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The President’s 2011 Budget proposes to restructure the Federal wage reporting process by reverting to quarterly wage reporting. Currently, wages are reported to the Federal Government once a year. Increasing the timeliness of wage reporting would enhance tax administration, improve program integrity for a range of programs, and facilitate implementation of automatic workplace pensions. The […]
http://www.irs.gov/businesses/small/article/0,,id=220746,00.html QR8: How does application of the payroll tax exemption to wages paid to restaurant employees affect the 45B credit? A-QR8: Certain food and beverage establishments can claim a credit under section 45B of the Internal Revenue Code for social security and Medicare taxes paid or incurred by the employer on certain employee tips, referred to […]
http://www.irs.gov/newsroom/article/0,,id=221036,00.html New Form W-11, Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit, is now posted on IRS.gov, along with answers to frequently-asked questions about the payroll tax exemption and the related new hire retention credit. The new law requires that employers get a statement from each eligible new hire, certifying under penalties of perjury, […]
The IRS is issuing guidance as quickly possible on the many reporting issues created by the HIRE Act. A final version of Form 941 for 2Q should be released by the IRS next week April 6th. A new form W-11 will be released as well. This ‘Hiring Incentives to Restore Employment (HIRE) Act Employee Affidavit’ […]
WASHINGTON “For those thinking about buying a new car this year, this deduction may give them a little more drive to make their purchase this year,” said IRS Commissioner Doug Shulman. The deduction is limited to the state and local sales and excise taxes paid on up to $49,500 of the purchase price of a […]
IRS Tips on Preparing for a Disaster Planning what to do in case of a disaster is an important part of being prepared. The Internal Revenue Service encourages taxpayers to safeguard their records. Some simple steps can help taxpayers and businesses protect financial and tax records in case of disasters. Listed below are tips for […]
More information on the COBRA reduction act can be found on the IRS web site. http://www.irs.gov/newsroom/article/0,,id=204708,00.html There are now four sections of questions covering: Administration and eligibility Form preparation Reporting and documentation Taxability and recapture Much of the material here was updated on 3/19/09. Important Highlight: FP-17 Q. Does a COBRA premium assistance credit reduce […]
Complete Article. If AIG execs won’t return their $450 million in bonuses, lawmakers threatened Tuesday to pass a special new law taxing the payouts at anywhere from 60% to 100%. “To those of you getting these bonuses: be forewarned, you will not be getting to keep them.” Schumer called it “Alice in Wonderland business practices” […]
http://www.irs.gov/newsroom/article/0,,id=204708,00.html Please see the article for full details… Under the American Recovery and Reinvestment Act of 2009, certain individuals who are eligible for COBRA continuation health coverage, or similar coverage under State law, may receive a subsidy for 65 percent of the premium. These individuals are required to pay only 35 percent of the premium. […]
IR-2009-15, Feb. 26, 2009 WASHINGTON — The Internal Revenue Service today released new detailed information that will help employers claim credit for the COBRA medical premiums they pay for their former employees. The IRS unveiled new information on this Web site, IRS.gov, that includes an extensive set of questions and answers for employers. In addition, […]