The Internal Revenue Service (IRS) periodically reviews employers’ tax liabilities to determine appropriate federal tax deposit schedules. Recently, the IRS has been issuing Notice CP136 to inform employers of changes to their deposit requirements for Form 941, the Employer’s Quarterly Federal Tax Return. Understanding this notice is essential for maintaining compliance and avoiding potential penalties.
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Taxing “Climate Criminals”
Last week, we discussed how the 2017 tax cuts are scheduled to expire at the end of 2025—and how the election results make it likelier that Washington will extend them. Here’s the problem: it won’t be cheap. The Congressional Budget Office estimates extending the current rules will blow a $4 billion hole in the budget over the next 10 years, along with an unknown amount of higher interest payments on the new debt. That’s making life difficult for a new administration that also wants to eliminate tax on tips, overtime pay, and Social Security benefits, along with other giveaways.
Faster, Higher, Stronger – Together
U.S. Olympians who medal in Paris will also bring home cash, specifically, $37,500 for gold, $22,500 for silver, and $15,000 for bronze. And here’s an extra patriotic bonus—in 2016, Washington passed a law that says Olympians and Paralympians don’t have to pay tax on any of those winnings!