Syncing W-2s with 941s
Your payroll figures reported to the IRS and the Social Security Administration better match up. Under the Combined Annual Wage Reporting program, these government agencies share information. In one case, a company overstated wages in order to claim advanced earned income credits (no longer available on an advanced basis) on its quarterly Forms 941 as compared with annual W-2s. The court said the IRS could proceed in seeking a recovery of unpaid taxes.
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