2018 - Page 17 of 17

Jan
23
2018

2018 W-4 Forms – Delayed Release Update

Employers: Withholding guidance coming soon. With the new tax law now in place, Form W-4 will need to be substantially revised. On Dec. 26, the IRS announced it is working on withholding guidance and anticipates issuing it this month. Employers and payroll companies will be encouraged to implement the changes in Feb. The IRS stated the information will be designed to work with W-4 forms already filed. Use of the new withholding tables will allow employees to see changes in their paychecks as early as Feb.

Jan
22
2018

IRS Warns of Tax Scam with Fake W-2 Forms

IRS Warns of Tax Scam with Fake W-2 Forms http://bit.ly/2n3aVeR

Jan
18
2018

Dates to remember for the 2018 Tax Filing Season

The 2018 tax filing season will begin on Jan. 29, the IRS announced. That’s the date the IRS will begin accepting electronic and paper returns (though many tax professionals and software companies will accept returns earlier). Processing returns will begin in mid-Feb. The earliest that refunds claiming the earned income credit or additional child tax credit will be available will be Feb. 27. The IRS expects over 90% of refunds to be issued within 21 days.

Jan
16
2018

Tax Court upheld an IRS decision regarding Lump Sum Social Security Benefits

A couple must pay tax on a lump sum Social Security benefit. The U.S. Tax Court upheld an IRS decision that a married couple should have included in their gross income a lump sum, which the husband had received in the year at issue. It included past-due benefits that had accrued during years while the husband was awaiting a decision on his disability claim. The taxpayers argued that if they’d received the payments over a three-year period as they accrued,

Jan
11
2018

Filing Deadlines for forms W-2 and 1099

Businesses: Don’t forget the upcoming deadline for wage statements and independent contractor forms. Employers are required to file their copies of Form W-2 and Form W-3 with the Social Security Administration by Jan. 31. This deadline also applies to certain Forms 1099-MISC filed with the IRS to report nonemployee payments to independent contractors. An extension of time to file is no longer automatic, and the IRS will only grant extensions for very specific reasons. “Failure to file these forms correctly and timely may result in penalties,” the IRS stated.