According to an article in the Journal of Accountancy this morning, the IRS has proposed making EIN holders update their information periodically. If enacted, this will be a retroactive regulation making it apply to all EIN holders and not just new EIN applicants. Comments for public hearing are due in June. I will watch this reg [...]
This blog post is probably more timely if it were 2009, given the recent positive news on the job front, but it some ways, this question is timeless. If you lose your job, there are multiple considerations that you have to address almost immediately. Quick action can save you considerable money and headaches. First [...]
I have moved this to our current events again in case you need the attachment for the April 1st deadline! As you probably have heard in the press recently some of Alabama's new immigration law has been blocked and some is still in place. Carol Armstrong, Attorney at Law has been kind enough to provide [...]
You may have heard in the press recently that the IRS is now demanding QuickBooks and Peachtree files from taxpayers during audits. The IRS does have authority to request these files, and it has been upheld in court. The taxpayer must provide the electronic records upon request. If a taxpayer attempts to withhold them, the [...]
Have you ever considered ways to manage your payroll taxes? One good way to keep employer paid payroll taxes down is to manage your employee turnover. Each employee has related payroll tax expenses. On the first $8,000.00 in wages, for Alabama, and on the first $7,000.00 in wages, for Federal, you are taxed as the [...]
IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30). The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes. The terminal charge has increased to $44.88 (previously, $43.79). The rate for the first [...]
Congress acted on Friday to extend the payroll tax cut on the employee portion of Social Security through the end of 2012. Please make sure to get a payroll update if you use QuickBooks for payroll before running any payroll in March. This is very important because QuickBooks had already pushed out an update assuming [...]
There is a new Veterans Tax Credit which was included in the The VOW to Hire Heroes Act of 2011 (enacted 11/21/11) expanded the Work Opportunity Tax Credit (WOTC), for businesses that hire eligible unemployed veterans on or before 12/31/12. The credit maximum is $9,600 per veteran for for-profit businesses depending on the length of [...]
Several states have increased their minimum wage rates as of January 1, 2012. That makes it a good time to publish this state by state minimum wage rate table. State by State Minimum Wages We are still waiting on Congress to act on extending the Social Security payroll tax cut beyond February 29, 2012. I [...]
Prior to May 28, 2009, pay-as-cut sales proceeds were not required to be reported on 1099 information forms. However, in T.D. 9450, the Treasury Department clarified that both pay-as-cut timber sales and lump-sum timber sales are now required to be reported on Form 1099-S. Please contact our office if you need more information. We would be more than happy [...]