The 1099 Tax Forms You Should Pay Attention To

It’s tax time again and you must be sure to receive all the necessary forms. What is a 1099 tax form and who gets one?   A Tax Form 1099 is used to report income other than wages, salaries and tips.  Here of late, this term is used more and more frequently as many employers are … Read more

Audit of Payroll Taxes

Payroll Tax Audits Knowing how to handle a payroll tax audit is a bit different than regular 1040 income tax audits. These audits involve federal withholding, social security, and medicare tax all withheld from employees’ paychecks. This is reported on IRS form 941. It involves the federal unemployment tax reported on federal IRS form 940. … Read more

Federal 941 Payroll Tax Payment Guidelines

Many entrepreneurs do not realize how important it is to obtain payment of payroll taxes to be made in time. If a late payment will be made as soon as the IRS brings to it, the penalties are stiff: 10% discount on top, plus interest. Trying to earn that in a bank today! Resist the … Read more