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Tax laws require employers to withhold income, Social Security and Medicare taxes from employee pay and to remit those taxes to the federal government. Employers who fail to pay withheld taxes to the government face potentially significant penalties. In some cases,...
To address some of the economic disruption caused by the pandemic last year, collection of the 6.2 percent employee payroll tax was delayed in accordance with a presidential executive action. On Jan. 19, the Internal Revenue Service announced that it extended the...
There are a few seemingly legitimate reasons a business may fall behind on employment tax payments to the IRS. During an economic downturn, for example, maybe depositing withheld employment taxes was not financially feasible. The business may plan to make it up later,...
Payroll taxes make up about 2/3 of the IRS' annual revenue. With the COVID-19 pandemic sweeping the globe and unemployment at an all-time high, the IRS is expecting a significant decline in this revenue, meaning after the panic has ended, they will need to replenish...
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...
If you are a business owner, you are likely aware of the peaks and valleys in revenue that are inherent during the operation of the business. Because of these fluctuations, it is often tempting to delay paying bills and other obligations during times when revenue is...
As a small business owner, you know firsthand the financial pinch that comes from having to budget for employment taxes. As your focus is on the bottom line of your business, it can be easy to fall behind on these taxes if you are not careful.One of the more serious...
As a small business owner, you know firsthand the financial pinch that comes from having to pay employment taxes. As your focus is on the bottom line of your business, it can be easy to fall behind on these taxes if you are not careful.One of the more serious mistakes...
