Payroll Articles and News
September 21, 2009
Thomas Ostrander - Duane Morris LLP On August 19, 2009, the Internal Revenue Service (IRS) and the U.S.
Department of Justice announced a settlement agreement with UBS regarding certain
accounts held at the bank by U.S. persons. The offshore voluntary
disclosure program announced in March 2009 is scheduled to expire on
September 23, 2009. IRS Commissioner Doug Shulman has stated there is no
"present intent" to extend this deadline. Full Story
September 21, 2009
Matthew O'Leary, Esq. - LeClair Ryan In Imprimis Investors, LLC v. KPMG Peat Marwick, LLP, 69 Mass.
App. Ct. 218 (2007), the Appeals Court dealt for the first time with the
issue of whether an investor could “indirectly rely” on an
audit report in making its decision to invest in a company. Imprimis
Investors, LLC (”Imprimis”) claimed they relied on a final
signed audit report and an unqualified opinion prepared by KPMG Peat
Marwick, LLP (“KMPG”) when making their decision to invest in
First New England Dental Centers, Inc. (the “company”). They
also claimed the company’s financial statements, which were audited
by KPMG contained a number of specific and material misrepresentations and
omissions. Full Story
September 10, 2009
Ruth Perryman Many companies believe that setting up payroll in QuickBooks for job costing is frustrating and difficult. It's true that there are several steps that need to be taken in order for payroll to flow properly to the job costing reports, especially if you want to include payroll taxes and benefits, but the step-by-step instructions below will help guide you through the setup. Full Story
August 27, 2009
Mark Dacanay United States Social Security is a social insurance program that is funded through payroll taxes called Federal Insurance Contributions Act (FICA). The main part of the program can be abbreviated as OASDI or Old Age, Survivor, and Disability Insurance. There are different requirements for social security eligibility in each program. Here is a general guideline to know your eligibility on each social security program. Full Story
August 27, 2009
Lisa Heather Employers are required to file W-2 Forms (Wage and Tax Statements) for each of their employees. Employees whom have had income, Social Security and Medicare taxes withheld from their pay. A W-3 form is required to be filed with the W-2 Forms. A W-3 Form is a transmittal summary. This form gives a total amount and number of the W-2 forms being filed. W-2/W-3 forms are filed with the Social Security Administration not the Internal Revenue Service. At this time the SSA requires any employer filing more than 250 W-2 Forms to file those forms electronically versus mailing paper forms. When generating W-2 forms it is your responsibility to make sure the name and number of each employee matches. SSA does have a social security number verification system. Full Story
July 24, 2009
Michael Rozbruch Past due payroll taxes can cause you to lose your business and in some cases, your freedom. The IRS is focusing increased tax compliance efforts on small businesses so it is important to know the common payroll tax audit triggers and learn how to avoid severe IRS penalties, huge tax debt and federal criminal investigation. Full Story
July 23, 2009
George Grellas What constitutes good legal writing? The question itself comes off as oxymoronic. In the popular mind, lawyers are known for polysyllabic prose and unrelenting bombast. Examples of bad lawyer writing abound - in legal briefs, lawyer letters, legislative enactments, administrative regulations, and lawyer-driven political discourse. These serve as a treasure trove of material on what not to do for those promoting good writing. One marvels at how mercilessly language can be mutilated. Full Story
July 23, 2009
Roni Deutch Federal law requires individuals to pay taxes on their income. To ensure collection of individual income taxes, the government requires employers to withhold, and send to the government, a portion of paychecks for certain types of employees. For each of these "W-2" type employees, the employer withholds a calculated part (based on the amount of income and the number of exemptions the employee claims) of each paycheck. The employer holds these withholdings "in trust" and then sends the funds to the government. Full Story