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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In focus: Payroll
Providing payroll services that comply with ever-changing regulations and meet evolving employee and employer demands is no easy task. Paychex's Tom Hammond discusses common payroll considerations for CPA firms.
PODCAST
A closer look at threats to CPA licensure
Legislation in states around the country could put CPA licensure in danger. This episode examines what practitioners need to know to help ensure the profession is protected.
From The Tax Adviser
From CPA Insider