Government

Government Update: 2016_10

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES October 2016  ►UPCOMING WEBINARS See Webinars for Small Businesses for upcoming National and Local Webinars Click HERE for videos recently posted to the IRS Video Portal.   ►NEWS IRS Launches New Sharing Economy Resource Center on IRS.gov, Provides Tips for Emerging Business Area The IRS launched a new web page designed to help taxpayers involved in the sharing economy quickly locate the resources they need to help them meet their tax obligations. The sharing economy has changed how people commute, travel, rent vacation places and perform many other activities. Also referred to as the on-demand, gig or access economy, sharing economies allow individuals and groups to utilize technology advancements to arrange transactions to generate revenue fr...

2016_06 Government Update

Federal System Error Causes Some IRS Deposits to Reflect as Late Some late notices were incorrectly sent to employers regarding the May 31 (next-day depositors) and June 2 (semiweekly depositors) required deposits. Due to a programming error, the IRS’s system did not reflect Memorial Day as a national holiday. Employers are given an extra day to make a required deposit if the deposit’s due date is on a weekend or national holiday. Employers may receive a “Failure-to-Deposit Penalty” or “Notice of Incorrect Deposit, Penalty Waived” notice due to this error. If the employer receives a “Failure-to-Deposit Penalty” notice, a new notice will be sent to employers advising that the account was corrected and no penalty was owed. For employers receivi...

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