http://www.irs.gov/newsroom/article/0,,id=228881,00.html
Are you being audited? Watch this video to prepare for it. Watch it here.
IRS is eliminating paper coupons for making payments/deposits
to increase the use of electronic transfers, read more here.
Notice 2010-51
The new reporting requirements under these amendments
apply to payments made after December 31,
2011.
Section 6041
generally requires information returns to be made by every person
(payor) engaged in a trade or business
who makes payments, as defined in section
6041(a), aggregating $600 or more in any taxable year to another
person (payee) in the
course of the payor’s trade or business. The information returns must be filed
with the
Internal Revenue Service and corresponding statements must be sent to each payee.
Form 1099-MISC, Miscellaneous Income, is generally used for this purpose, although
Form
W-2, Wage and Tax Statement, is generally used for payments to employees.
Notice 2010-44 provides a Federal income tax credit to certain small employers that make nonelective contributions towards their employees'
health insurance premiums under an arrangement that meets certain requirements. The Notice provides guidance on the credit,
including guidance for determining eligibility for the credit, calculating the credit and claiming the credit.
Announcement 2010-22, On March 18, 2010 the Hiring Incentives to Restore Employment (HIRE) Act of 2010, Pub. L. 111-147 (H.R. 2847) was enacted
including FATCA which makes a number of changes to the tax law affecting foreign account tax compliance. Announcement
2010-22 informs the public that Treasury and the IRS will provide guidance on the implementation of FATCA.
Further, Treasury and the IRS are soliciting comments from the public to consider while drafting guidance projects.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Revenue Procedure 2009-54 updates Rev. Proc. 2008-72, 2008-2 C.B. 1286, and provides optional standard mileage rates for taxpayers to use in computing
the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This
revenue procedure also provides rules under which the amount of ordinary and necessary expenses of local travel or transportation
away from home that are paid or incurred by an employee are deemed substantiated under § 1.274-5 of the Income Tax Regulations
if a payor (an employer, its agent, or a third party) provides a mileage allowance under a reimbursement or other expense
allowance arrangement.
Click this link for news about Small Business Health Care Tax Credit
http://www.irs.gov/newsroom/article/0,,id=223666,00.html
