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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The Internal Revenue Service's criminal investigators have been on the lookout for tax evasion by businesses that don't pay employment taxes.
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The Internal Revenue Service previewed a draft form for crypto brokers for reporting on the proceeds of digital asset transactions to their customers.
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Seventeen percent of comment forms in 2021 and 2022 contained auditor evaluation deficiencies, according to the PCAOB.
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KPMG enters $1.1 million partnership with Women's Health Access Matters; UHY releases nonprofit trends report; and more news from across the profession.
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Plus, LeaseCrunch announces webinar on lease changes and remeasurements; and other accounting technology updates.
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While still a minority in the accounting world, remote partners offer unique benefits amid talent shortages.
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