If the taxpayer owns rental real estate, they should be aware of their federal tax responsibilities. All rental income must be reported on the taxpayer´s tax return, and in general the associated expenses can be deducted from their rental income.
An Reporting Agent has the authorization to keep his clients payroll. Through Form 8655, the client authorizes the Reporting Agent to prepare Forms W-2, send Forms 940 and 941 to the IRS, as well as make deposits on behalf of the company and receive any information from the IRS related to payroll.
In this course you will learn what a Reporting Agent is, what functions they perform, and how to perform them.