While there are no specified forms required for keeping employee and payroll records, certain information is mandatory and must generally be kept for four years. Below is a chart showing information required by each of the federal agencies
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Blog Archives
Employee and Payroll Records – What Do I Need?
Tagged with: accounting, bookkeeping, earnings, employee, employment, income, IRS, labor law poster, Payroll, payroll records, records, social security, withholding
Posted in Bookkeeping, Employees, Payroll, Tax Articles, Tips & Tricks
Posted in Bookkeeping, Employees, Payroll, Tax Articles, Tips & Tricks
IRS Anmesty Program for Reclassification of Independent Contractors
The rules that define whether a worker is an employee or independent contractor are complex. Yet when a company misclassifies an employee as an independent contractor, taxes are not properly withheld from the worker’s wages—a costly oversight that can result in problems with the IRS. While the IRS focuses on this growing issue, it is also offering an amnesty program that allows employers to reclassify independent contractors as employees.
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Tagged with: employee, employment, form 1099, form W-2, income, independent contractors, IRS, Payroll, social security, withholding
Posted in Payroll
Posted in Payroll
Congress Extends Payroll Tax Cut
Congress has extended the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012. Senate approval quickly followed, also on February 17, by a vote of 60 to 36.
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New W-2 Reporting Requirement for Health Coverage Cost
Confused about reporting the cost of health insurance coverage for employees? Starting in tax year 2011, the Affordable Care Act requires employers to report the cost of coverage under an employer-sponsored group health plan.
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What’s New in Form 940 (FUTA) for 2011
The expiration of the Federal Unemployment Tax Act (FUTA) surtax in June 2011 means you’ll see some changes on the 2011 Form 940 when you file it in January. In addition, there are 21 states subject to FUTA credit reduction. The IRS has posted Form 940 and Schedule A (Form 940) for 2011 so you can see the changes.
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