Vision Payroll

Due to the damage caused by the severe storms, tornadoes, straight-line winds, and associated flooding, in Tennessee on April 25, 2011, President Barack Obama declared the following counties a federal disaster area: Bledsoe, Bradley, Carroll, Cocke, Crockett, Greene, Hamilton, Hardin, Henry, Johnson, Knox, McMinn, Madison, Monroe, Montgomery, Rhea and Washington.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 24, 2011 and before May 11, 2011 as long as the deposits were made by May 10, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, flooding, straight-line winds, and associated flooding and need further information on the relief provided by the IRS.

Due to the damage caused by the severe storms, tornadoes, straight-line winds, and associated flooding in Mississippi on April 15, 2011, President Barack Obama declared the following counties a federal disaster area: Alcorn, Attala, Chickasaw, Choctaw, Clarke, Clay, Coahoma, DeSoto, Greene, Grenada, Hinds, Holmes, Jasper, Kemper, Lafayette, Leflore, Marshall, Monroe, Montgomery, Neshoba, Newton, Panola, Quitman, Smith, Sunflower, Tishomingo, Tunica, Webster and, Winston.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 26, 2011 and before May 3, 2011 as long as the deposits were made by May 2, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, flooding, straight-line winds, and associated flooding and need further information on the relief provided by the IRS.

Due to the damage caused by the severe storms, tornadoes, straight-line winds, and associated flooding, in Georgia on April 27, 2011, President Barack Obama declared the following counties a federal disaster area: Bartow, Catoosa, Cherokee, Coweta, Dade, Floyd, Gordon, Greene, Harris, Habersham, Heard, Lamar, Lumpkin, Meriwether, Monroe, Morgan, Newton, Pickens, Polk, Rabun, Spalding, Troup, Upson, Walker and White.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 26, 2011 and before May 13, 2011 as long as the deposits were made by May 12, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, flooding, straight-line winds, and associated flooding and need further information on the relief provided by the IRS.

Due to the damage caused by the severe storms, tornadoes, straight-line winds, and flooding, in Alabama on April 15, 2011, President Barack Obama declared the following counties a federal disaster area: Autauga, Bibb, Blount, Calhoun, Chambers, Cherokee, Chilton, Choctaw, Clarke, Colbert, Coosa, Cullman, DeKalb, Elmore, Escambia, Etowah, Fayette, Franklin, Greene, Hale, Jackson, Jefferson, Lamar, Lauderdale, Lawrence, Limestone, Madison, Marengo, Marion, Marshall, Monroe, Morgan, Perry, Pickens, Shelby, St. Clair, Sumter, Talladega, Tallapoosa, Tuscaloosa, Walker, Washington and Winston.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 14, 2011 and before May 3, 2011 as long as the deposits were made by May 2, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, flooding, straight-line winds, and flooding and need further information on the relief provided by the IRS.

As previously reported, the Internal Revenue Service (IRS) has released Notice 2011-28, Interim Guidance on Informational Reporting to Employees of the Cost of Their Group Health Insurance Coverage.

Notice 2011-28 Applies To Large Employers

Notice 2011-28 exempts smaller employers from the reporting requirement. If an employer files fewer than 250 Forms W-2 for 2011, then the employer will be exempt from the reporting requirement for 2012 Forms W-2. Furthermore, until further guidance is issued by the IRS, such employers will continue to be exempt from the next year’s reporting requirements as long as they are required to file fewer than 250 Forms W-2 for a calendar year.

Further Guidance on Health Insurance Reporting on Form W-2 to Come

Over the coming months, Vision Payroll will provide further information on the interim guidance on informational reporting to employees of the cost of their group health insurance coverage as outlined in Notice 2011-28.

Due to the damage caused by the severe storms, tornadoes, and straight-line winds in Oklahoma on April 14, 2011, President Barack Obama declared the following county a federal disaster area: Atoka.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 13, 2011 and before April 30, 2011 as long as the deposits were made by April 29, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, flooding, and straight-line winds and need further information on the relief provided by the IRS.

Due to the damage caused by the severe storms, tornadoes, and flooding in North Carolina on April 16, 2011, President Barack Obama declared the following counties a federal disaster area: Alamance, Bertie, Bladen, Craven, Cumberland, Currituck, Greene, Halifax, Harnett, Hertford, Hoke, Johnston, Lee, Onslow, Pitt, Robeson, Sampson, Tyrell, Wake and Wilson.

Declaration Leads to Extension of Payroll Tax and Other Deadlines

Therefore, the Internal Revenue Service (IRS) announced recently that it will waive failure to deposit penalties for employment and excise taxes due after April 15, 2011 and before May 3, 2011 as long as the deposits were made by May 2, 2011. In addition, affected taxpayers have until June 30, 2011 to file most tax returns.

Vision Payroll is Here to Help Affected Taxpayers with Payroll Tax Issues

Contact Vision Payroll if you were affected by the severe storms, tornadoes, and flooding and need further information on the relief provided by the IRS.

This week’s question comes from Lindsay, an office manager. I read before that businesses were going to have expanded Form 1099-MISC reporting requirements starting in 2012. Now I’ve heard that these requirements may have been repealed. Have the expanded Form 1099 reporting requirements been repealed? Answer: The expanded reporting requirements for Form 1099 that were added as part of the Patient Protection and Affordable Care Act have been repealed.

Business Reporting Reverts To Previous Rules

Business reporting now reverts to the previous rules, requiring reporting of payments of $600 or more for services performed by non-employees. Most payments to corporations are exempt.

Reporting by Landlords Also Repealed

Expanded reporting requirements for landlords have also been repealed. Landlords not in the trade or business of renting property will have no Form 1099-MISC reporting requirements.

Contact Vision Payroll Today

Contact Vision Payroll for further information regarding the repeal of the Form 1099-MISC expanded reporting requirements.

The Internal Revenue Service (IRS) recently released Notice 2011-28, Interim Guidance on Informational Reporting to Employees of the Cost of Their Group Health Insurance Coverage.

Notice 2011-28 Does not Cause Excludable Employer-Provided Health Care Coverage to Become Taxable

According to Notice 2011-28, nothing in §6051(a)(14), Notice 2011-28, or the additional guidance that is contemplated under §6051(a)(14), causes or will cause otherwise excludable employer-provided health care coverage to become taxable.

Notice 2011-28 Applies to 2012 Forms W-2

Notice 2011-28 applies to the 2012 Forms W-2, which will generally be furnished to employees during January 2013. Employers are not required to report the cost of excludable employer-provided health care coverage before the 2012 Forms W-2. The reporting will be in box 12 of 2012 Form W-2, using code DD.

Notice 2011-28 Contains Information on Calculating Reportable Amounts

Notice 2011-28 provides detailed information, in a question and answer format, on calculating reportable amounts, which amounts are included in the reportable amount, and which amounts are excluded from the reportable amount.

Contact Vision Payroll Today

Contact Vision Payroll today if you have further questions on changes to the 2012 Form W-2 reporting for health coverage.

On April 7, 2011, the Internal Revenue Service (IRS) will host a free webinar titled Easy, Low Cost Ways to Start Your Small Business Retirement Plan.

Learn What Will Work for Your Small Business

Watch this free webinar to learn about the following:

• Low-cost retirement plans
• Low-maintenance alternatives to traditional 401(k)s
• Points to consider in choosing the right plan for your business
• Types of advisors who can help you set up and operate your plan
• How to avoid plan mistakes
• How the IRS can help correct mistakes in your plan

Small Businesses Can Benefit from This Webinar

The webinar is suited for the following:

• Small businesses and sole practitioners
• Tax professionals working with small business
• Enrolled Retirement Plan Agents
• Enrolled Agents

Contact Vision Payroll Today

Contact Vision Payroll today if you have further questions on small business retirement plans.