Draft 2024 Form W-3 Contains No Substantial Changes
Payroll Update Staff The IRS has issued a draft version of Form W-3 (Transmittal of Wage and Tax Statements) for the 2024 …
IRS Urges Employers to Protect Themselves By Hiring Trusted Payroll Service Providers
In a May 10 “Tax Tip,” the IRS is stressing to employers the importance of selecting a trusted third-party payroll …
IRS Clarifies Reimbursement of Unsubstantiated Medical Expenses Through FSA Included in Gross Income
A IRS Chief Counsel recently addressed an inquiry whether unsubstantiated medical expenses reimbursed by a health Flexible Spending Account (FSA) may be …
Form 1040 “800-Pound Gorilla” When It Comes to Employment Tax Modernization, Legal Expert Says
A former Associate Tax Legislative Counsel at the Treasury Department said the Form 1040 individual income tax return is the “800-pound …
IRS Issues 2023 Draft Form 941-X With Minor Changes As Backlog Continues to Grow
A few days before the IRS issued an April 2023 draft version of Form 941-X (Adjusted Employer’s Quarterly Federal Tax Return or …
Court Rules Insufficient Penalty Notice May Determine Payment as Deposit Not Subject to Additional Interest
Lisa B. Fagan The U.S. Court of Appeals for the Third Circuit has ruled whether a remittance is a deposit …
Employment Tax Payment Violations Result in Prison Time
A business owner in Miami, Florida will spend two and a half years in prison after willfully failing to remit …
Hot on the Hill: Proposed Legislation as of March 30, 2023
Ingrid Chawla Several pieces of proposed legislation introduced in the last the 118th Congress’ first session could significantly alter the American …
Director at IRS Says “Think Twice” Before Claiming Expired COVID-19 Employee Retention Credit
Christopher Wood During a payroll conference in Washington D.C. on March 20, a director at the IRS warned taxpayers to …
Small Businesses Seek to Provide Input on Paid Leave Discussions
Ingrid Chawla The Small Business Ecosystem Group, an industry group representing businesses including Etsy, Pinterest, Eventbrite, Patreon, and others, penned …