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Last week’s tax reform proposal from the Trump administration would cut the tax rate for “Pass-Through” businesses to 15% which will create opportunity for savings, and for abuse. Proponents of the plan claim that the reduction in business tax expenses will be followed by those businesses building, growing, and hiring at an accelerated rate relative
IRS Announces Payroll Tax Initiative The IRS recently announced the introduction of a new program specifically designed to help businesses with payroll tax compliance. This plan of action, called the Early Interaction Initiative, is designed to identify and notify employers who fall behind on their payroll tax obligations. Once identified, the program includes follow up
IRS Serious About Collecting Payroll Taxes The IRS is serious about collecting all taxes but is especially aggressive when it comes to collecting payroll taxes. Not only are the penalties for payroll tax noncompliance steeper than they are for other types of taxes, but the range of accountability is much broader. The IRS assesses an
The Benefits of Outsourcing Payroll Services Payroll services is one of the most important bookkeeping functions of any business, regardless of size or structure. In addition to being time-consuming and often tedious, payroll functions require a high level of knowledge and expertise in order to administer them well. Moreover, they require a thorough knowledge of
Wage Garnishments Create Problem for Payroll Services Wage Garnishments Create Problem for Payroll Services – It turns out that seizing an employee’s pay to execute a wage garnishment can be a very complicated task. Unfortunately, the government sets the amount of the garnishment but places the burden of collecting the garnished amount with the
Tips for Your Small Business Bookkeeping System Tips for Your Small Business Bookkeeping System These Helpful Tips will Enhance Your Small Business Bookkeeping System Tips for Small Business Bookkeeping – A company’s bookkeeping services arm is one of its most important components. It is a key element of its profitability and long term success. All of
Payroll Services are the Employer’s Responsibility – Although an outside payroll services provider can administer company payroll, make payroll tax payments, manage employee benefits, submit payroll tax returns and prepare payroll tax reports, the ultimate responsibility for preforming all of these functions lies with the employer. For this reason, selection of an outside payroll services