The Internal Revenue Service (IRS) has sent out an e-mail to the payroll industry indicating that it sent out erroneous Failure to Deposit Notices. Following is the text of that e-mail: Here is important information regarding notices for Failure to Deposit penalties...
In a letter dated February 20, 2014, the Internal Revenue Service (IRS) sent EFTPS Inquiry PINs to taxpayers whose tax professional enrolled them in the Electronic Federal Tax Payment System (EFTPS). EFTPS is the system through which federal tax payments are made for...
The standard mileage rates for the use of automobiles beginning January 1, 2013 will be 56.5 cents per mile for business miles driven and 24 cents per mile driven for medical or moving purposes the Internal Revenue Service announced in Notice 2012-72 and News Release...
Due to the damage caused by Tropical Storm Lee in Pennsylvania beginning on September 3, 2011, President Barack Obama declared the following counties a federal disaster area: Adams, Bradford, Columbia, Cumberland, Dauphin, Lancaster, Lebanon, Luzerne, Lycoming,...
Due to the damage caused by Tropical Storm Lee in New York beginning on September 7, 2011, President Barack Obama declared the following counties a federal disaster area: Broome, Chenango, Delaware, Otsego and Tioga. Individuals who reside or have a business in these...
Due to the damage caused by wildfires in Texas beginning on August 30, 2011, President Barack Obama declared the following counties a federal disaster area: Bastrop, Colorado, Gregg, Grimes, Houston, Leon, Montgomery, Travis, Walker, Waller, and Williamson....
Due to the damage caused by Hurricane Irene in Pennsylvania beginning on August 26, 2011, President Barack Obama declared the following counties a federal disaster area: Bucks, Chester, Delaware, Lehigh, Luzerne, Monroe, Montgomery, Northampton, Philadelphia,...
Due to the damage caused by Hurricane Irene in Vermont beginning on August 29, 2011, President Barack Obama declared the following counties a federal disaster area: Addison, Bennington, Caledonia, Chittenden, Orange, Rutland, Washington, Windham and Windsor....
IRS Provides Tax Relief to NH Residents…
The Internal Revenue Service (IRS) is providing tax relief to individual and business taxpayers impacted by Hurricane Irene. …
In Notice 2010-69, the Internal Revenue Service (IRS) announced that the reporting of the cost of coverage under an employer-sponsored group health plan on Form W-2, Wage and Tax Statement, would not be mandatory for 2011 Forms W-2. Additional Time Is Needed to Make...
Employees who have provided a Form W-4, Employee’s Withholding Allowance Certificate claiming exemption from federal income tax withholding must file a new 2010 Form W-4 by February 16, 2010 in order to continue their exemption from federal income tax withholding....
The Internal Revenue Service (IRS) recently released 2010 Form W-5, Earned Income Credit Advance Payment Certificate. There are four criteria for claiming advance earned income credit (EIC) payments. Taxpayer (and spouse if filing jointly) must have a valid social...
This week’s question comes from Sherri, a payroll director. We have many employees with levies on their paychecks, I know we need to change the calculation if an employee provides a change in exemptions. Where can I find the levy exemption amounts for 2010? Answer:...
Due to the tsunami resulting in severe storms and flooding in American Samoa on September 29, 2009, President Barack Obama declared the Territory of American Samoa a federal disaster area. Therefore, the Internal Revenue Service (IRS) announced recently that it will...
Due to severe storms and flooding in Georgia on September 18, 2009, President Barack Obama declared the following counties a federal disaster area: Bartow, Carroll, Catoosa, Chattooga, Cherokee, Cobb, Coweta, DeKalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding,...
Due to severe storms and flooding in New York on August 8, 2009, President Barack Obama declared the following counties a federal disaster area: Cattaraugus, Chautauqua and Erie. Therefore, the Internal Revenue Service (IRS) announced recently that it will waive...
The Internal Revenue Service (IRS) recently issued Notice 2009-28 offering guidance on the Work Opportunity Tax Credit (WOTC) under §51 of the Internal Revenue Code of 1986 (IRC). Under the American Recovery and Reinvestment Act of 2009 or ARRA, unemployed veterans...
This week’s question comes from Joel, an HR director. We just implemented a Health Savings Account plan at our company. We know the amounts employees can contribute for 2009. What are the 2010 Health Savings Account inflation adjustments? Answer: the Internal Revenue...
The Internal Revenue Service (IRS) is warning taxpayers to be on the lookout for phony e-mails that appear to be from IRS employees. The e-mails attempt to get personal information such as social security numbers, account numbers, and passwords that may be used in...
The Internal Revenue Service (IRS) recently released 2009 Form W-5, Earned Income Credit Advance Payment Certificate. There are four criteria for claiming advance earned income credit (EIC) payments. Taxpayer (and spouse if filing jointly) must have a valid social...
Employees who have provided a Form W-4, Employee’s Withholding Allowance Certificate claiming exemption from federal income tax withholding must file a new 2009 Form W-4 by February 16, 2009 in order to continue their exemption from federal income tax withholding....
The Internal Revenue Service has released an updated version of Publication 1494, Tables for Figuring Amount Exempt from Levy on Wages, Salary, and Other Income (Forms 668-W(C), 668-W(c)(DO) and 668-W(ICS)). The table is used to calculate the amount of wages and other...
The Internal Revenue Service recently released an updated version of Publication 15-B, Employer’s Tax Guide to Fringe Benefits. Publication 15-B provides an overview of fringe benefits as well as sections on fringe benefit exclusion rules and fringe benefit valuation...
The Internal Revenue Service recently released an updated version of Publication 15, (Circular E) Employer’s Tax Guide. In addition to providing information on classifying employees, determining which types of payments are considered wages for federal employment tax...
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