As the calendar flips to 2023, it’s crucial for your Finance team to be aware of the tax changes going into effect and for you to take steps to ensure compliance. In the ResourcefulFinancePro webinar “Tax Changes Finance Pros Need to Know Going into 2023, Pamela Fagan-Shull, president of Audit Business Services Inc., highlighted seven […]
Having employees complete Forms W-4 electronically can be a convenience to you, but be careful: IRS has issued strict guidance, and it’s recently been expanded. Employers don’t have a “license” to simplify or modify electronic substitutes to paper W-4s, IRS warned. After rolling out guidelines on implementing an electronic system for Forms W-4, IRS received […]
Reminder: If you’re like many businesses that took IRS up on the pandemic-related relief offer in 2020 to put off paying Social Security taxes, the last payment installment is due by December 31st. If you’re experiencing deja vu, there’s a reason. December 31, 2021 was the deadline for the first half of the deferred amount. […]
IRS has finalized the withholding tables Payroll will need in 2023. Whether you have old or new Forms W-4 on file for employees, you can get ready for next year. As you know, IRS did a major overhaul of the W-4 in 2020. While some employees haven’t turned in new forms since then, the 2023 […]
Although IRS hasn’t yet issued final regs giving you extra time to distribute Forms 1095-C to employees, employers can be confident about the deadline. That’s because of a statement IRS made in the proposed regs, released December 6, 2021. First things first, what’s the upcoming deadline for getting Forms 1095-C to full-time employees? March 2, […]
The federal Work Opportunity Tax Credit (WOTC) could be a boost to your bottom line – a one-time credit up to $9,600 per qualified new hire. To be eligible for a WOTC, employers need to hire workers that qualify as belonging to a group of people that face significant barriers to employment, such as: unemployed […]
You’ve had a choice about whether to use the redesigned Form W-4P and new Form W-4R during 2022, but the withholding forms won’t be optional much longer. The draft version of Publication 15-T, Federal Income Tax Withholding Methods, states that the 2023 W-4P and W-4R should be in use on Jan. 1, 2023. Update: The […]
Form 1099-MISC and 1099-NEC deadlines are fast approaching, and you don’t want an IRS audit revealing that your company sent vendors the wrong form. Determining when to use 1099-NEC for payments of $600 or more to nonemployees can be tricky and 1099-MISC is a catch-all that many businesses like yours may still need to file. […]
As you’re getting ready for next year, don’t miss these state unemployment insurance (SUI) tax updates. Several states have announced a new taxable wage base – in some cases, it’s been lowered. Use this list to find out which states have made changes and which ones will require the same wage base for SUI tax […]
