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...
The government requires that all employers file and pay their taxes in a timely manner. This includes making federal tax deposits and filing an annual 940 or 940EZ, filing quarterly 941 forms, filing annual 945 forms, and filing annual W-2 wage and tax statements for...
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...
Let's say you own a string of restaurants in Maryland and adjacent states, and you have hundreds of employees at all of those locations. Many of those employees earn tips as a part of their standard compensation. Obviously, the exact amount earned varies dramatically...
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...
