The Internal Revenue Service (IRS) has announced that it will no longer mail the Form 941 tax package to business taxpayers. Taxpayers who need paper copies of the forms can download them at IRS.gov or VisionPayroll.com. Growth in Electronic Filing Spurred Move The...
Substantial enforcement developments from government agencies focusing on worker classification compliance are putting employers on notice. Learn about the issues affecting businesses nationwide and the key steps to take immediately. Five Questions About Worker...
In Notice 2011-12, Withholding on Wages of Nonresident Alien Employees Performing Services Within the United States the Internal Revenue Service (IRS) announced that Notice 2009-91 will not apply to wages paid after December 31, 2010. Notice 2009-91 Modified...
In IMRS10-0001357, the Internal Revenue Service (IRS) confirmed that erroneous CP 276B and CP 207 notices were sent to several taxpayers. IMRS Addresses Significant Issues Regarding IRS Policies, Practices and Issues The Issue Management Resolution System (IMRS) was...
In Announcement 2011-14, the Internal Revenue Service (IRS) “has concluded that breast pumps and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose of affecting a structure...
The Internal Revenue Service (IRS) recently released a draft Form 941, Employer’s QUARTERLY Federal Tax Return. The revised Form 941 will be used for reporting information for the first quarter of 2011 and later quarters. It cannot be used to report information for...
In IR-2011-017, the Internal Revenue Service (IRS) announced that interest rates for the second quarter of 2011 would increase from the first quarter. The rates are as follows: Four (4) percent for overpayments [three (3) percent in the case of a corporation]; Four...
This week’s question comes from Myrtle, a retired bookkeeper. I thought the income tax cuts were extended, but now the federal income tax withholding on my pension has increased. Why did my withholding Increase on my pension? Answer: The Internal Revenue Service...
This week’s question comes from Christina, an HR director. We use Publication 1494 to determine the amount of wages exempt from levy. Publication 1494 is usually available in December for the following year. When will the 2011 Publication 1494 be released? Answer:...
The Internal Revenue Service (IRS) has released an updated version of Publication 15-A, Employer’s Supplemental Tax Guide (Supplement to Publication 15 (Circular E), Employer’s Tax Guide) for use in 2011. Publication 15-A contains information on the following areas:...
The Internal Revenue Service (IRS) has released the 2011 Form W-4, Employee’s Withholding Allowance Certificate. Form W-4 is used by employers to calculate the amount of federal tax to be withheld from an employee’s paycheck. Employees Claiming Exempt Status Must File...
This week’s question comes from Steve, an HR director. We provide transportation benefits to our employers. In 2010, we could exclude $230 per month for most qualified transportation benefits. What is the monthly limit on the value of qualified transportation...
The Internal Revenue Service (IRS) recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits. Publication 15-B Focuses on Taxation of Fringe Benefits Publication 15-B provides an overview of fringe benefits as well as sections...
The Internal Revenue Service (IRS) has released the 2010 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. FUTA Tax Must Be...
In IR-2010-120, the Internal Revenue Service (IRS) announced that interest rates for the first quarter of 2011 would decrease from the fourth quarter. The rates are as follows: Three (3) percent for overpayments [two (2) percent in the case of a corporation]; Three...
This week’s question comes from Carl, a corporate controller. I received a notice from the Internal Revenue Service (IRS) about Federal Tax Deposit coupons titled, You can no longer make required deposits using Form 8109/8109-B. Why did I receive a notice about...
This week’s question comes from Julian, a sole-proprietor. After being laid-off from my job, I have decided to open my own business as a sole proprietor. Where can I find due dates for tax payments and filings? Answer: Each year, the Internal Revenue Service (IRS)...
This week’s question comes from Roy, a company controller. We received a CP 213 Notice on a Form 5500. The notice requests missing information, but that missing information was supplied with an amended Form 5500. Do we need to respond to a CP 213 notice on an amended...
In IR-2010-108, the Internal Revenue Service (IRS) announced the 2011 compensation limitation for Simplified Employee Pension (SEP) plans. Under §408(k)(2) of the Internal Revenue Code of 1986, SEP contributions are generally required for any employee of an employer...
In IR-2010-108, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the limits on SIMPLE plan contributions for 2011. The limitation for SIMPLE plans is codified in §408(p)(2)(E) of the Internal Revenue Code of 1986 (IRC). This section also...
In IR-2010-108, the Internal Revenue Service (IRS) announced the limits on deferral contributions for 2011 under §401(k), §403(b), and §457(e)(15). These limitations are codified in those sections of the Internal Revenue Code of 1986 (IRC). Under IRC §415, the...
In IR-2010-108, the Internal Revenue Service (IRS) announced that for 2011 the compensation limitation will remain at $245,000 under §401(a)(17), §404(l), §408(k)(3)(C), and §408(k)(6)(D)(ii) of the Internal Revenue Code of 1986 (IRC). 2011 Contribution Limit Also...
This week’s question comes from Cristina, a company president. We’re doing some planning for next year. What are the 2011 Highly Compensated Employee Limits? IRS Releases 2011 Highly Compensated Employee Limits in IR-2010-108 In IR-2010-108, the Internal Revenue...
Due to the damage caused by the severe storms, flooding, and straight-line winds in North Carolina on September 27, 2010, President Barack Obama declared the following counties a federal disaster area: Beaufort, Bertie, Brunswick, Craven, Hertford, Jones, Pender,...
The Internal Revenue Service (IRS) recently released a draft Form W-2, Wage and Tax Statement for 2011. Box 9 Is not Applicable for 2011 Form Box 9, which formerly showed the amount of any Advance Earned Income Credit (EIC) payment, is not applicable for 2011 since it...
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