Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and […]
What employers need to know when classifying workers as employees or independent contractors
It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control what will be done and how it […]
IRS recognizes Small Business Week: Resources available to help employers
WASHINGTON — During National Small Business Week, the Internal Revenue Service wants small business owners to know that information and resources to help them understand and meet their tax obligations are available free at IRS.gov. Small businesses play a pivotal […]
IRS reminds business owners to correctly identify workers as employees or independent contractors
WASHINGTON — During National Small Business Week, the Internal Revenue Service reminds business owners that it’s critical to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered to be anyone who performs […]
Taxpayer can protect themselves from scammers by knowing how the IRS communicates
If the IRS does call a taxpayer, it should not be a surprise because the agency will generally send a notice or letter first. Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be […]
Important additional guidance for employers claiming the employee retention credit
The IRS recently issued further guidance on the employee retention credit. This includes guidance for employers who pay qualified wages after June 30, 2021, and before January 1, 2022, and guidance on miscellaneous issues that apply to the employee retention […]
Avoid Phishing Emails
Here is a video tax tip from the IRS: Avoid Phishing Emails English | Spanish | ASL Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL. www.youtube.com/irsvideos www.youtube.com/irsvideosmultilingua www.youtube.com/irsvideosASL
Taxpayers may receive a refund for taxes paid on 2020 unemployment compensation
The IRS is reviewing tax returns filed before the American Rescue Plan of 2021 became law in March to determine the correct taxable amount of unemployment compensation and tax. For eligible taxpayers, this could result in a refund, a reduced […]
Filing payroll taxes electronically makes good business sense
Running a business with employees can be hard work. One way business owners can make things a little easier on themselves is by filing payroll and employment taxes electronically. There are several benefits to filing these forms electronically:• It saves time.• It’s […]
Homeownership and taxes: Things taxpayers should consider when selling a house
It’s important for taxpayers to understand how selling their home may affect their tax return. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some key […]