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NEW YORK (Full article @ CNNMoney.com) — Remember all the talk during the presidential campaign about a middle-class tax cut? It could be showing up in your paycheck early next year. … “Under the Obama payroll tax credit, payroll and other accounting software would have to be recoded and implemented across many businesses,” said Zandi, […]
The IRS has announced that the standard business mileage rate for transportation expenses paid or incurred beginning January 1, 2009, will be 55 cents per mile, down from the 58.5 cents per mile rate for 2008 Source : www.irs.gov/newsroom/article/0,,id=200505,00.html. WASHINGTON — The Internal Revenue Service today issued the 2009 optional standard mileage rates used to […]
The IRS Chief Council has ruled in a case involving the FICA Tip Credit involving tips undeclared in a previous tax year. From the ruling: “In a prior tax year an employee receives cash tips which constitute wages but the employee fails to report the tip amounts to his or her employer in the year […]
For 2009, personal exemptions and standard deductions will rise and tax brackets will widen because of inflation adjustments announced today by the Internal Revenue Service. By law, the dollar amounts for a variety of tax provisions must be revised each year to keep pace with inflation. As a result, more than three dozen tax benefits, […]
From the IRS web site IR-2008-118, Oct. 16, 2008 – The Internal Revenue Service announced cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax year 2009. Section 415 of the Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. In addition, section 415 requires […]
The IRS is reminding employers that the decision to outsource their payroll is not an easy one. Many employers outsource some of their payroll and related tax duties to third-party payroll service providers. They can help assure filing deadlines and deposit requirements are met and greatly streamline business operations. Some of the services they provide […]
National Taxpayer Advocate testimony discusses status of economic stimulus payments: The administration of the economic stimulus payment program has been marred by “glitches and frustration, but they have been minor and relatively few,” Nina Olson, the National Taxpayer Advocate, testified before a joint hearing of the oversight and Social Security panels of the House Ways […]
The IRS has issued a revenue ruling that provides nine examples on the supplemental wage withholding rules. The topics covered are as follows: (1) commissions paid at fixed intervals with no regular wages paid to the employee; (2) commissions paid at fixed intervals in addition to regular wages paid at different intervals; (3) draws paid […]