IRS Tag

WASHINGTON ― The Internal Revenue Service is reminding employers that the deadline for filing employee Forms W-2, Wage and Tax Statement, for calendar year 2017 is January 31, 2018. This includes Forms W-3, Transmittal of Wage and Tax Statements. In addition, reporting payments to contract workers...

The IRS has announced the following cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2018 tax year [IR 2017-177; Notice 2017-64, 2017-45 IRB ]. Elective deferrals. The limitation on the exclusion for elective deferrals under Code Sec. 402(g)(3) will increase...

The Social Security Administration and the IRS have issued a joint publication that offers valuable pointers for employers who want to clean up their old payroll files. In most (but not all) cases, that means following a four-year retention rule. The publication cautions that failure to...

The IRS has updated a fact sheet that explains the differences between tips and service charges [Fact Sheet 2017-8, 4/25/2017]. Tips Definition   Tips are discretionary (optional or extra) payments determined by a customer that employees receive from customers. Tips include: (i) cash tips received directly from customers;...

Payroll and taxes are a necessary evil for all businesses if they want to stay afloat. Payroll Partners wants to remind existing clients of the following payroll taxes paid and reports filed on a quarterly basis: Employer’s Quarterly Federal Tax Return (Form 941)   Filing the Form: Form...

Many businesses nowadays get in trouble for not properly identifying and differentiating employees from independent contractors. Defining what it means to be an employee or independent contractor can be tricky. According to the IRS, an organization must withhold income taxes, withhold and pay Social Security and...