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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6 key areas of change for accountants and auditors
New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.
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How tax reform will impact individual taxpayers
Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.
From The Tax Adviser
From CPA Insider