President Biden is proposing unprecedented funding for the IRS to reduce tax evasion and better conduct audits of wealthy Americans. The administration wants to use money raised from cracking down on tax avoidance to help fund the new social programs of the American Families Plan.
The IRS has issued a new Form W-4 to determine how much income tax to withhold from an employee’s paycheck. Here’s what household employers need to know.
If you withhold income taxes from your domestic employee’s pay, encourage them to use the IRS’ withholding calculator and updated W-4 form to make sure they have the right amount of tax taken out of their paychecks.
Recent tax reform made significant changes to income tax rates, exemptions, deductions, credits, and more. Here are the key provisions that may influence your tax liability under the new legislation.