Tag: IRS

Tax Season Means Tax Scams – Avoid Them!

By A New England Nanny 7 0

‘Tis the season – cybercriminal activity usually increases during this time of the year, often by using phone and email phishing scams. They try to access your personal information using a variety of tricks and strategies in order to file income tax returns and claim fraudulent refunds, unbeknownst to the affected taxpayers. Some cybercriminals may also accuse an individual of owing taxes and aggressively demand […]

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Proposed Regulations to Help Prevent Identity Theft

By A New England Nanny 8 0

Fresh off the recent Equifax breach , the IRS has proposed regulations that may help individuals prevent identity theft when it comes to their W-2s. The proposal would allow truncated Social Security numbers (SSNs) on Form W-2 in the form of Taxpayer Identification Numbers (TTINs), which would hide full SSNs from identity thieves. Employers would be permitted […]

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Nanny Tax Compliance Infographic

By A New England Nanny 7 0

Mistakes or misinterpretations of nanny tax compliance laws can mean IRS audits, thousands of dollars in fines and penalties or an employee lawsuit. Our friends at GTM Payroll Services have created this handy infographic that highlights what you need to do to maintain nanny tax compliance. Click the image below to view a larger version.

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Steps to Comply with Nanny Tax Requirements

By A New England Nanny 7 0

If you are hiring a nanny or other household employee, it’s important to understand your obligations as a household employer. You must file all applicable nanny tax forms, Social Security, Medicare, federal and state unemployment insurances, and income taxes. These obligations apply to all full-time and part-time employees that you expect to pay over $2,100 (2018) […]

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Paying Nanny Taxes: Not Just for Cabinet Nominees

By A New England Nanny 5 0

Following the presidential election in November, new potential Cabinet members have been going through the nomination process in the Senate. Two of those nominees have come under fire for issues relating to the hiring and paying of household workers. President Trump’s choice for White House budget director, Mick Mulvaney, failed to pay more than $15,000 in household payroll taxes, jeopardizing […]

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Nanny Taxes Made Easy in 13 Steps

By A New England Nanny 6 0

This is the time of year when many household employers are scrambling to pull together 12 months worth of pay and tax information so they can issue their employee a W-2, submit Form W-3 to the Social Security Administration and begin preparing Schedule H to file with their personal tax return. This is especially true […]

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Save Your Career Opportunity by Paying Nanny Taxes

By A New England Nanny 6 0

It seems like the career opportunity of a lifetime. The incoming president’s transition team is considering you for a position in his cabinet or a senior-level appointment in a government agency or even an ambassadorship. Or…it’s the chance you’ve waiting for your entire career. You’re being considered for partner in your firm or a C-level […]

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2016 Household Employment Laws

By A New England Nanny 8 0

It’s a new year, and with that come changes or new laws and regulations that impact employers across the country, including household employers. Here is a brief overview of 2016 household employment laws. Minimum Wage The minimum wage went up again in this year in New York, rising from $8.75 to $9 per hour. Household […]

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W-2s for Nannies

By A New England Nanny 8 0

It’s that time of year again – tax season! Many household employers may have questions regarding W-2s for their nannies or other household employees. Please see the answers below to some of the most commonly asked questions. Q: Does my nanny receive a 1099 form? A: No. Household employees, in most cases, are not independent contractors. They receive […]

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Tax Responsibilities for New York Household Employers

By A New England Nanny 7 0

If you pay your nanny or other household employee $2,000 (2016) or more in a year, you are required to pay state and federal taxes. Taxes required to withhold, file, and pay: Social Security Medicare Other taxes GTM strongly recommends withholding (but are not required): Federal Income Tax State Income Tax Local Taxes, such as […]

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