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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Solving the lease accounting challenge
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Tackling TCJA changes this tax season
Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.
From The Tax Adviser
From CPA Insider