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...
IRS Releases 2011 Form 940
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...
Question of the Week: What Are the Credit Reduction States for 2011?
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...
Question of the Week: What Are the IRS and DOL Doing About Workers Who Receive 1099s?
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...
Minnesota Unemployment Wage Base to Remain at $27,000 for 2011
The Minnesota Department of Employment and Economic Development has announced the taxable wage base for 2011. The wage base will remain at $27,000 for 2011. New Employer Tax Rates to Increase The tax rates for new employers will increase from 1.91% to 2.41% for new...
US Department of Labor Issues and Withdraws Opinion Letter on Minimum Tip Credit
The US Department of Labor (DOL) recently issued Administrator signed Opinion Letter FLSA2009-22. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations...
Wisconsin Announces Special Withholding Arrangement for Wisconsin Residents Working in Minnesota
Secretary Roger M. Ervin of the Wisconsin Department of Revenue announced a special withholding arrangement for employers of Wisconsin residents working in Minnesota in response to the termination by Minnesota of the Minnesota-Wisconsin reciprocity agreement effective...
Minnesota Unemployment Wage Base to Increase to $27,000
On or before June 30 of each year the Commissioner of the Minnesota Department of Employment and Economic Development must calculate an amount equal to sixty percent of Minnesota's average annual wage, rounded to the nearest $1,000. This amount is the taxable wage...
Taxpayers Receive Extension of Time to File Returns and Pay Taxes
Due to severe storms and flooding in Minnesota on March 16, 2009, President Barack Obama declared the following counties a federal disaster area: Clay, Norman, Traverse, Wilkin, Beltrami, Marshall, and Polk. Therefore, the Internal Revenue Service (IRS) announced...
Minnesota Increases Taxable Wage Base for 2009
On or before June 30 of each year the Commissioner of the Minnesota Department of Employment and Economic Development must calculate an amount equal to sixty percent of Minnesota's average annual wage, rounded to the nearest $1,000. This amount is the taxable wage...
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