Payroll Taxes are Pursued Aggressively by the IRS, with Personal Liability For Owners, Officers, and Check Signers. And Some Violations Mean Jail.
On Thursday evening the ACT Legislative Assembly passed the ACT Payroll Tax Reform Bill. This Bill prevents “genuine employers” from being exempt from payroll tax if they pick up contract work through a recruitment agency. Unfortunately, yet again, the ACT Government has done a poor job in formulating policy. This new policy has the following effect [...]
The Treasury Inspector General for Tax Administration today released Some Tax-Exempt Organizations Have Substantial Delinquent Payroll Taxes (2014-10-012): IRS records indicate that the majority of tax-exempt organizations pay their Federal taxes. However, a small percentage are not paying their taxes. More than 64,200 (3.8%) tax?exempt organizations had nearly $875 million...
Of course cemetery lots are shooting up in value. People are dying to get in! Taxpayers seek the Tax Fairy […]
Treasury Secretary Jacob Lew said Monday Congress should reallocate payroll tax revenue to divert more money to support the Social Security Disability Insurance fund. Here's what was behind Mr. Lew's statement.
The Earned Income Tax Credit is one of the federal government's most successful anti-poverty programs. As House Budget Committee Chairman...
By Markos Kaminis (Wall St. Greek): Facebook (NYSE: FB) blew out expectations in the second quarter, reporting non-GAAP EPS of $0.42 before share-based compensation and related payroll tax expense and income tax adjustment. The result compared against the analysts' consensus expectation for $0.32 a share. Show More Summary
The TransitChek program enables employees to pay train and bus fares with pretax earnings, potentially saving them hundreds of dollars annually on payroll and income taxes. Employers can save on... To view the full story, click the title link.
Looks as if that little kerfluffle in Germany isn’t the only embarrassment facing America’s top spy agency. Seems the agent has plenty of covert operators but a lousy payroll department: Now read this:Michigan Woman Accidentally Second Amendments Herself In The Face While Trying ‘To Make A Point’ (Jul 15, 2014) 12-Year-Old Shot In The Face [...]
The Brooklyn Nets will pay an NBA-record $90.57 million in luxury-tax penalties to the rest of the NBA teams for their gargantuan 2013-2014 payroll. Team owner Mikhail Prokhorov boasts a net worth exceeding $10 billion. Based in large...Show More Summary
Payroll taxes to fund Social Security have jumped dramatically since the program began. Find out how much.
Nothing gets lawmakers and pundits more outraged than government’s proverbial waste, fraud, and abuse. Nearly always, these stories involve spending. But taxes are hardly immune. One case of pure waste involves a simple math mistake that will cost the Treasury $5 billion in lost revenue over the next decade. Show More Summary
Even with the government’s announcement on the 24th of June that it will extend the commencement date of the Payroll Tax Amendment Bill to the 1st of October 2014, there is still widespread confusion in the ACT market. Shadow Treasurer Brendan Smyth has called on the government to give greater certainty to affected businesses and [...]
The average U.S. worker faces a tax burden of 31.3 percent. This includes both income taxes and payrolls taxes. Between these two types of taxes, the average U.S. workers pays over $16,000 in taxes on their labor. The tax burden is a...Show More Summary
U.S. taxes today bear little resemblance to the taxes collected before World War II. Income and payroll taxes have replaced tariffs and excise taxes at the federal level while property taxes have become less important for state and local governments. Show More Summary
Every year I nag preach remind folks about adjusting payroll withholding so that the tax man gets only as much as he should. That advice applies not only to the Internal Revenue Service, but state tax collectors, too. Just ask around 20,000 Kansas taxpayers who won't get their state refund checks for another couple of weeks. Show More Summary
During questions from the opposition during yesterday’s estimates hearing, ACT Treasurer Andrew Barr revealed the government is reconsidering its proposed payroll tax amendments to remove the genuine employer exemption, due to their affect on ACT small businesses and contractors. Show More Summary
The ACT government proposes to implement a retrospective change to the payroll tax system which will apply from July 1 (although it is not expected to be passed until later in the year). This is the details of the change, as best I understand it. The change will affect most contractors who are employed via a recruitment [...]
The former chief executive of a Hollywood payroll services company that imploded in 2008, costing hundreds of employees their jobs and sticking thousands of entertainment industry workers with worthless paychecks, has been indicted on federal tax charges.
The number always overshadowed the names—$190 million worth of grand expectations, a lavish investment in instant gratification. That was the price the Brooklyn Nets would pay, in salaries and luxury taxes, after acquiring Paul Pierce...Show More Summary