IRS Trust Fund Recovery Penalty
If you have the duty to collect and pay employment taxes, this article is a must read. Every time an employer pays an employee, they withhold a percentage for contributions for Medicare and Social Security, also known as FICA (Federal Insurance Contributions Act), and income tax. The income tax withholdings are known as Trust Fund […]
Coronavirus Business Help Center
Struggling companies can now defer paying a portion of their payroll taxes to the IRS according to the multi-trillion-dollar economic stimulus package that cleared Congress on Friday. Companies will still be required to collect and pay each employee’s share to the IRS. “Companies would still be withholding from paychecks and remitting that to the IRS […]
Federal Tax Deadlines Extended & Tax Relief Programs During COVID-19
The IRS has been tasked with collecting an unprecedented amount of taxes owed to fund the COVID-19 stimulus packages totaling more than $2.2 trillion ($2,200,000,000,000). The following release includes more information about the Federal tax payment deadline extension and related tax relief programs, as well as more information about what the stimulus packages mean for […]