Seasonal employees and paycheck checkups; When to file an amended tax return

 

e-News for Small Business May 23, 2018
Tax Resources for Small Business Small Business and Self-Employed One-Stop Resource Small Business Forms & Instructions Small Business Events Small Business Webinars e-File for Businesses and Self-Employed Businesses with Employees Small Business Products Self-Employed Individuals S Corporations Other Resources IRS.gov Find it Fast! All Forms and Instructions Filing Your Taxes Make a Payment Taxpayer Advocate Service Retirement Plans Tax Information for Charities and Other Non-Profits State Links SSA/IRS Reporter IRS Social Media	Issue Number:  2018-17 Inside This Issue Encourage seasonal and part-year workers to check tax withholding amount soon Amended tax returns can fix errors on already filed returns 1.  Encourage seasonal and part-year workers to check tax withholding amount soon The Tax Cuts and Jobs Act made major changes to the tax law, which could affect how much an employee needs to have their employer withhold from their pay. Business owners should encourage seasonal and part-year staff to visit the Withholding Calculator on IRS.gov soon to do a "paycheck checkup." The calculator asks about the dates of employment and accounts for a part-year employee's shorter employment rather than assuming that their weekly tax withholding amount would be applied to a full year. If the calculator results suggest the employee needs to change their withholding, the employee should complete a new Form W-4 and submit it to their employer as soon as possible. More information is available in the May 9, 2018 IRS news release: Seasonal, part-year workers urged to check tax withholding amount. Back to top 2.  Amended tax returns can fix errors on already filed returns Business owners and self-employed individuals can take advantage of the amended return process to correct any mistakes discovered after filing. This includes errors associated with filing status or reported income, credits or deductions. The instructions for the Form 1040X, Amended U.S. Individual Income Tax Return, list more reasons to amend a return. Amended returns should not be filed to fix math errors because the IRS will correct those. Nor is an amended return required if a required form or schedule was not included with the filed return. The IRS will mail requests for additional information, if needed. For more information on when to file an amended return, visit the IRS Interactive Tax Assistant page regarding Should I File an Amended Return? on IRS.gov. Back to top Thank you for subscribing to this IRS e-mail service. This message was distributed automatically from the mailing list e-News For Small Business. Please Do Not Reply To This Message.

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