The IRS has released new guidance to help taxpayers avoid taxes and penalties for late rollovers of distributions from employer-sponsored retirement plans and individual retirement accounts (IRAs). Ordinarily, such rollovers must be completed within 60 days to be considered valid. The new guidance establishes a process for taxpayers who miss the 60-day rollover...
Read MoreThe Social Security Administration and the IRS have announced the cost-of-living adjustments that apply to the Social Security tax and retirement plan contribution limits for 2017. The most notable increase affects Social Security taxes. Social Security Wage Base Wages and self-employment compensation are subject to a 6.2% Social Security tax. The tax is payable by...
Read MoreBusinesses that use independent contractors must be careful to observe federal tax laws regarding who does and who does not qualify for that designation — or they risk incurring significant financial penalties. Though sometimes the line between the two categories of workers can blur, the problem of misclassified independent contractors remains a high priority issue...
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