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Payroll Tax Cut Extended to the End of 2012
Fri, 02/24/2012 - 12:54 | by Sandy SoderstedtWASHINGTON — The Internal Revenue Service today released revised Form 941 enabling employers to properly report the newly-extended payroll tax cut benefiting nearly 160 million workers.
Keystone Collections Group 2009 Letters
Wed, 01/18/2012 - 11:06 | by Bob Parks CPARecently, Keystone Collections Group, the bureau that took over the local tax collection services for the Lebanon County Earned Income Tax Bureau and several other local tax agencies has been mailing statements to taxpayers stating that additional taxes are due for tax year 2009. The agency has collected information from the Pennsylvania Department of Revenue for every taxpayer’s individual 2009 tax return. They are then cross-matching the PA income with the income reported on the taxpayer’s 2009 Local Earned Income Tax Return.
2012 Mileage Rates Announced
Tue, 12/13/2011 - 12:08 | by Brent A. Hoffman CPAIRS released the 2012 mileage rates as follows:
Business rate - 55.5 cents per mile
Medical or moving - 23 cents per mile
Charitable - 14 cents per miles
IRS Extends Deadline in 27 Counties
Wed, 09/14/2011 - 09:58 | by Brent A. Hoffman CPAAs a result of Hurricane Irene and Tropical Storm Lee IRS has postponed deadlines for Pennsylvania taxpayers who reside or have a business in a federal disaster area until Oct. 31, 2011. This includes corporations and other businesses that previously obtained an extension until Sept. 15 to file their 2010 returns.
FUTA Changes Effective July 1, 2011
Wed, 08/03/2011 - 14:00 | by Brent A. Hoffman CPACongress has announced that the 0.2% FUTA surcharge will not be extended before June 30, 2011. Employers have been required to pay a flat rate of 6.2% on the first $7,000.00 of each employee’s annual wages for FUTA. The 6.2% FUTA rate included a temporary 0.2% surcharge that was first added in the 1970’s. The FUTA rate will be reduced from 6.2% to 6.0% effective July 1, 2011. Employers will still receive the 5.4% credit for paying state unemployment on time, reducing the FUTA rate to .6% on wages paid up to the annual FUTA limit of $7,000.00.
*IRS UPDATE 2011- IRS Raises Standard Mileage Rate for Second Half of 2011
Fri, 06/24/2011 - 10:30 | by Brent A. Hoffman CPAIn response to rising gasoline prices, the IRS has raised the standard mileage rate for business use of an automobile from 51 cents per mile to 55½ per mile, effective July 1 (Announcement 2011-40). The medical and moving standard mileage rate is increasing to 23½ per mile, also on July 1.
Social Security Administration No Longer Mailing Out Earnings Statements to Workers
Mon, 05/09/2011 - 11:19 | by Brent A. Hoffman CPAThe Social Security Administration (SSA) has announced that it is no longer mailing out annual earnings statements to workers. The statements show how much workers have paid into the Social Security system and how much they are scheduled to receive in retirement benefits. The SSA said that the decision was made “in light of the current budget situation.” It advises workers to estimate their retirement benefits using the “Retirement Estimator” on its website.
Payroll Tax Cut to Boost Take-Home Pay for Most Workers
Tue, 01/04/2011 - 16:19 | by Brent A. Hoffman CPAWASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.
