News & Analysis as of October 12, 2024

Payroll Taxes

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Income taxes are taxes that are collected on the individual earnings of persons or entities. Depending on the jurisdiction, income taxes are calculated and collected in a variety of ways. Some tax systems collect income taxes based on a progressive scheme, while others may utilize a proportional or regressive framework. less -

A Journey Through Subchapter S / A Review of The Not So Obvious & The Many Traps That Exist For The Unwary: Part VII –...

Foster Garvey PC on 6/6/2024

In the S corporation arena, tax advisors generally do not focus much attention on unreasonable compensation. As we delve into the issue in this Part VII of my multi-part series on Subchapter S, it will become apparent that...more

Update Your 2024 Tax Withholding to Avoid Year-End Surprises

Bowditch & Dewey on 2/22/2024

Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more

Uk to Repeal Off-payroll Working (Ir35) Rules

Morgan Lewis on 9/30/2022

The UK government’s “Growth Plan” (or “mini-budget”), delivered on 23 September, announced that the recent changes to the United Kingdom’s off-payroll working rules will be repealed with effect from April 2023....more

Update Your Tax Withholdings to Avoid Year-End Surprises

Bowditch & Dewey on 9/9/2022

During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more

Tax Court in Brief | Caldwell v. Commissioner | Employer Disability Compensation is Taxable Income to Employee

Freeman Law on 6/1/2022

Remote Work Tax and Compliance Considerations

Bowditch & Dewey on 1/28/2022

Many tax and compliance obligations apply when a company offers a remote work arrangement to employees in different states. STATE AND LOCAL EMPLOYEE TAX REQUIREMENTS - First, the company must work with its payroll provider...more

The Changing Face of Employer State Tax Reporting and Payment Obligations in the Coronavirus Telework "New Normal"

Foster Garvey PC on 10/2/2020

In the wake of the coronavirus pandemic, companies in wide-ranging industries across the country have unprecedented numbers of employees working from remote locations. In a prior post, we discussed numerous issues that may...more

New Guidance Regarding Deferral of Withholding of Employees’ Social Security Taxes

Ruder Ware on 9/3/2020

On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

Foster Garvey PC on 9/2/2020

On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more

IRS issues guidance on Social Security tax deferral

Bowditch & Dewey on 9/1/2020

On August 28, the IRS issued Notice 2020-65 to provide guidance on the President’s decision to allow deferral of the employee portion of Social Security taxes owing for the rest of 2020 for employees earning up to $104,000...more

Employers Have Little Incentive to Implement Social Security Tax Deferral Under New IRS Released Guidance

Partridge Snow & Hahn LLP on 9/1/2020

On Friday August 28th the IRS issued limited guidance on the payroll tax deferral that was part of President Trump’s August 8th executive order. Under IRS Notice 2020-65 (the “Notice”), employers are not required to withhold...more

Guidance on Directive to Defer Payroll Tax Obligations Leaves Unanswered Questions

Farella Braun + Martel LLP on 9/1/2020

On August 8, 2020, the President directed the Secretary of the Treasury to authorize the deferment of certain payroll tax withholding, depositing, and payment obligations otherwise incurred on wages and compensation paid...more

Social Security Taxes Could Be Deferred for the Rest of 2020

Bowditch & Dewey on 8/20/2020

Under the CARES Act passed on March 27, 2020, Congress allowed employers and self-employed workers to defer payment of their portion of Social Security taxes that will accrue between March 27 and December 31, 2020. Fifty...more

Coronavirus and Federal Payroll Tax Credits: Relief Available for Cannabis Companies

Farella Braun + Martel LLP on 5/27/2020

The cannabis industry rarely looks to the federal government for support. Yet the raft of fiscal relief addressing COVID-19 has caused some in the industry to wonder what options, if any, might be available for them. ...more

The Worlds of Sports and Tax Law Intersect During the COVID-19 Pandemic

Foster Garvey PC on 5/18/2020

During these trying times, especially with stay-at-home orders still in effect in most states, it is difficult not to over-focus on the uncertainty that lies ahead. Hopefully, we can find healthy distractions to refocus our...more

Federal Government Responds To Coronavirus with Tax Measures

Akerman LLP on 3/23/2020

The federal government has enacted two tax measures to combat the financial downturn resulting from the coronavirus pandemic. The President signed into law a bill that includes a 100 percent payroll tax credit for certain...more

Top 10 Tax Planning Tips for 2020

Chambliss, Bahner & Stophel, P.C. on 2/12/2020

Tax season is right around the corner, but good tax planning takes place all year long! See below for some of our favorite tips and tricks. These cover a variety of areas including charitable giving, estate tax exemptions,...more

Gross Receipts Taxes Face Policy and Legal Challenges

McDermott Will & Emery on 9/25/2019

As the economy shifts to a digital one, we are finding that states are turning toward unconventional revenue options. One trend we’re seeing is the surprising comeback of the gross receipts tax (GRT): • Oregon’s new...more

The New Section 199A 20% Profit Deduction for Pass-Through Businesses: A Case Study: Court Reporters

Burr & Forman on 10/23/2018

Congress enacted the new Section 199A 20% profit deduction for the owners of pass-through businesses, and which include Subchapter S corporations, LLCs, sole proprietorships, and even certain trusts. Section 199A is intended...more

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Income Taxes › Tax Liability › Payroll Taxes

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