News & Analysis as of

Form 941

Morgan Lewis

Employers: Deadline for Repayment of CARES Act Social Security Tax Deferrals Fast Approaching

Morgan Lewis on

Many employers are likely to find the rules for repayment of employer-share social security tax deferrals under the Coronavirus, Aid, Relief and Economic Security (CARES) Act to be confusing. Employers may also be surprised...more

Rivkin Radler LLP

Employee-Shareholders, Reasonable Compensation And Employment Taxes

Rivkin Radler LLP on

Movement Toward Tax Increases- You may have read last week that Democrats on the Senate Budget Committee announced they had reached a deal on a budget resolution that will enable them to bypass Senate Republicans on the...more

Perkins Coie

Reboot of International Entrepreneur Program for Startups

Perkins Coie on

The Biden administration announced on May 11, 2021, that it is restoring a never-fully-utilized Obama-era program allowing foreign entrepreneurs to stay in the United States temporarily in order to oversee and grow certain...more

Ballard Spahr LLP

CARES Act Payroll Tax Deferral – Revised Form 941 Includes Helpful Guidance for Employers

Ballard Spahr LLP on

The IRS released a final version of Form 941 (the employment tax return to be used by employers for the second quarter for 2020) and a revised set of accompanying Instructions. The Form and particularly the Instructions...more

Rosenberg Martin Greenberg LLP

Have Your Employees Been Misclassified as Independent Contractors?

Now May Be the Perfect Time to Address Compliance in Order to Maximize the Benefits of the Paycheck Protection Program and the Employee Retention Credit - Whether mandated by the government or as a result of economic...more

Williams Mullen

PODCAST: Williams Mullen GovCon Perspectives - Recent Updates to the SWaM Certification Process in Virginia

Williams Mullen on

In this episode, Shayn Fernandez is joined by Verniece Love, Director of SWaM Certification, Virginia Department of Small Business & Supplier Diversity (SBSD), who provides updates to the SWaM certification process as well as...more

Burr & Forman

Unpaid Federal Employment Taxes: The Government’s Chief Enforcement Priority

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Businesses that have employees must pay wages and salaries to their employees, and the employer must collect federal employee income taxes and the employee’s share of social security (FICA) from these wages and salaries, add...more

Burr & Forman

Federal Employment Taxes: Penalties and Interest (Part 2)

Burr & Forman on

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and which...more

Burr & Forman

Federal Employment Taxes: Filing and Payment Requirements for Employers (Part 1)

Burr & Forman on

Employers that pay wages and other forms of compensation to their employees must comply with federal tax return filing and payment/deposit requirement. Employers that receive services from non-employee contractors and make...more

Burr & Forman

My Business Owes IRS Employment Taxes: What Do You Do? IRS Employment Taxes and “Trust fund Recovery Penalty” (Part 7)

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Businesses that have employees and pay wages and salaries must withhold federal employee income taxes and the employee’s share of federal employment taxes (FICA) from these wages and salaries. The employer must “match” the...more

PilieroMazza PLLC

Five Reasons to File a Size Protest

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Small business government contractors are sometimes resistant to the idea of filing size protests against their competitors. How much time and effort will it take? Is there enough evidence? Will the agency be offended? These...more

McDermott Will & Emery

Form W-2 and 941 Actions May Be Required Immediately for Retroactive Increase in Section 132 Transit Benefits

McDermott Will & Emery on

The Consolidated Appropriations Act of 2016 (the Act) retroactively increased the 2015 employer and employee Federal Insurance Contributions Act (FICA) and Federal Income Tax exclusion limit for transit benefits, from $130...more

McGuireWoods LLP

Déjà Vu All Over Again: Congress Grants Retroactive Transit Parity, IRS Issues Payroll Guidance

McGuireWoods LLP on

As discussed in a prior WorkCite article, the recently enacted Consolidated Appropriations Act, 2016 (the Act) permanently removed the disparity between the taxation of (i) commuter vehicle/transit benefits and (ii) qualified...more

Seyfarth Shaw LLP

IRS Provides Guidance on Retroactive Transit Benefit Adjustments for 2015

Seyfarth Shaw LLP on

On December 18, 2015, Congress passed the Consolidated Appropriations Act, 2016 (Public Law No. 114-113) which amended the Internal Revenue Code to retroactively (and permanently) adjust the limits on qualified transportation...more

Kilpatrick Townsend & Stockton LLP

IRS Update Resolving Issue with Retroactive Monthly Transit Amount

Once again, at the end of 2015, the monthly transit benefit amount not subject to tax was retroactively increased from $130 per month to $250 month (it has been increased to $255 for 2016, so employers will not have this same...more

Troutman Pepper

IRS Provides Administrative Guidance On Excludable Transportation Benefit Limits, Retroactively Increased As Of January 1, 2012

Troutman Pepper on

On January 16, 2013, the Internal Revenue Service (IRS) issued Notice 2013-8 providing a special administrative procedure for employers with respect to 2012 transit benefits. Under Section 132(f) of the Internal Revenue Code...more

McDermott Will & Emery

Employers Can Obtain Refund for Excess FICA Tax Paid as Result of Increased Excludable Limit for Transit Benefits

McDermott Will & Emery on

On January 11, 2013, the Internal Revenue Service published Notice 2013-8 providing a special administrative procedure for employers with respect to 2012 transit pass benefits. The American Taxpayer Relief Act retroactively...more

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