IRS updated Notice 2020-65. It provides guidance regarding an executive memorandum signed last summer that allowed employers to defer the withholding, deposit, and payment of certain
IRS Releases Final Instructions for Payroll Tax Form Related to COVID-19 Relief
In response to the COVID-19 pandemic, the federal government enacted legislation that includes deferral of the employer’s portion of Social Security tax. The IRS then significantly revised Form 941-X, ‘Adjusted
Employers Should Approach Payroll Tax Deferrals Cautiously
As you are probably aware, President Trump signed an executive memorandum on August 8 creating a payroll tax deferral. The development has brought with it much uncertainty regarding administrative compliance
What Do Deferred Payroll Taxes Mean For Your Business?
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions were taken in
Small Businesses: Stay Clear Of A Severe Payroll Tax Penalty
One of the most laborious tasks for small businesses is managing payroll. But it is critical that you not only withhold the right amount of taxes from employees’ paychecks but
Hire Your Children This Summer: Everyone Wins
If you are a business owner and you hire your children (or grandchildren) this summer, you can obtain tax breaks and other non-tax benefits. The kids can gain on-the-job experience,