IRS Highlights Expanded Depreciation and Expensing Rules

The IRS is highlighting tax reform changes that impact depreciation and expensing for nearly every business. In some cases, these changes allow small business owners and the self-employed to write off the cost of machinery, equipment and other…
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‘Paycheck Checkup’ for workers with multiple jobs

WASHINGTON — The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from…
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IRS highlights credits and deductions for businesses

WASHINGTON — During Small Business Week, the Internal Revenue Service reminds small business owners and self-employed individuals to take deductions and credits that will help their bottom line. Reviewing options and eligibility now can…
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New requirement for seeking a tax ID number

WASHINGTON — During National Small Business Week, the Internal Revenue Service wants small business taxpayers and the self-employed to know that, starting May 13, an important change will affect the way it issues employer identification numbers,…
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IRS announces multi-year plan

The Internal Revenue Service released today a six-year plan to modernize the agency’s Information Technology systems and improve a variety of taxpayer services critical to the nation’s tax system. The plan outlines a bold strategy to…
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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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State and Local Employment Regulations Increasing Across the U.S.

States and local jurisdictions are continuing to advance employment-related laws and regulations intended to protect workers. To help business owners remain aware and informed of the changing landscape, Paychex, Inc., a provider of integrated…
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For those who missed the tax-filing deadline…

While the federal income tax-filing deadline has passed for most people, there are some taxpayers who have not yet filed their tax returns. The Internal Revenue Service encourages them to file now, even if they can’t pay to avoid…
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IRS revises EIN application process; seeks to enhance security

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible…