The IRS announced today, October 12, 2010, that it will defer the health insurance reporting requirement for employers, making reporting by employers optional for 2011. The Affordable Care Act requires that the aggregate cost of employer-sponsored health coverage must...
On December 3, 2009, the Internal Revenue Service announced a reduction to the optional standard mileage rates for 2010. For the year 2010, the optional standard mileage rate will reduce from 55 cents to 50 cents per mile. Taxpayers have the option of using the...
IRS will audit 2,000 taxpayers each year for the next three years. Beginning February 2010, the Internal Revenue Service will begin employment tax audits on 2,000 randomly selected taxpayers (employers) per year for the next three years. The IRS states that they are...
On November 24, 2008, the Internal Revenue Service announced a reduction to the optional standard mileage rates for 2009. For the year 2009, the optional standard mileage rate will reduce from 58.5 cents to 55 cents per mile. Taxpayers have the option of using the...
IRS announces additional assistance for identity theft victims The IRS has recently announced the creation of a toll free hotline for use by Identity Theft Victims. The new IRS Identity Protection Specialized Unit (800 908-4490) will take actions to mark the...
IRS ruling against FedEx puts independent contractor classification back in the news. Late last year, the Internal Revenue Service ruled that FedEx had misclassified about 13,000 drivers as independent contractors resulting in a $319 million tax bill. This amount is...
