THE BEST WAY TO REPORT PAYROLL TAXES

The best way to report payroll taxes. In IRS bulletin IR-2022-103, the IRS put out information useful for small business owners who have to report payroll taxes. They urged small businesses to take advantage of the accuracy, speed and convenience of filing their payroll tax returns and making their tax payments electronically online. During National […]

SURPRISE TAX BREAK IN NEW RELIEF BILL

Surprise tax break in new relief bill. The coronavirus pandemic has brought the global economy to its knees, and lawmakers in Washington are pulling out all the stops to find ways to support hard hit Americans. Even after three rounds of legislation to stimulate the U.S. economy, there’s been discussion of still more proposals to […]

BILLIONS IN LOST REVENUE FROM BUSINESSES

Billions in lost revenue from businesses. The debate goes back and forth. Should businesses be given a tax cut to spur economic growth in times of slow growth, to only swell the deficit, and are the benefits of increased growth worth the risk of dealing with the debt down the road. The same argument happened […]

IRS REGULATIONS ON CHARITABLE CONTRIBUTIONS

IRS regulations on charitable contributions. Ever since the Tax Cuts and Jobs Act, passed by Congress and signed into law by President Trump, multiple new tax laws have created uncertainty and grey areas regarding the treatment of new taxes and old deductions. Some of these new regulations and laws have taken some time to get […]

ROTH 401K FOR IRS TAXES

Roth 401k for IRS taxes. If you are looking forward to a retirement spent paying hefty tax bills, a trend called the Roth 401 K has developed to help buy your ticket to happiness. Once you turn age 70 and a half, you are forced to start taking money out of your retirement plan, the […]