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As was previously mentioned, identity theft is a big deal to the IRS. They devote a considerable amount of time and resources to the investigation of these cases, which page 10 of their annual report defines as someone using the “Name, Social Security Number, address,” or other forms of ...
An EIN is necessary for certain businesses, as it allows the IRS to identify your business for tax purposes when it is not appropriate to use your Social Security number. The EIN can be used in various business activities such as opening business bank accounts a...
W-2 forms go to full-time or part-time employees, and are due by January 31. A W-2 is used by companies to report the total income paid to an employee, as well as any taxes that were withheld. 1099s (most likely 1099-NEC) go to any independent contractors, self-employed person,...
Don’t throw out W4 forms when employees leave, either- you’re required to keep a copy on file for four years after taxes are last withheld for an employee. Failure to do so can lead to fines for the IRS, so be sure to keep an updated W4 in every employee file! Tips and ...
IRS going after local businesses for Social Security, Medicare and FUTA taxes. (cover story)The article reports that the U.S. Internal Revenue Service (IRS) is auditing businesses in Puerto Rico to ensure that employers are adequately accounting for and making the corresponding Social Security, ...
Form 1041 is used by the fiduciary of a decedent's estate, trust or bankruptcy estate to report the estate's income, be it current, accumulated or held for future distribution. It is also used to report the estate's gains or losses, tax liability and household employee's employment taxes...
Posted on Friday, August 30, 2024 at 01:21 PM in Business, Charity, Filing, Finances, Forms, IRS, Scams, Tax crimes, Tax planning, Tax Tip, Taxes | Permalink | Comments (1) Tags: 1099-K, charity, crowdfunding, donations, filing, forms, records, tax, tax reporting, taxable income,...
Employers engaged in a trade or business who pays remuneration for services performed by an employee including non cash payments of $600 or more, mustfile W-2 Formfor each employee from whom income, social security, and medicare taxes are withheld. ...
About to pay your taxes? Watch out for tax return phishing and malware campaigns targeting individual taxpayers and businesses. byWaqas March 21, 2024 Security Malware Scams and Fraud IRS tax forms W-9 email scam drops Emotet malware Researchers have warned users to be on alert, as the IRS ...