Form Instruction 1042-S Irvine California 2024-2025

Form Instruction 1042-S Irvine California: What You Should Know

All entities with a joint return that has not yet been filed will be required to designate the tax liability for the prior calendar year, plus any amounts withheld, plus any amounts received for withholding, plus the amounts received by that agreement, for the tax year in the manner as described in previous notices. What's so bad about this? First, there are problems with the rule that you should be making a decision about at least 14 months in advance. Why should you have to worry about paying taxes when you can go back in 14 months and get paid instead? Second, this is very different from the normal practice of making a “commitment” to pay the taxes at the “right time and in the right amount,” and a subsequent agreement to pay the taxes when you actually owe them is not required. Third, it is difficult to define when an agreement is actually made. Fourth, and most importantly, this would undermine the ability of any organization or individual to hold employees and/or independent contractors accountable for doing what is required by the law. The only way to do that is by providing an actual written commitment, not a promise. What about payment plans? Why not? This is a problem for employers since a company's ability to retain a talented employee can be drastically impacted by any kind of tax liability. It also affects small businesses because of the requirement for these agreements as part of the tax reporting process. What happens if the tax liability for the year is not determined until after the end of the year? It may just be hard to pay your employees. What happens if an organization decides not to make a commitment and then the company goes bankrupt? No one will ever know because the employer simply could not be held accountable for withholding taxes that were due at the time they were received.

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