by Steven J Weil, PhD, EA, LCAM | Feb 17, 2023 | Blog, Business Tax, Payroll Preparation, Personal Tax
You don’t need paper copies of your return. Electronic copies will work just fine. You do need your electronic files in a format that does not allow easy alteration. PDFs and TIFFs are preferred and can be used to keep not only for returns but also as receipts and...
by Steven J Weil, PhD, EA, LCAM | Jun 11, 2021 | Blog, Payroll Preparation
Some Key West Restaurants recently found out that the Department of Labor means business when they were assessed $162,000 is back wages for overtime violations. Employers need to keep good records of hours worked, comply with wage and hour regulations and properly pay...
by Steven J Weil, PhD, EA, LCAM | Sep 4, 2020 | Blog, Covid-19, Payroll Preparation
On September 3rd, the IRS held a teleconference for the payroll industry regarding the postponement (commonly referred to as deferral) of the employee’s share of Social Security tax. The conference allowed the IRS to clarify information provided in Notice...
by Steven J Weil, PhD, EA, LCAM | Aug 29, 2020 | Blog, Business Tax, Payroll Preparation
08/29/2020 – Last night the IRS Issued Notice 2020-65 dealing with the employee social security tax deferral announced by the president on August 8, 2020, in a Memorandum to the Secretary of State. The Memorandum directed the Secretary of the Treasury to use his...
by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | Business Tax, Covid-19, Payroll Preparation
Small and midsize businesses can swiftly recover the costs of providing Coronavirus-related paid leave for employees. This is done by using one or two new refundable payroll tax credits. The Paid Sick Leave credit and the Paid Family Leave credit are designed to...
by Steven J Weil, PhD, EA, LCAM | Sep 23, 2019 | Business Tax, Payroll Preparation
Written by IRS | Posted in Workers Classification Rules Significant tax consequences result from the classification of a worker as an employee or independent contractor. These consequences relate to withholding and employment tax requirements, as well as the ability...
