Dozens of IRS employees who "willfully" cheated on their taxes remain working for the agency, and some were even hired back after their tax evasion, an inspector general reported Monday.
Payroll taxes are taxes imposed on employers or employees, and are usually calculated as a percentage of the salaries that employers pay their employees. By law, some payroll taxes are the...
Getty ; On August 8, 2020, President Trump issued a directive to the Department of Treasury to allow for the deferral of payroll taxes for the period of September 1, 2020, through December 31, 2020. Details were scarce, but a few days later, Treasury Secretary Steven Mnuchin suggested to Fox Business' Maria Bartiromo that the deferral would be voluntary. Today, the Department of Treasury and Internal Revenue Service (IRS) finally issued official guidance for taxpayers. For many, it raised more q...
The payroll tax is 6.2%, according to the IRS. The order will temporarily cut those taxes for workers who earn less than $4,000 biweekly, or less than $100,000 annually. What the order...
The economic stimulus bill, which received final congressional approval on Friday, would let qualifying businesses delay when they have to pay their share of payroll taxes. Here's what that means.
Employers are generally responsible for withholding and depositing the payroll tax. If the employer doesn’t withhold employees’ share of taxes and the IRS can’t collect them, then the...
The IRS continues to make progress on its inventory of tax returns, payments, refunds, and correspondence. However, some sectors are still experiencing delays. Here's where things stand. The IRS says it has processed all paper and electronic individual returns received before April 2023, and they are opening mail within normal time frames. This means they have processed all returns for the tax year 2021 or earlier if those returns had no errors or did not require further review. As of July 8, 20...
The Failure to Deposit Penalty applies to employers that don’t make employment tax deposits: Employer-paid taxes include federal income tax, Social Security and Medicare taxes and Federal Unemployment Tax. Employers must send employment tax deposits to the IRS on a monthly or semi-weekly schedule. The penalty you pay is a percentage of the taxes you did not deposit on time, in the right amount or in the right way. We send you a notice or letter if you owe the Failure to Deposit Penalty. For mo...
The Trust Fund Recovery Penalty is one example of the legal ramifications of not collecting, accounting for and paying payroll taxes to the IRS when required. "Enforcement is never our...
IR-2024-273, Oct. 22, 2024 WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed...