Recent Articles

Employment Taxation

Covers the Code and regulations as they address the payroll and payroll related taxes. From the applicaiton process to the filing of reports, this section explains this in detail.

Owner Compensation in an S-Corporation

06/05/2015

One of the tax attributes of an S-Corporation over other forms of tax entities is the ability to reduce the overall tax obligation.  Naturally the lower the overall tax requirement the more profit generated for the owner(s).   The S-Corporation [...]

Simple Retirement Plan – Section 408(p)

03/26/2014

There are several different retirement plans available to the small business owner.  But no plan offers so many advantages to small business as the Simple retirement plan.  The positive attributes include: 1) Easiest to understand, 2) Least amount [...]

The 1099 Subcontractor

01/26/2013

The Internal Revenue Service promulgates rules and regulations concerning the employment status of workers.  In general, workers are classed as W-2 employees and certain tests must be met to have the worker classed as a 1099 subcontractor.  All [...]

Time for Those W-2’s

01/01/2013

For us accountants January brings the greatest payroll function of the year; printing the year end payroll reports.  These include the W-2’s, W-3 and Form 940.  They all must tie to the combined total of the quarterly 941 reports and the [...]

Form 941 – The Basics

12/26/2012

Form 941 is the employer’s quarterly federal tax return.  It reports how much federal income taxes were withheld; Social Security taxes and Medicare taxes that are due and how much was paid in deposits to the Internal Revenue Service.  The [...]

Year-End Preparation

12/03/2012

I dread January of every year. I have to spend so much time preparing the year-end payroll reports prior to the January 31 deadline. Not only must your quarterly’s and monthly’s tie together, but it has to match the general ledger at year-end. [...]