The IRS has set up a program where it can dictate to an employer what an employee can withhold from their paycheck for Federal Income Tax purposes without any input from the employee and without a court order.
Under the new !a href="http://www.irs.gov/taxpros/article/0,,id=137393,00.html">Withholding Compliance Program, the IRS can issue a "lock-in letter" specifying what the withholding rate is for an employee regardless of the employee's W4. The employer is then required to do the following:
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Charles J. Read, CPA has been in the payroll, accounting and tax business for 30 years,
the last fifteen in private practice. Mr. Read is the author of "Tax and Accounting Issues
in Forming a New Business."
To find professional payroll services at a budget price go to www.payrollonabudget.com
a paperless payroll company.
For a full service payroll bureau with CPA's on staff visit www.CustomPayroll.com .
See an excerpt of Mr. Read's interviews from William Shatner's "Heartbeat of
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