Driving yourself to an audit. A Tax Court case issued yesterday reminds us that claiming unrealistic vehicle expenses may attract IRS […]
JAW DROP: NYT WRITER UNSURE ‘IF’ HUGE PHILLY SODA TAX WILL BE PASSED ON TO CONSUMERS. Why, if only the desperately understaffed New York Times had a Nobel prize-winning economist on its payroll to fact check these sorts of stories…
In fiscal terms, there’s no earthly reason for Congress to be stingy with Social Security’s administrative budget. The money comes out of workers’ payroll taxes and the system’s other revenue, not from the general treasury. And it’s spent with painstaking care: The Social Security Administration...
The Federal Reserve's core guiding belief is that economic stimulus boosts economic growth, thus increasing employment opportunities, payrolls, tax revenues, corporate profits, retirement security and Wall Street wealth. In the context...Show More Summary
Social Security is a pay-as-you-go system, since payroll taxes collected from today’s workers mostly go to pay today’s retirees. But as the U.S.population ages, fewer young workers are paying into the system relative to rising numbers of ever-longer-lived retirees drawing benefits,according to this opinion piece by Olivia S. Mitchell, a [...]
Today is May 24, the date in 1937 when the Supreme Court upheld Social Security (and Social Security and unemployment insurance payroll taxes) in Helvering v. Davis and Steward Machine Co. v. Davis. In Helvering, the Court held 7 toShow More Summary
Half of Tax Court is showing up. I’ve never used a “life coach.” A Tax Court case issued yesterday doesn’t make me […]
Tax season might be over, but hackers are still stealing sensitive information from vulnerable companies.
Hackers managed to break through ADP’s firewalls and steel sensitive tax and salary information for employees at a dozen companies. ADP explained that fraudsters managed to siphon W-2 tax forms using a convenient online feature. The company won’t say when the cyber attack occurred or how many people had their income data exposed. Show More Summary
I met with a group of House Republicans last week to talk about tax reform. Ways and Means chairman Kevin Brady is laying the groundwork for a major tax restructuring next year, and so GOP members are boning up on reform ideas. I discussed income tax reforms with the members, including the creation of Universal Savings Accounts. Show More Summary
Source: Consumerist Mike Magee Would you be willing to subject yourself to a 3.3% payroll tax (and your employer to a 6.7% payroll tax) to gain access to reliable simple universal health coverage – one that provided choice in and out...Show More Summary
Former Gov. Ted Strickland, and Democratic candidate for U.S. Senate in Ohio, has jumped on the bandwagon for protecting and strengthening Social Security and Medicare through the most obvious and simple solution—lifting the payrollShow More Summary
Payroll taxes are serious, and withheld tax money belongs to the IRS, not the employer. Don't spend it, and don't divert it unless you are willing to go to jail.
All tax debts are serious, but employment tax debts are particularly so. Failing to pay withheld trust fund taxes from employee pay can draw large IRS penalties and even prosecution.
The IRS says it's seen a "surge" this year in phishing emails, with thieves baiting special hooks for payroll and human-resources workers in hopes of snagging a company's entire stash of employee Social Security numbers and other personal...Show More Summary
A forged e-mail from CEO pays off again, may be tied to tax return fraud.
Withholding tax collections for the nonfarm payrolls reference week including February 12 suggested that the headline number should be a huge miss. If that comes to pass, with the 13 week cycle and shorter term cycle up phases due to turn down, this should be a setup for a negative reaction to the news. Show More Summary
The animal heralding March's arrival this tax-filing season is not a lion or a lamb, but a fish, or rather a phish. Yep, a new phishing scheme has emerged, with tax crooks trying out a new scheme that targets payroll and human resources professionals. Show More Summary
Paying taxes isn't voluntary. That's why there's payroll withholding to take the money out of our wages before we get our checks. Don't pay your taxes or file late and you'll be hit with a tax penalty. But the Internal Revenue Service...Show More Summary
We know that the above e-mail couldn’t be real for a few reasons: Consumerist doesn’t have our own payroll department, and Olivia is a cat. Yet there’s a new variation of the now-classic CEO scam, where someone impersonates your boss over e-mail and requests a massive wire transfer. In this version, the boss impersonator does exactly what Fake Meg …