The Internal Revenue Service recently released Rev. Proc. 2014-30 which contained the 2015 inflation adjusted amounts for Health Savings Accounts or HSAs. Deductions Limitation Set to Increase The annual limitation on deductions will increase from $3,300 in 2014 to...
IRS Announces Increase in Qualified Transportation Benefits Exclusion for Qualified Parking
In IR-2011-104 and Revenue Procedure 2011-52, the Internal Revenue Service (IRS) announced that the monthly limit on the value of qualified transportation benefits exclusion for qualified parking provided by an employer to its employees for 2012 rises to $240, up $10...
IRS Announces Intention to Discontinue High-Low Substantiation Method
In Announcement 2011-42, Discontinuance of High-Low Method for Substantiating Travel Expenses, the Internal Revenue Service (IRS) announced its intention to discontinue authorizing the high-low substantiation method. No Comments Received on Proposed Change In Rev....
IRS Releases 2012 Inflation Adjustments for Health Savings Accounts
The Internal Revenue Service recently released Rev. Proc. 2011-32 which contained the 2012 inflation adjusted amounts for Health Savings Accounts or HSAs. Deductions Limitation Set to Increase The annual limitation on deductions will increase from $3,050 in 2011 to...
Question of the Week: What Is the Monthly Limit on the Value of Qualified Transportation Benefits?
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...
Tip of the Week: IRS Increases Standard Mileage Rate to 51 Cents per Mile
The standard mileage rates for the use of automobiles beginning January 1, 2011 will be 51 cents per mile for business miles driven and 19 cents per mile driven for medical or moving purposes the Internal Revenue Service announced in Revenue Procedure 2010-51 and News...
IRS Releases Updated Per Diem Rates in Rev. Proc. 2010-39
In Rev. Proc. 2010-39, the Internal Revenue Service (IRS) released updated per diem rates for 2011 and made some minor changes to list of high-cost areas. Per Diem Rates Decrease for High-Cost and Other Localities In §5.02, the IRS announced that per diem rate for...
IRS Releases 2011 Inflation Adjustments for Health Savings Accounts
The Internal Revenue Service (IRS) recently released Rev. Proc. 2010-22, which contained the 2011 inflation adjusted amounts for Health Savings Accounts or HSAs. Since the changes in the Consumer Price Index for the relevant period do not result in changes to the...
Tip of the Week: IRS Reduces Standard Mileage Rate to 50 Cents per Mile
The standard mileage rates for the use of automobiles beginning January 1, 2010 will be 50 cents per mile for business miles driven and 16.5 cents per mile driven for medical or moving purposes the Internal Revenue Service announced in Revenue Procedure 2009-54...
Question of the Week: How Do I Opt Out of Filing Form 944?
This week’s question comes from Rick, a restaurant owner. I started my business in June of this year. Since I didn’t have a big payroll in June, the Internal Revenue Service (IRS) recently informed me that I should file Form 944. Since my payroll will be much higher...
Question of the Week: What Are the 2010 Health Savings Account Inflation Adjustments?
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...
IRS Provides Safe Harbor for Payroll Tax Deduction
In Rev. Proc. 2008-25, the IRS provided a safe harbor method of accounting for accrual-basis taxpayers to use to account for FICA and FUTA taxes. It also established procedures for taxpayers to use to change their method of accounting to this safe harbor method. Under...
With the Click of Button

Streamline Your Hiring
Process With