WASHINGTON — The Internal Revenue Service has expanded its Voluntary Classification Settlement Program (VCSP) paving the way for more taxpayers to take advantage of this low-cost option for achieving certainty under the law by reclassifying their workers as employees for future tax periods. The IRS is modifying several eligibility requirements thus making it possible for [...]
Archive for category Employer
If your pay from your job includes tips, here are a few important reminders about tip income: Tips are taxable. Individuals must pay federal income tax on any tips they receive. The value of non-cash tips, such as tickets, passes or other items of value are also subject to income tax. Include all tips on [...]
If you’ve recently updated your status from single to married, you’re not alone – late spring and summertime is a popular period for weddings. Marriage also brings about some changes with your taxes. Here are several tips for newlyweds from the IRS. Notify the Social Security Administration It’s important that your name and Social Security [...]
Employee Business Expenses
Mar 29
Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. Expenses that qualify for an itemized deduction generally include: • Business travel away from home • Business [...]
WASHINGTON — The Internal Revenue Service has launched a new online search tool, Exempt Organizations Select Check, to help users more easily find key information about tax-exempt organizations, such as federal tax status and filings. Users can now go to one location on IRS.gov, select a tax-exempt organization, and check if the organization: Is eligible [...]
If you paid someone to care for your child, spouse, or dependent last year, you may qualify to claim the Child and Dependent Care Credit when you file your federal income tax return. Below are 10 things you should know about claiming the credit for child and dependent care expenses. 1. The care must have [...]
Make sure you have all the needed documents, including all your Forms W-2, before you file your 2011 tax return. You should receive an IRS Form W-2, Wage and Tax Statement, from each of your employers. Employers have until Jan. 31, 2012 to issue your 2011 Form W-2 earnings statement. If you haven’t received your [...]
If you’re a small business or a self-employed individual who needs answers to tax questions, educational materials or tools to help you run your business, check out the IRS’s Small Business and Self-Employed Tax Center on this website. This one-stop shop offers extensive resources and online tools to help small businesses and self-employed persons by [...]
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other [...]
Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. This credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already [...]
WASHINGTON – The Internal Revenue Service today launched a new program that will enable many employers to resolve past worker classification issues and achieve certainty under the tax law at a low cost by voluntarily reclassifying their workers. This new program will allow employers the opportunity to get into compliance by making a minimal payment [...]
IRS Issues Guidance on Tax Treatment of Cell Phones; Provides Small Business Recordkeeping Relief
Sep 15
WASHINGTON — The Internal Revenue Service today issued guidance designed to clarify the tax treatment of employer-provided cell phones. The guidance relates to a provision in the Small Business Jobs Act of 2010, enacted last fall, that removed cell phones from the definition of listed property, a category under tax law that normally requires additional [...]
WASHINGTON — The Treasury Department and Internal Revenue Service today requested public comment on a proposed affordability safe harbor for employers under the shared responsibility provisions included in the affordable Care Act that will apply to certain employers starting in 2014. Under the Affordable Care Act, employers with 50 or more full-time employees that do [...]
WASHINGTON — As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the Department of Health and Human Services, is announcing a new round of outreach to small employers and the professional service providers they rely on to encourage them to review the new Small Business Health Care Tax Credit [...]
