Tag: Withholding
New year is good time to review basic rules surrounding Forms 1099-MISC and W-9
For most businesses, January means the annual completion of Forms 1099-MISC, which makes this a good time to review the basics surrounding this standard reporting procedure. In general, amounts paid in the course of your trade or business to a...
Michigan waiving penalties for Sales, Use and Withholding (SUW) taxes due March 20
For Sales, Use and Withholding (SUW) taxes due on March 20, the State of Michigan is waiving penalties and interest for 30 days for late filings and late payments. Payments can be made penalty-free through April 20, 2020. Talk to...
Understanding the changes to Form W-4
With the release of 2020 Form W-4 by the Internal Revenue Service on December 4, 2019, employers should be prepared to assist and answer questions from employees about the process of completing the new document when the new form takes...
IRS launches new tax withholding estimator
The IRS encourages everyone to use the Tax Withholding Estimator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond. The Estimator helps you identify your tax...
Children and FICA withholding rules
If a child under age 18 is paid a wage from a sole proprietorship in which one parent is an owner or a partnership in which each owner is a parent, no FICA withholding is required. However, if the wage...
Alert: IRS issues new tax withholding tables
Attention to all employees! The IRS issued its new tax withholding tables. All those receiving a paycheck will start seeing a change in their net pay this month. If you see a significant change (good or bad) to your net...
Wondering why you still owe money at tax time? It may be the multiple-employer trap
This article appeared in Accounting Today. All across America, hard-working people receive their personal income tax returns and wonder why they still owe money at tax time. For some the answer is that they sacrificed adequate withholding to receive more...
Tips to Start Planning for Next Year’s Tax Return
For most taxpayers, the tax filing deadline has passed. However, planning for next year can start now. Being organized and planning ahead can save time and money in 2014, so here are a few things you can do now to...