Categories
FUTA Credit Reduction 2011
Fri, 12/02/2011 - 15:15 | by Brent A. Hoffman CPAFor 2011, Pennsylvania employers' FUTA tax rate will be 0.8% on an employee's first $7,000 of wages paid from January 1 through June 30. From July 1 through December 31, the rate decreases to 0.6% on the first $7,000 of wages. In addition, Pennsylvania is a "credit reduction state", meaning that for 2011, there is an addional 0.3% tax increase on the first $7,000 wages per employee. A credit reduction state is a state that has not repaid money it borrowed from the federal government to pay unemployment benefits.
Repeal of Expanded Information Reporting Requirements
Mon, 05/09/2011 - 11:22 | by Brent A. Hoffman CPAThe Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 eliminated new information reporting requirements that were created by previous legislation.
1099 Requirements and Updates
Wed, 02/09/2011 - 15:30 | by Brent A. Hoffman CPAIndividuals or Businesses who hire subcontractors should issue a 1099 tax form by January 31 to their recipients. The 1099 requires a SSN for an individual or EIN for a business. It is suggested that when you contract the recipients, you have them fill out a W-9 form. You can pick these forms up at our office, or print from the following IRS website: http://www.irs.gov/pub/irs-pdf/fw9.pdf
Tax Filing Delay for 2011 Filing Season
Tue, 01/04/2011 - 16:31 | by Brent A. Hoffman CPAThe IRS has announced certain tax returns cannot be filed until mid- to late February, due to the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. If you fall into the following three categories, your tax return cannot be filed until a future date determined by IRS:
* Taxpayers claiming itemized deductions on Schedule A
* Taxpayers claiming the Higher Education Tuition and Fees Deduction
* Taxpayers claiming the Educator Expense Deduction
The IRS will announce at a later date the first filing day for these specific returns.
2011 MILEAGE RATES ANNOUNCED!
Mon, 12/06/2010 - 17:24 | by Brent A. Hoffman CPAThe IRS has released the mileage rates for tax year 2011 (IRS Notice 2010-88).
IRS Federal Tax Deposits Requirement and EFTPS
Thu, 10/07/2010 - 14:45 | by Brent A. Hoffman CPABeginning January 1, 2011, the IRS is mandating that federal tax deposits be made electronically using their Electronic Federal Tax Payment System (EFTPS). Federal tax deposits include payroll and corporate taxes. Previously, deposits could be paid using a paper-based coupon system by presenting a check and a coupon to a bank teller at their local bank.
