Government

FAQ: How long to keep tax records? 

Safekeeping tax records helps for future filing, amended returns, audits WASHINGTON — With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents. This is the seventh in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 filing season. The IRS generally recommends keeping copies of tax returns and supporting documents at least three years. Employment tax records should be kept at least four years after the date that the tax becomes due or paid, whichever is later. Tax records should be kept at least seven years if a return claims a loss from worthless securities or a bad debt de...

IRS News: 2018_10

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES October 2018 ►UPCOMING WEB CONFERENCES IRS Web Conference – Understanding the Basics of Virtual Currency – is Now Available on Demand. IRS Web Conference – Understanding the Basics of the Dark Web – is Now Available on Demand. Please check Webinars for Small Businesses for upcoming webinars. ►TAX REFORM IRS statement on Form W-4 • Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the Form W-4 will be similar to the current 2018 version. A new draft version of the W-4 for 2019 will be available in the coming weeks. • The IRS will continue w...

IRS News: 2018_08

IRS tells taxpayers to do a “paycheck checkup” After filing tax returns, many people put taxes far out of their mind. However, the IRS urges these taxpayers to visit the Withholding Calculator on IRS.gov and do a “paycheck checkup.” Doing so will help them make sure their employers are withholding the correct amount of taxes from their paychecks. The Tax Cuts and Jobs Act was passed last year, and it included many tax law changes. Taxpayers who calculate their tax payments throughout the year in order to receive a refund at tax time should check to see how the new tax law affects them. A “paycheck checkup” can help taxpayers apply the new law changes to their situation. Here are some of the changes that affect taxpayers who received a refund this year, but also many other people: • The law...

IRS News: 2018_06

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES ►TAX REFORM Law change affects moving, mileage and travel expenses  The IRS provided information to taxpayers and employers about changes from the Tax Cuts and Jobs Act that affect: move related vehicle expenses; un-reimbursed employee expenses; and, vehicle expensing. Two-income families, taxpayers working multiple jobs should check withholding amount The IRS urges two-income families and those who work multiple jobs to complete a “paycheck checkup” to verify they are having the right amount of tax withheld from their paychecks. Save www.irs.gov/taxreform as a favorite. ►OTHER NEWS Tips for Taxpayers Who Need to Amend a Return Taxpayers who discover they made a mistake on their tax returns after filing can file an amended tax return to correct it. ...

IRS News: 2018_05

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES May 2018  ►UPCOMING WEB CONFERENCES  National Small Business Week Webcasts Wednesday, May 2 Pay Now? Pay Later? Can’t Pay? Thursday, May 3 Small Biz Resources @ Your Fingertips Friday, May 4 Pay Check Check-Up  ►TAX REFORM IRS urges ‘Paycheck Checkup’ for key groups; tax withholding may need adjustment Following the recent tax law changes, it’s especially important for certain people to use the Withholding Calculator on IRS.gov to check if they are having the right amount of withholding. Among the groups who should check their withholding are people who: Belong to a two-income family. Work two or more jobs or only work for part of the year. Have children and claim credits such as the Child Tax Credit. Have older dependents, including children age 17...

USDOL Launches Payroll Audit Independent Determination (PAID) Program

The Wage and Hour Division (WHD) of the U.S. Department of Labor is today launching a new nationwide pilot program, the Payroll Audit Independent Determination (PAID) program. PAID facilitates resolution of potential overtime and minimum wage violations under the Fair Labor Standards Act (FLSA). The program’s primary objectives are to resolve such claims expeditiously and without litigation, to improve employers’ compliance with overtime and minimum wage obligations, and to ensure that more employees receive the back wages they are owed—faster.  Under the PAID program, employers are encouraged to conduct audits and, if they discover overtime or minimum wage violations, to self-report those violations. Employers may then work in good faith with WHD to correct their mistakes and to quickly p...

IRS wraps up ‘Dirty Dozen’ list of tax scams for 2018

IRS YouTube Videos: Dirty Dozen – English | Spanish | ASL Tax Scams: English | Spanish | ASL IR-2018-66, March 21, 2018 WASHINGTON — The Internal Revenue Service today concluded its annual “Dirty Dozen” list of tax scams with a warning to taxpayers to remain vigilant about these aggressive and evolving schemes throughout the year. This year’s “Dirty Dozen” list highlights a wide variety of schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. The schemes can run the gamut from simple refund inflation scams to technical tax shelter deals. A common theme throughout these: Scams put taxpayers at risk. Taxpayers need to guard against ploys to steal their personal information. And they should be wary of shady promoters trying to...

IRS News: 2018_03

We are pleased to provide you with IRS news and information. We hope that the information will be helpful ►UPCOMING WEB CONFERENCES Please check  Webinars for Small Businesses for upcoming National and Local Webinars. Click HERE for webinars and videos recently posted to the IRS Video Portal. ►NEWS To Help Taxpayers, IRS Clarifies Some Common Early Filing Season Myths Myth 1: All Refunds Are Delayed Myth 2: Delayed Refunds, those Claiming EITC and/or ACTC, will be Delivered on Feb. 15 Myth 3: Ordering a Tax Transcript a “Secret Way” to Get a Refund Date Myth 4: Calling the IRS or a Tax Professional Will Provide a Better Refund Date Myth 5: Calling the IRS is the Most Convenient Way to Get Answers to Tax or Refund Questions Myth 6: The IRS will Call or Email Taxpayers about Their Refund 201...

IRS News: 2018_02

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES February 2018 ►UPCOMING WEB CONFERENCES   See Webinars for Small Businesses for upcoming National and Local Webinars  Click HERE for videos recently posted to the IRS Video Portal. ►NEWS IRS, States and Tax Industry Warn Employers to Beware of Form W2 Scam: Tax Season Could Bring New Surge in Phishing Scheme •Number of victims in 2016: 100. • Number of victims in 2017: 200, which translated into hundreds of thousands of employees who had their identities compromised. Resources for Tax Law Changes • Major tax changes approved by Congress became law on December 22, 2017. The IRS is working on implementing this major tax legislation that will affect both individuals and businesses. We will provide information and guidance to taxpayers, businesses ...

IRS News: 2018_01

We are pleased to provide you with IRS news and information. We hope that the information will be helpful. Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February | Internal Revenue Service The Internal Revenue Service released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month IRS Selects New Advisory Council Members 2018 | Internal Revenue Service The Internal Revenue Service today announced the appointment of seven new members to the Internal Revenue Service Advisory Council (IRSAC) Security Summit Partners Warn Tax Pros of Heightened Fraud Activity as Filing Season Approaches | Internal Revenue Service The Internal Revenue Service, state tax agencies and t...

IRS News: 2017_11

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES November 2017 ►UPCOMING WEB CONFERENCES Tuesday December 7 – Racing Towards Year End: Employment Tax Reminders 120 minutes long (includes Q&A), 2-hour CE for tax pros (Federal Tax) 1 p.m. Eastern (closed captioning offered) REGISTER HERE During this web conference, representatives from SSA and IRS will present information on the following topics: IRS: • W-2 Verification Code Pilot • Data protection and what to do if you experience a data breach; Identity theft and data security breach scams & schemes • Navigating the IRS web site to find information payroll professionals need Social Security Administration: • Business Services Online – What is it • Business Services Online Registration • W-2 Online • Filing Forms W-2 Electronical...

State & Local Government Updates 2017_10

Alaska Minimum Wage – Effective January 1, 2018, the minimum wage will increase from $9.80 to $9.84 per hour, per the state’s labor department Payroll Tax Withholding May Come to Alaska – Alaska Governor Bill Walker has proposed a 1.5% payroll tax for all Alaska residents and non-residents working in the state. The tax, also referred to as a head tax, will impose the 1.5% tax on employee wages on the higher of a $2,200 cap or twice the previous year’s Permanent Fund Dividend amount. The governor states that the legislation is being considered due to revenue that has been lost due to falling oil prices. The new tax would help to pay for public services, such as state troopers, transportation initiatives, and teacher salaries. Although the legislation has not been passed at this time, the ta...

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