The IRS provided additional guidance on the 0.9% additional Medicare payroll tax by updating two frequently asked questions (FAQs) on its webpage addressing the situation in which an employer under- or overwithholds the tax in one year and discovers the error in a subsequent year. Updated FAQs No. 56 and No. 57 say that, while the employer may not correct the error by making an interest-free adjustment, it can correct the amount of wages and tips subject to the withholding on the appropriate adjusted withholding return.
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States look to unclaimed property for revenue
This free report outlines the escheat process, common types of AUP, how different states are handling it and how companies can plan for potential audits and liabilities.
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Using drones to enhance audits
Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.
From The Tax Adviser
From CPA Insider