ThomsonReuters

JULY 7, 2021

In general, the federal income tax, Social Security tax, FUTA tax, Medicare tax, and Additional Medicare tax are considered employment or payroll taxes. There are several IRS forms used to report these taxes. Employers use Form 940 , Employer’s Annual Federal Unemployment (FUTA) tax return, to report FUTA tax. Worksheet 5.

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ThomsonReuters

MARCH 6, 2024

Because the ERC expired for most employers on September 30, 2021, the credit is claimed by submitting an amended employment tax return on Form 941-X. However, Form 941-X may currently only be submitted by paper, increasing processing times. (It It should be noted that planned changes are coming in June of 2024.)

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tax return payroll tax payroll Tax 52

ThomsonReuters

FEBRUARY 28, 2022

Highlight: The IRS Form 941 is one of the most important payroll-related tax returns used by businesses to report employment taxes, including federal income tax withholding, Social Security tax, Medicare tax, and Additional Medicare tax. What is the IRS Form 941? When do businesses need to file Form 941?

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income tax tax return payroll Tax 98

ThomsonReuters

JULY 13, 2021

Form 1099-NEC , Nonemployee Compensation ). Beginning in tax year 2020, the IRS issued a new Form 1099-NEC for business taxpayers who receive nonemployee. Payers must complete this form to report any payment of $600 or more to a payee. Now let’s take a look at some of the more important payroll stories from the past week.

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ThomsonReuters

AUGUST 18, 2022

The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small business payroll tax credit for increasing research activities, after President Biden signed the Inflation Reduction Act ( H.R. IRS form revisions expected. . Background. . The Code Sec. Carryforward. .

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