What Other Tax Responsibilities of Employers Exist?
The responsibilities of employers don’t end when the paycheck has been issued; they are also responsible for: Paying the company's share of payroll taxes. This includes Social Security, Medicare, FUTA, and state unemployment taxes.Depositing the money withheld from...
What Are Voluntary Deductions?
These deductions are only made if the employee agrees to them. This money pays for different benefits that the employee has elected to participate in. Examples include health and life insurance premiums, employee stock purchase plans, retirement contribution plans,...
What Are The Different Taxes Withheld?
Employers withhold taxes from their employees’ paychecks and hand this money over to the various tax agencies. These deductions include:Federal Income Tax: The rate of tax is based on the tables found in Publication 15.Social Security Tax: The tax rate for Social...
What if I Make a Mistake On My Tax Form?
Tax Mistake If you make a mistake on your information return, you need to file for a correction as soon as possible. You will need to read more on amending mistakes at the IRS website. Alternatively, you can get in touch with an accountant today and ask for advice....
Can I get an Extension on my Tax Filing Deadline?
If you believe you will be late when it comes to filing your information return, ask for a 30-day extension by submitting Form 8809. You can also make the request in writing to the IRS office in Kearneysville, West Virginia. Get Professional Accounting Help! For...
Are There Penalties For Filing Late?
Information return reporting requirements have been in place for many years, but the IRS has recently become stricter when it comes to enforcement. Penalties for late filing have been significantly increased, and you could now be hit with a $200 fine for a late or...
Which Information Returns Do I File?
There are different information returns for a variety of transactions. The process can be confusing; for example, there are 12 1099 forms that are all used for different purposes. It is a good idea to look for advice from a respected accountant in Arizona if you don’t...
When Do I File Business Information Returns in Arizona?
You normally need to file any of the 1099 forms with the IRS by Feb. 28, but recipients should receive copies by Jan. 31. The reporting requirements can be rather complicated. One part of the process involves obtaining a W-9 (Request for Tax ID Number) from any payee...
Reportable Transactions for Filing Information Tax Returns
You will need to go to the IRS website to view the list of 120 transactions that must be reported, along with the forms that must be used. Please note, this is not an exhaustive list, so even if a certain transaction is not included, it doesn’t mean you can avoid...
What is an ‘Information Return’?
An information return is a tax document that must be completed if you are engaged in a business or trade, whether it is classified as a corporation, estate, individual, trust, or partnership, if you make a reportable transaction during a calendar year. This document...