During the week of May 17th, IRS Employee Plans Compliance Unit (EPCU) will send a letter and instructions to 1,200 employers sponsoring 401(k) plans asking them to complete the 401(k) Compliance Check Questionnaire. The information gathered from the Questionnaire will provide a comprehensive view of 401(k) plans and will help [...]
WASHINGTON — An expanded Earned Income Tax Credit (EITC) means larger families will qualify for a larger credit, offering greater relief for people who struggled through difficult financial times last year, the Internal Revenue Service said today. The IRS and the Treasury Department marked EITC Awareness Day as their partners [...]
Every year the Florida Legislature must consider the adoption of the current Internal Revenue Code (Chapter 26, United States Code), so that certain tax definitions and the calculation of adjusted federal income are consistent between the Internal Revenue Code and the Florida Income Tax Code (Chapter 220, Florida Statutes). The [...]
Every year, millions of taxpayers donate money to charitable organizations. The IRS has put together the following list of six things you should know about the tax treatment of tax-exempt organizations. Annual returns are made available to the public. Exempt organizations generally must make their annual returns available for public [...]
Special Payroll Tax Exemption Form Now Available WASHINGTON — The Internal Revenue Service today released a new form that will help employers claim the special payroll tax exemption that applies to many newly-hired workers during 2010, created by the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama [...]
When you invest in energy-efficient products, you may be saving money on both your energy bills and your tax return. The Internal Revenue Service wants you to know about these six energy-related tax credits created or expanded by the American Recovery and Reinvestment Act of 2009. Residential Energy Property Credit [...]
Important: The IRS recently published an article regarding if a person is an employee or contractor. In a nutshell, it is crucial you know the difference. If a business considers an employee a contractor, a good rule of thumb is that the IRS is going to levy a penalty of [...]
UPDATE! CLICK FOR NEW INFO! There is still time to claim the First-Time Homebuyer Tax Credit on your 2009 tax return. If you purchased or entered into a binding contract to purchase a home in 2009 or early 2010, you may be eligible to claim the First-Time Homebuyer Credit. Claiming [...]
If you haven’t made all the contributions to your traditional Individual Retirement Arrangement that you want to make – don’t worry, you may still have time. Here are the top 10 things the Internal Revenue Service wants you to know about setting aside retirement money in an IRA. You may [...]
EFTPS: The Electronic Federal Tax Payment System A Secure Way to Pay All Your Federal Taxes EFTPS, the Electronic Federal Tax Payment System, is a tax payment system provided free by the U.S. Department of Treasury. Pay federal taxes electronically via the Internet or phone 24/7. Visit EFTPS to enroll. [...]
