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Since Arizona withholding is based on the federal rates, the state would have seen declining revenue as a result of the ‘Making Work Pay’ federal tax tables. Therefore Arizona has released new tax tables for the rest of 2009 and 2010 to make up the difference. 10%, will increase to 11.5% from May 1, 2009 […]
Starting with 2009 Forms W-2 filed in 2010, Oregon employers with 250 or more employees must electronically file Forms W-2 with the Oregon DOR. Effective with 2010 Forms W-2 filed in 2011, the threshold for employers not using a payroll service provider will decrease to 50 or more employees. Effective with 2011 Forms W-2 filed […]
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 […]
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, […]
Stimulus: How it may affect your wallet “Making Work Pay Credit: The bill provides a $400 credit per worker and a $800 credit per dual-earner couple. The full credit would be paid to people making $75,000 or less ($150,000 per dual-earner couple). For most working individuals, the credit will be paid over time at roughly […]
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 […]