Under recently enacted Illinois Public Act 097-0689, the Save Medicaid Access and Resources Together (SMART) Act, certain Illinois employers will be required to file wage reports on a monthly basis starting in 2013. SMART Act Mandates Monthly Filing for Employers...
The Internal Revenue Service (IRS) has issued a revamped Schedule A for Form 940 for 2011. The revised Schedule A includes a line for every state as well as the District of Columbia, Puerto Rico, and the US Virgin Islands. Revamped Form Necessitated by Increase in...
The Internal Revenue Service (IRS) has released the 2011 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and accompanying instructions. Employers use Form 940 to report their annual Federal Unemployment Tax Act (FUTA) tax. Twenty Credit Reduction...
This week’s question comes from Victoria, a corporate controller. Victoria asks: I read that California is going to be a credit reduction state for 2011, but heard that they be more credit reduction states. What are the credit reduction states for 2011? Answer: The...
This week’s question comes from Steve, a small business owner. Steve asks: I’ve read about the Voluntary Classification Settlement Program (VCSP) and its application process with the Internal Revenue Service (IRS). What are the IRS and Department of Labor (DOL) doing...
Illinois Governor Pat Quinn recently signed HB 1030 into law. The new law adds an unemployment tax surcharge, increases the taxable wage base, and reduces maximum benefits, among other provisions. Surcharge Is for First Quarter of 2011 For the first quarter of 2011,...
The Illinois Department of Employment Security has announced an increase in the taxable wage base for 2010. The wage base will increase from $12,520 for 2010 to $12,740 for 2011. Minimum and Maximum Rates Also Increase The minimum employer rate for 2011 will increase...
Due to the damage caused by the severe storms and flooding in Illinois on July 22, 2010, President Barack Obama declared the following counties a federal disaster area: Carroll, Cook, DuPage, Jo Daviess, Ogle, Stephenson and Winnebago. Declaration Leads to Extension...
The Illinois Department of Employment Security has announced an increase in the taxable wage base for 2010. The wage base will increase from $12,300 for 2009 to $12,520 for 2010. Contact Vision Payroll if you have any questions on the Illinois unemployment taxable...
Employers in three states must pay higher minimum wages effective today. In Illinois, the minimum wage increases from $7.75 per hour to $8.00 per hour. In Kentucky, the minimum wage increases from $6.55 per hour to $7.25 per hour. In Nevada, the minimum wage increases...
Maureen T. O’Donnell, Director of the State of Illinois Department of Employment Security announced recently that the 2009 unemployment wage base has increased from $12,000 to $12,300. O’Donnell, appointed by Governor Rod R. Blagojevich in August, had served as Acting...
The US Court of Appeals for the 7th Circuit ruled recently in Jefferson v. US, 06-4082 (7th Cir. 10/8/2008) that the IRS rightfully imposed an Internal Revenue Code of 1986 (IRC) §6672 penalty against a former president of the board of directors of a tax-exempt day...
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