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Articles on Payroll Topics

The 10 Most Common Payroll Mistakes
If you are a business and have even one employee (including yourself if you are incorporated), the payroll function can be a frustrating experience. It's also an area that many business owners find themselves in trouble with.

Be Sure to Maintain Documentation for the COBRA subsidy under ARRA
If you have former employees receiving the 65% COBRA subsidy, it's important to maintain the proper supporting documentation in the event of an IRS audit.

Will the "Making Work Pay" tax credit hurt you next April?
The new “Making Work Pay" tax credit is being paid to taxpayers in advance through reduced payroll withholding. However, since the adjustment is based upon each individual’s earned income from a particular employer, it does not make allowances for multiple job incomes, spousal income, or other forms of income. This could result in unpleasant surprises next April when you file your 2009 personal income tax return.

Work Opportunity Tax Credit
Employers may qualify for a tax credit known as the work opportunity tax credit that is worth as much as $2,400 for each eligible employee ($4,800 for certain veterans and $9,000 for employees who are “long-term family assistance recipients”). The credit is generally limited to eligible employees who begin work for the employer before Sept. 1, 2011.

IRS Targeting Family Members' Wages on Schedule C
Hiring a family member, including your children, can be an effective tax planning strategy.  However the IRS is targeting sole proprietor business reporting income on Schedule C which deduct wages paid to family members.  Read about ways to help audit-proof your return.

Are You Classifying Your Workers Properly?
One of the steps we recommend to clients who use independent contractors, and who therefore face a heightened risk of a costly IRS payroll tax or benefits audit, is a quick review of some of the key things the IRS tells its agents to look at in determining whether a worker is really an employee.