The Internal Revenue Service recommends that employers, payers and their agents begin using a new, improved version of the agent-appointment form immediately, to avoid delays in having the IRS approve the agent appointments. All versions prior to the May 2007 form are now obsolete. Form 2678, Employer/Payer Appointment of Agent, authorizes an agent to file tax returns and deposit and pay employment or other withholding taxes on an employer or payer's behalf. However, the employer retains responsibility for filing Form 940, Employer's Annual Federal Unemployment Tax Return, and depositing and paying FUTA tax. The IRS recently redesigned Form 2678 to make it clearer and more user-friendly. The redesign resulted from an initiative led by the IRS Office of Taxpayer Burden Reduction. The IRS will return any obsolete versions of Forms 2678 that are filed and ask senders to submit the May 2007 revision instead. When the IRS approves Form 2678, both the employer or payer and the agent are liable for the employer's employment tax.
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May 24, 2013
Guests at the Meet the Editors dinner at Keens Steakhouse in New York give their assessments of the many opportunities available to accountants for growing their practices.
May 22, 2013
Attendees at Accounting Today's Meet the Editors Dinner at Keens Steakhouse in New York discuss the top issues confronting accountants.
May 21, 2013
A continued conversation with Marcums Nanette Lee Miller and Janis Cowhey McDonagh about the obstacles women in the accounting profession face when trying to make their way into leadership positions.
May 22, 2013
The IRS recently released statistics covering the year to May 10, 2013.
May 5, 2013
The AICPA's annual list of IT priorities for accounting firms.
April 30, 2013
Our monthly collection of statistics from the world of tax.
April 29, 2013
Help your clients avoid these common pitfalls.
April 23, 2013
These five bad habits can make your confidential information -- and that of your clients -- easy to steal.