Category

Withholding Taxes

It’s W-2 Season! The Deadline is January 31

By Payroll, Withholding Taxes

Anyone who works at a job for a living is likely familiar with the W-2 that arrives in the mail and that must accompany their tax returns. We thought it would be useful to provide a quick review of this essential IRS form – its purpose and employer responsibilities for distributing it. The purpose of the W-2 The W-2 tax form is also known as a Wage and Tax Statement. It shows the amount of…

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Is it Time to Change Your Backup Withholding?

By News, Withholding Taxes

By the end of each year, I’m usually approached with questions from clients who have received their W-2 form and are concerned about owing taxes when it comes time to square up with the Internal Revenue Service (IRS). It’s good practice to make sure that your backup withholding is up to date so that you avoid unwanted surprises. If you’re an employer, it’s helpful to be aware of the hardship that employees could experience if…

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