Category Archives: IRS

Mileage Rate Increase Announced by IRS

Posted on June 28, 2011 by

The IRS has announced an increase in the optional standard mileage rates for the final six months of 2011. The IRS has increased the standard business mileage rate from 51 cents to 55.5 cents a mile for all business miles … Continue reading →

Posted in IRS

DOL Smartphone App

Posted on June 28, 2011 by

How many hours have you worked this week?  Check your phone!  The DOL has announced the launch of its first application for smartphones.  The app is a timesheet to help employees track regular work hours, lunch breaks and any overtime.  … Continue reading →

Posted in DOL, IRS

IRS Issues HSA Limits for 2012

Posted on May 18, 2011 by

For calendar year 2012, the annual limitation on deductions for an individual with self-only coverage under a high-deductible plan is $3,100.  For calendar year, the annual limitation on deductions for an individual with family coverage under a high deductible health … Continue reading →

Posted in IRS, Other Payroll Issues

Corporate E-Filing Not Hindered By New Hire Credit Retention

Posted on May 15, 2011 by

The IRS has indicated Form 1120 filers can continue to file their corporate income tax returns electronically with Form 5584-B by attaching the retention credit form as a pdf attachment.

Posted in IRS

1099 Expanded Reporting Repealed

Posted on April 21, 2011 by

The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 eliminated new information reporting requirements that were created by previous legislation.The Patient Protection and Affordable Care Act of 2010 expanded information reporting to include payments to … Continue reading →

Posted in IRS

INTERIM GUIDANCE AVAILABLE ON REPORTING OF EMPLOYER SPONSORED HEALTH COVERAGE

Posted on March 30, 2011 by

Interim guidance has been issued by the IRS for employers on reporting the cost of health insurance on Form W-2.  In this guidance, the IRS emphasizes that the reporting is strictly for informational purposes and for the benefit of the … Continue reading →

Posted in IRS

Guidance on Nonresident Alien Withholding

Posted on March 6, 2011 by

The IRS has issued updated guidance for withholding on wages paid to nonresident alien employees for services performed in the U.S., for wages paid in 2011.    Notice 2011-12.

Posted in IRS

IRS Issues “New Hire Retention Credit” Form

Posted on March 6, 2011 by

The final version of Form 5884-B, New Hire Retention Credit has been released.  This form will be used to calculate the retention credit under the HIRE Act.    The retention credit is taken against an employer’s corporate income tax for 2011:  … Continue reading →

Posted in IRS

IRS Announces SIFL Rates

Posted on March 6, 2011 by

The Standard Industry Fare Level rates and the terminal charge for 1-1-11 to 6-30-11 have been issued.   The SIFL rates are $0.2237 per mile for the first 500 miles; $0.1706 for miles 501 to 1500; and $0.1640 for miles over 1500.   … Continue reading →

Posted in IRS

Social Security Wage Base Remains at $106,800 in 2011

Posted on October 15, 2010 by

The Social Security Administration (SSA) announced on Friday, October 15, 2010, that the 2011 social security wage base will be $106,800, unchanged from 2010. As in prior years, there is no limit to the wages subject to the Medicare tax; … Continue reading →

Posted in IRS