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EDT 6 Min Read Facebook Twitter LinkedIn Email Underhanded underground; down on the farm; reality check; and other highlights of recent tax cases. Augusta, Georgia: Two ghost preparers have pleaded guilty to a tax scheme. As part of the scheme, the contractors issued payroll checks for the workers wages to the shell companies.
IRS encourages employers to electronically file payrolltax returns [ IRS Newsroom ] The Internal Revenue Service today reminded employers that the best way to file their next quarterly payrolltax return by the Oct. 31, 2023, due date is electronically. Party supply retailer Party City Holdco Inc.
UK companies brace themselves for escalating battles with auditors [ Financial Times ]. UK companies are gearing up for conflicts with auditors next year as economic and political uncertainty add to the difficulty of signing off accounts and forecasting financial outlooks. Current rules don’t require this.
Reclassification of income: The IRS may reclassify a portion of the shareholder distributions as wages, subjecting them to payrolltaxes. This includes Social Security, Medicare, and federal unemployment taxes. Reclassified income results in back taxes, creating unexpected financial liabilities for the firm.
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