Advice

Forms 1095-C/1094-C, which applicable large employers file with the IRS to report offers of group health coverage made to full-time employees, are information returns. Fail to file those forms outright and you’ll be liable for hefty information return penalties.
Does employee morale cost $36,233 if the money is going to your college kids who “work” in the family business? The Tax Court didn’t seem to think so.
The IRS tipped its hand on some key payroll-related tax issues and other potential changes at this year’s American Payroll Association Capitol Summit, held March 25 and 26, 2019, in Washington, D.C. Here’s the rundown.
Remember, the IRS is indifferent if your third party overpromises and underdelivers. You are still responsible for the payroll taxes that weren’t deposited or that were deposited in an incorrect amount.
The IRS first clarified the SALT cap for businesses in FAQs. But due to persistent questions, it’s created a safe harbor, which applies to charitable contributions made on or after Jan. 1, 2018.
If you’re taking the tax credit for paid FMLA leave provided to employees during 2018, the IRS has created new Form 8994, Employer Credit for Paid Family Leave, which is attached to your Form 1120.
Company executives who are responsible persons may be on the hook for 100% of their company’s undeposited payroll taxes. That’s bad enough. But there are worse fates out there for execs and companies that don’t take their payroll tax liabilities as seriously as the IRS does. Two recent cases are illustrative.
Following proposed regulations that were issued last year, final regulations prohibit employees from becoming independent contractors—either by quitting or being fired—to qualify for the 20% deduction for qualified business income.
The best year-end building block is a correct first-quarter Form 941. Here’s help.
A new federal law, the Substance Use–Disorder Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities Act (SUPPORT ACT), expands the Medicare-as-secondary-payer rule.