The regulations and laws that govern withholding of payroll tax, reporting and deductions can be complex and are subject to frequent changes and updates. Employers should be aware there are steep penalties for non-compliance and each year, IRS has new strategies to recover what is due and bring to justice employers who may have unknowingly committed payroll fraud.
Luckily, people can get their doubts cleared and know about various compliance issues of different types of compensation, by reading certain online resources.
Internal Revenue Service
The IRS website is the single best resource for keeping up-to-date on the latest tax codes and regulations. Employers are encouraged to be familiar with IRS publications such as:
- Free Services of Tax Guide – Publication 910
- Tax Changes Highlights – Publication 553
- Nontaxable and Taxable Income – Publication 525
- Moving Expenses – Publication 521
- Tax Calendars (What should be filed when) – Publication 509
- Estimated Taxes and Tax Withholding – Publication 505
- Tax Guide for Employer for Fringe Benefits – Publication 15-B
- Employer’s Guide for Supplemental Tax – Publication 15-A
- Tax Guide for Employer, Circular E – Publication 15
The website of the IRS also provides various form copies in PDF format, which are used for filing taxes.
American Payroll Association
American Payroll Association is also an ideal resource to find answers to question regarding IRS and payroll, however, it is designed for full-time payroll professionals (as opposed to employers who happen to handle their own payroll) and requires a membership to gain access to the site.
Within the site, you will find Listserv APA: This discussion forum for members, where you can post questions relating to payroll and tax compliance. Other experienced members can post answers and suggestions. This section should be read every day even when you have no queries, as it will enhance your expertise on payroll.
Member Search: This feature enables you to locate other members of APA. The search parameters can be location, company name, or the payroll software that is being used. It is also possible to search for payroll software vendors. This is a great resource to find payroll service providers who may use the same software you are already using.
Information Page: Forms, and Publications Page: On this page, you can find information about primary compliance, and direct IRS guidance. There is also information on late-breaking regarding:
- SSA, IRS, and DHS Guidance
- Rates per diem
- Allowance tables of APA
- Updated annual publications
- Nontax instructions and forms
- Tax instructions and forms that are not annually updated
- Tax instructions and forms updated by tax year annually
- Draft instructions and forms
APA is a national association that is strong, made up of numerous professionals dealing with payroll. If you want to stay updated about changing regulations and laws, this is an excellent resource.
Deskbook of Payroll Tax of PPC
Accounting and Tax resources publishers, Thomson Reuters, have brought out a software guide for issues regarding compliance of IRS and payroll. This software identifies and solves most of the very tricky questions that are usually found during preparation of informational forms and payroll for IRS. It also provides detailed guidance by line, for filing and preparing information and payroll reporting forms that are most common, including Forms 8027, 1099 series, Schedule H 1040, 945, 944, 943, 941, 940, W-5, W-4, and W-2.
If you need quick answers to question about IRS and payroll, this software can be a great resource, however, local and state issues are not covered.
The Team at Kathleen M Egan CPA PLLC are experienced, payroll professionals and provide worry-free payroll for numerous small businesses. Are you ready to end the payroll headache? Contact Kathleen M Egan CPA PLLC today.