March 2020 Archives

New IRS program suspends installment agreements, other rules

In the wake of the COVID-19 pandemic, the Internal Revenue Service has created a program designed to assist people who may be having challenges with filing their taxes during this uncertain time. The program, called the IRS People First Initiative, will include a variety of actions, and an exact timeline for when these actions will be implemented is expected in the coming weeks. 

Are you eligible to take a foreign tax credit?

The IRS just recently announced the final regulations that can aid taxpayers in determining their eligibility and calculations for foreign tax credits. The changes have come in response to the Tax Cuts and Jobs Act as well as the need to develop regulations for foreign tax credit issues that have arisen, such as the apportionment of R&D costs and foreign tax redeterminations determined under Section 905 of the tax code.

Failing to stay on top of payroll taxes can get your company into hot water

Understanding payroll tax withholding is crucial for business, not only to ensure the employees are making appropriate contributions, but also to prevent problems with the IRS. As an employer, your company's payroll tax withholding is a legal obligation and it is your responsibility to ensure the withheld taxable portions are paid in a timely manner. The amount of taxes to be withheld will be based on your employee's W4 forms submitted to the federal, state and, in some places, city taxing authorities.

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