What Information Do You Need to Fill Out IRS Form 941?

As an employer, your many IRS responsibilities include not only withholding taxes on behalf of your employees, but also, reporting on those withholdings via Form 941. Filed on a quarterly basis, this essential document can initially feel overwhelming. You’ll find it far easier to handle if you begin the process prepared with the proper information, […]

Everything You Need to Know About a 941 Tax Lien

As an employer, you are accustomed to dealing with tax concerns. Many of these involve IRS Form 941, which is also known as the Employer’s Quarterly Federal Tax Return. Filed four times each year, this form calls for details on the number of people employed by your business, total wages paid to these workers, and […]

Why It’s Important to Stop the Bleeding When You Owe the IRS — And What You Can Do

IRS issues have a way of snowballing, with seemingly minor problems quickly spiraling out of control if they’re not tackled right away. But while many taxpayers see their IRS issues blow up seemingly overnight, others experience a slower buildup involving an increasing level of stress and financial damage as time goes on. This slow onset […]

Insomnia Because of IRS Problems? Solve the Problem at the Root

If you’re tossing and turning with anxiety at night, you’re certainly not alone. A Consumer Reports survey of over 4,000 people reveals that over one-quarter of adults struggle to sleep — and this was a problem long before COVID-related worries took over. From work to health issues, several sources of stress may keep you awake […]

Did You Make a Mistake or Omission When Filing Your 2019 Taxes? What to Do Now

Filing taxes is always stressful, but 2020 brought all kinds of new challenges. Given the complications of COVID, quarantine, and the stagnant economy, filing may have felt like an even greater burden than before. Add extensions, stimulus programs, and other changes, and mistakes are easier to make than ever. The good news? It might not […]

No More PPP Funds: What Options Are Available For Businesses Struggling During the Pandemic?

In an effort to ease the financial burden of the pandemic, Congress authorized the Paycheck Protection Program (PPP) as part of the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employers who took advantage of this popular program enjoyed the opportunity to obtain loans with favorable terms and the possibility of forgiveness — […]

Will PPP Loan Forgiveness Make You Owe the IRS More?

The Paycheck Protection Program (PPP) helped many companies remain in business during the early days of the pandemic, when quarantine prompted a huge economic downturn. Now, however, business leaders worry that, by accepting PPP loans, they may have sparked a downward spiral in their dealings with the IRS. Much of the current anxiety surrounding taxes […]

The Recent IRS Notice About the TFRP: What It Means in Plain English

In late August, 2020, the IRS released Notice 2020-65. This notice primarily deals with the recent memorandum from President Trump, authorizing a payroll tax holiday. Unfortunately, both the payroll tax policy and the related notice are difficult to understand. Keep reading to learn what they and how the information contained therein might impact your payroll […]

FAQ About the Trust Fund Recovery Penalty During COVID

Life goes on during a pandemic — and that includes tax confusion and frustration. While deferrals gave many people temporary respite from their IRS concerns, the usual tax drama is now back in full force. The Trust Fund Recovery Penalty (TFRP), in particular, is a major source of anxiety among those already struggling with the […]

The Payroll Tax Holiday: Fact Versus Fiction

A recent IRS notice prompted major controversy with its allowance for a suspension on employer withholdings. Commonly referred to as the payroll tax holiday, this suspension remains poorly understood among the many people it purports to benefit. What’s more, a lot of reports on both sides of the issue exaggerate the reality of this tax […]