Monthly Archives: February 2023

Tax tips for gig economy entrepreneurs and workers

IRS Tax Tip 2023-05 In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary or side gig. The IRS Gig Economy Tax Center provides information and resources to help [...]

February 25th, 2023|Uncategorized|

Electronic Forms W-4

Having employees complete Forms W-4 electronically can be a convenience to you, but be careful: IRS has issued strict guidance, and it’s recently been expanded. Employers don’t have a “license” to simplify or modify electronic substitutes to paper W-4s, IRS warned. After rolling out guidelines on implementing an electronic system for Forms W-4, IRS received [...]

February 18th, 2023|Uncategorized|

IRS releases income tax withholding tables for 2023

IRS has finalized the withholding tables Payroll will need in 2023. Whether you have old or new Forms W-4 on file for employees, you can get ready for next year. As you know, IRS did a major overhaul of the W-4 in 2020. While some employees haven’t turned in new forms since then, the 2023 [...]

February 7th, 2023|taxes|