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Archive for August 15th, 2016

sgrgas

Congress takes up tax bills before breaking for extended recess

Congress returns from extended summer recess to busy tax agenda Every four years, Congress returns to work after a summer recess and is overshadowed by the looming presidential election. This year is no exception with taxpayers and lawmakers focused on Election Day, November 8. In the meantime, however, lawmakers have almost two months to take […]

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apresti

Employers, payroll providers prepare for accelerated filing deadlines

Employers, payroll providers prepare for accelerated filing deadlines The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) accelerated the due date for filing Form W-2, Wage and Tax Statement and Form W-3, Transmittal of Wage and Tax Statements, and any returns or statements required by the IRS to report nonemployee compensation to January […]

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srusso

Crowdfunding: a new resource with developing tax rules

Crowdfunding: a new resource with developing tax rules IRS Chief Counsel recently examined the tax treatment of crowdfunding activities in a new information letter (Information Letter 2016-36). Crowdfunding is a relatively recent phenomenon, used by an individual or entity to raise funds through small individual contributions from a large number of people. The guidance notes […]

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sgrgas

FAQ: What is a CPEO?

FAQ: What is a CPEO? A professional employer organization (PEO) is an organization that enters into an agreement with a client to perform, among other tasks, the federal employment tax withholding, reporting, and payment functions related to workers performing services for the client. Effective for wages for services performed on or after January 1, 2016, […]

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sgrgas

How do I? Substantiate meal expenses using the per-diem rate method?

How do I? Substantiate meal expenses using the per-diem rate method? An employee or self-employed individual is allowed a deduction for the costs of meals and incidental expenses while traveling away from home for business purposes. The deduction of these costs usually requires the substantiation of the costs. However, there is an optional method provided […]

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sgrgas

August 2016 tax compliance calendar

August 2016 tax compliance calendar As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2016. August 1 Employers. File Form 941, Employer’s Quarterly […]

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