Monthly Archives: July 2014

New look to TINs/EINs to prevent identity theft or refund fraud

The IRS continues to ramp-up its work to fight identity theft/refund fraud and recently announced new rules allowing the use of abbreviated (truncated) personal identification numbers and employer identification numbers. Instead of showing a taxpayer’s full Social Security number (SSN) or other identification number on certain forms, asterisks or Xs...
Read more

Is your business failing to pay payroll taxes (or, “trust fund taxes”)?

As an employer, you are responsible for making sure that federal income and payroll taxes are withheld properly.  These are called trust fund taxes, which we’ll discuss shortly.  But what’s most important is that you are facing massive penalties if you don’t withhold these taxes properly – and many businesses...
Read more

July 2014 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This tax compliance calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of July 2014. July 2 Employers. Semi-weekly depositors must deposit...
Read more

FAQ: What is the self-employment tax?

Taxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid by employees and employers on compensation from employment. Like FICA taxes, the self-employment tax consists of taxes collected for Social Security and for...
Read more
< !-- {/literal} END JIVOSITE CODE -->