wxc corporation miami
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New law extends COVID tax credit for employers who keep workers on payroll

WASHINGTON — The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to keep their employees…
wxc corporation miami
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IRS reminds businesses to e-file payroll tax returns

WASHINGTON — The next quarterly payroll tax return due date is October 31, and the Internal Revenue Service urges business owners to use the speed and convenience of filing the returns electronically. Deposits made by Monday, November 2,…

IRS recommends business owners e-file payroll tax returns

WASHINGTON — With the Oct. 31 quarterly payroll tax return due date just around the corner, the Internal Revenue Service today urged business owners to take advantage of the speed and IRS Forms 940, 941, 943, 944 or 945 are used to report employment…
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Employee or Contractor? Have Uber and Lyft Finally Crossed The Line?

In the last few years, it has been common for companies to treat, what would otherwise be employees, as contractors.  The reason, is simple.  As an employee of a company, the employer has to withhold 7.65% in FICA from their employees.  In…
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IRS Offers Variety of Payment Options, Penalty Waivers

As the 2019 tax filing season gets into full swing, some taxpayers are facing a surprise tax bill instead of a refund. For those who are unprepared, the Internal Revenue Service offers several payment options. The IRS anticipates that most…
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Today is deadline for wage statements

The Internal Revenue Service today reminds employers and other businesses of the Jan. 31 filing deadline that applies to filing wage statements and independent contractor forms with the government. The Protecting Americans from Tax Hikes…
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401(k) contribution limit increases

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice…
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How the new tax law affects tax returns next year

The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year under the new tax law. This is the first in a series of reminders…
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IRS: 2018 employer reimbursements for employees

Employer payments or reimbursements in 2018 for employees’ moving expenses incurred prior to 2018 are excluded from the employee’s wages for income and employment tax purposes, the Internal Revenue Service announced today. The 2017 Tax…