IRS

Are your company’s 1099s and W-2s error-free? 4 best practices

Fri, 13 Dec 2019 01:00:00 -0500

Of all the strict IRS requirements your finance team strives to meet at year-end, accurate 1099s and W-2s hit the top of the list. The good news is...

2020 pension plan limits released by IRS: Your new numbers

Wed, 27 Nov 2019 03:00:00 -0500

IRS just issued new pension plan limits for next year. And the overwhelming majority are going up over this year’s numbers. The year-end updates just keep on coming...

Virtual currency: IRS issues additional guidance on tax treatment and reminds taxpayers of reporting obligations

Tue, 29 Oct 2019 02:00:00 -0400

As part of a wider effort to assist taxpayers and to enforce the tax laws in a rapidly changing area, the Internal Revenue Service today issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. Expanding on guidance from 2014...

Social Security taxable wage base for 2020 released

Thu, 24 Oct 2019 00:00:00 -0400

The Social Security Administration (SSA) just issued the taxable wage base for 2020. And it’s higher than what was predicted back in the spring. The magic number Payroll needs...

2020 Payroll Taxes Will Hit Higher Incomes

Thu, 17 Oct 2019 03:00:00 -0400

Starting Jan. 1, 2020, the maximum earnings subject to the Social Security payroll tax will increase by $4,800 to $137,700—up from the $132,900 maximum for 2019, the Social Security Administration (SSA) announced Oct. 10. The SSA also posted...

Here Are All 50 U.S. States Ranked by Tax Friendliness. I Promise You'll Find Some Big Surprises

Wed, 16 Oct 2019 03:00:00 -0400

I live in New Jersey. It's a complete accident. When I got together with my wife, I was the one who owned a business and who could work from anywhere, so I moved here instead of our having her move to me. Then...

These Billionaires Want The Ultra-Wealthy To Pay More In Taxes

Tue, 15 Oct 2019 02:00:00 -0400

A 70% marginal tax rate. A 77% estate tax. A 3% tax on every dollar over $1 billion of net worth. As various plans to tax the ultra-rich gain steam in American political discourse...

Maximum Social Security Taxes Will Increase 3.6% While Benefits Will Rise 1.6% In 2020

Fri, 11 Oct 2019 00:00:00 -0400

The Social Security Administration announced key numbers that affect workers and retirees today—a substantial increase in the wage base for workers and a modest increase in benefits for retirees.

First...

Featured Resource: Employee Expense Reimbursements: Compliance Workshop

Fri, 04 Oct 2019 00:00:00 -0400

The legal and financial risks of mishandling employee expense reimbursements have spiked in recent years. And the IRS is in the middle of a wide-ranging audit crackdown on employment-tax issues.

The major sales tax trend affecting Finance now

Thu, 03 Oct 2019 04:00:00 -0400

Right now, there’s a notable sales tax trend sweeping through states. And if your company hasn’t been impacted yet, it will be soon.

States are changing their tune on who can pay sales tax on purchases. Many have passed laws allowing...

The most common tax problems for 2020

Thu, 15 Aug 2019 01:00:00 -0400

We’re roughly halfway through 2019, which means the 2020 tax season will soon be upon us. But rather than wait until next March or April to think about their tax returns, taxpayers — and their advisors — should...

IRS Introduces New Tax Withholding Estimator To Help Taxpayers Avoid Surprises In 2020

Wed, 07 Aug 2019 04:00:00 -0400

Remember all of the times that the Internal Revenue Service (IRS) reminded you to do a payroll checkup (like this one)? And remember that you didn’t? The IRS is hoping you’ll reconsider this year. The agency has launched a new Tax Withholding Estimator that they hope will make it easier for everyone to figure the right amount of tax withheld during the year...

New IRS rule changes your year-end prep

Fri, 02 Aug 2019 04:00:00 -0400

Your company will soon be able to take a new step to protect employees’ sensitive info at year-end – IRS just issued a final rule that lets employers voluntarily truncate employee Social Security numbers (SSNs) on W-2s.

This isn’t the first change...

4 compliance changes for Finance in the new Taxpayer First Act

Mon, 22 Jul 2019 04:00:00 -0400

Prepare your finance staffers now: Year-end may soon look different than it has in the past, thanks to the just-signed Taxpayer First Act.

The new federal law seeks to improve and modernize IRS for the first time in decades, as well as improve taxpayer security in the wake of massive spikes in identity theft and other security threats.

And...

Manufacturers Leaving Money On Table After Corporate Tax Reform

Tue, 18 Jun 2019 02:00:00 -0400

Many U.S. manufacturers are leaving money on the table — some of it significant — by not optimizing the provisions of the Republican tax-reform act of 2017, a leading corporate-tax expert told...

Top Resource: 2019 Compliance Guide for CFO's

Mon, 10 Jun 2019 00:00:00 -0400

Paycor’s 2019 Compliance Guide for CFOs is a step-by-step action plan designed to focus on the four major topics in compliance. As part of our commitment to help CFOs make a difference in their organization, we’ve published deep dives like this one to help you avoid fines and maintain compliance.

Download Paycor’s guide for actionable tips on how you can avoid major fines and stay compliant in 2019.

IRS audit survival guide: 4 compliance keys for Finance

Tue, 28 May 2019 02:00:00 -0400

Few things are quite as headache-provoking as the thought of IRS auditors scrutinizing your company’s financial records, one by one.

Of course...

How Long Should You Keep Your Tax Records?

Mon, 29 Apr 2019 02:00:00 -0400

In the immortal words of Reverend Lovejoy, "short answer, yes with an if. Long answer, no with a but." This is going to be one of those articles.

How long should you keep your tax records?...

Phishing Schemes Top List of IRS Dirty Dozen Tax Scams For 2019

Thu, 28 Mar 2019 04:00:00 -0400

With just a few weeks until Tax Day, the Internal Revenue Service (IRS) is reminding taxpayers to be on the lookout for tax scams. The IRS has issued its annual “Dirty Dozen” list of tax scams, highlighting a variety of schemes. The common thread, according to the IRS: Scams put taxpayers at risk.

Taxpayers can fall victim to these scams at any time, but...

A First Step: Senators Introduce Bill To Fix Costly Depreciation Mistake In GOP Tax Law

Mon, 18 Mar 2019 04:00:00 -0400

Imagine you're the proud owner of Los Pollos Hermanos, a fast-food empire with 14 locations in the American southwest that you've built on the twin pillars of perfectly seasoned fried chicken and meticulously maintained restaurants.

The year is 2018, and...

Made-In-America Tax Break Not Enough to Spur Reshoring, Experts Say

Thu, 07 Mar 2019 03:00:00 -0500

The U.S. is giving American exporters a sizable tax break on the goods and services they sell overseas. But the benefit might not be enough to convince Corporate America to expand its U.S. operations beyond what it was already planning.

Instead...

IRS offers new guidance on correcting HSA deduction errors

Mon, 04 Mar 2019 02:00:00 -0500

You know it’s a great one-two punch for containing healthcare costs: Pair a high deductible health plan (HDHP) with a health savings account (HSA). These days...

Save more money with sales tax exemptions: 4 keys

Fri, 01 Mar 2019 03:00:00 -0500

To cut costs whenever and wherever possible, your finance staffers must be able to recognize purchases that qualify for sales and use tax exemptions. But that’s easier said than done.

Even B.J. Pritchett, president of Pritchett Sales & Use Tax Consulting, admits that...

On Presidents Day, A Look At How Much Influence Presidents Have On Your Taxes

Mon, 18 Feb 2019 02:00:00 -0500

“Read my lips: no new taxes.” Those few words, uttered by then-American presidential candidate George H. W. Bush at the 1988 Republican National Convention on August 18, became a hallmark of Bush’s presidency. When taxes did go up - a move made by Congress - voters were angry and blamed the President. But how much influence do most U.S. Presidents have over taxes?...

The IRS Tool You Need To Know About If You Are E-Filing Your Tax Return

Mon, 18 Feb 2019 01:00:00 -0500

Are you planning to file your tax return electronically? Be sure to have last year’s tax return (or tax info) handy if you’re filing for the first time or if your software requires validation of electronic signatures. But if you don’t...

Amazon To Pay $0 In Federal Taxes In 2019: Report

Fri, 15 Feb 2019 02:00:00 -0500

The tech giant reportedly used various tax breaks and credits to claim a $129 million rebate on $11 billion in profits last year.

Amazon almost doubled its profits from $5.6 billion in 2017 to $11.2 billion in 2018, but the company isn’t expected to pay...

Feds offer guidance on handling W-2 errors … after you’ve filed them!

Fri, 08 Feb 2019 00:00:00 -0500

So your Payroll team got those W-2s filed by the Jan. 31 deadline — and then a staffer found an error. Or two.

Fear not: The Social Security Administration (SSA) just issued guidance to help you correct those mistakes electronically after they’ve been filed.

Of course...

Sales and use tax compliance: What to expect in 2019

Mon, 04 Feb 2019 04:00:00 -0500

Last year, you saw sales and use tax became increasingly complex with major taxability changes and more state-by-state rules. And that trend is only going to continue into this year.

So say the tax experts at Avalara who just released the new 2019 Sales Tax Changes Guide.

Here are the highlights that your A/R and A/P teams need to stay compliant.

Yes, Your Tax Refund Will Likely Be Delayed

Mon, 04 Feb 2019 00:00:00 -0500

While the initial drama of the government shutdown is now past us (even though another is looming), there is still drama impacting many Americans - and it has to do with their tax refunds.

The initial start of tax season was Monday, with the IRS telling consumers that they began accepting e-filed returns on January 28, 2019. But...

Yes To Refunds, No To Audits: What To Expect From IRS During The Shutdown

Thu, 17 Jan 2019 04:00:00 -0500

As the shutdown rolls on, taxpayers have been left wondering: What does it mean for tax season? Earlier this month, the Internal Revenue Service (IRS) announced that tax season would open on time (January 28, 2019) and...