Draft of April 2024 Version of Form 941-X and Instructions Released
The IRS released drafts of Form 941-X and its instructions with an April 2024 revision date. Form 941-X. Employers use Form 941-X to correct …
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IRS Updates Substitute Form 941, Schedules, and 8974 Specifications
The IRS has released updated guidance for specifications for substitute Form 941 (Employer’s Quarterly Federal Tax Return), Schedule B (Form …
Shift Workers May Be Affected by March 10 Daylight Savings Time Change
Daylight savings time begins at 2:00 a.m. on March 10, when clocks are set ahead by one hour across most …
Leap Year May Cause Extra Paydays
A leap year is a calendar year that contains an additional day compared to a common year. The 366th day …
PayrollOrg Encourages United Nations to Develop AI Guidelines in Payroll to Identify Potential Biases
In a letter to the United Nations (UN) Office of the Secretary-General’s Envoy on Technology, PayrollOrg (PAYO) encouraged the global organization to develop …
Draft 2024 Form W-2 Instructions Note E-Filing Threshold Change and New Box 12 Code
The draft 2024 IRS Form W-2, Wage and Tax Statement, instructions note the threshold change for the electronic filing of several information …
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FASB Decision Not to Consider Eliminating Held-to-Maturity for Debt Securities Disappoints Investor Advocates
Some investor protection advocates expressed disappointment following the Financial Accounting Standards Board’s (FASB) decision last week not to add a …
With Audit Deficiency Rates Rising, SEC Chief Accountant Calls on Auditors to Step Up
The Securities and Exchange Commission’s (SEC) top accountant Paul Munter is urging external auditors of public companies to do a …
IRS to Shutdown Business Filing Tuesday, December 26
In a Quick Alert for Tax Professionals, the IRS announced that it will shut down its modernized e-filing system (MeF) for …