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December 14, 2022
Known as the Employer’s Quarterly Federal Tax Return, Form 941 replaced Form SS-LA, which was previously used for Social Security Administration (SSA) tax reporting, and Form W-1, which was used for IRS federal income tax reporting. Businesses use Form 941 to report federal income tax withholding, Social Security tax, Medicare tax, Additional Medicare tax, and more recently, the coronavirus (COVID-19) pandemic tax credits.
October 4, 2022
Keeping accurate, updated payroll records is essential and should be verified at each stage of the payroll process-paying wages, depositing taxes, and reporting wage and withholding taxes.
September 1, 2022
On Aug. 16, 2022, the IRS updated its FAQs on the ACA's employer shared responsibility rules to include updated penalty amounts for 2023. These penalty amounts are adjusted annually.