The IRS issued more than thirteen billion dollars of employment tax penalties on businesses for the fiscal year 2019. But very few businesses have the tools or knowledge to avoid these penalties, or if need be, how to get them reversed(GetPayroll ).
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In his new book, The Payroll Book: A Guide for Small Businesses and Startups, Charles Read, Certified Public Accountant, United States Tax Court Practitioner, GetPayroll Inc., Founder and member of the Internal Revenue Service Advisory Council, reveals how to avoid the heavy hand of the IRS.
Payroll mistakes by business owners or by the government are costly, in the billions of dollars. These penalties, and interest, can cripple or destroy a business, even if it is not the business’s fault. This book gives business owners an authoritative and reader-friendly guide to payroll and payroll tax compliance, from proper setup and maintenance to reporting, record-keeping, and other payroll-related topics.
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“In 30 plus years of running a payroll company I have seen how small businesses struggle to understand the intricacies of payroll and payroll taxes. I wanted to level the playing field for them. This book is designed to demystify payroll and to help readers understand exactly what they need to do to get payroll and payroll taxes right. It answers key questions and provides specific, real-world guidance on important payroll topics,” notes Read. “It also teaches employers how to avoid, and if necessary, fight IRS penalties regardless of the reason assessed.”
The book reveals details on many IRS hot button issues including gross negligence versus simple mistakes (that should not be penalized), an off the radar tax credit for employee time off, classification issues regarding independent contractors vs employees for withholding tax and tax reporting purposes, exempt vs non-exempt employees for overtime pay purposes, earnings, and deductions that may or may not be reportable for tax purposes, and much more.
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