Category: IRS

Cafeteria Plan – Fringe Benefits

Cafeteria plan A cafeteria plan, including an FSA, provides participants an opportunity to receive qualified benefits on a pre-tax basis. It is a written plan that allows your employees to choose between receiving cash...

Second B Notice Sample

Second B Notice IMPORTANT TA X NOTICE ACTION IS REQUIRED Second Backup Withholding Warning! YOU MUST HAVE THE IRS OR SSA VALIDATE YOUR TAXPAYER IDENTIFICATION NUMBER AND RETURN IT TO US: ________________________________. Otherwise, backup...

IRS Rev. Proc. 2012-20

Internal Revenue Bulletin:  2012-14  April 2, 2012 Rev. Proc. 2012-20 Table of Contents SECTION 1. PURPOSE SECTION 2. BACKGROUND SECTION 3. SCOPE SECTION 4. APPLICATION SECTION 5. CHANGES IN METHODS OF ACCOUNTING SECTION 6....

IRS Rev. Proc. 2012-19

Internal Revenue Bulletin:  2012-14  April 2, 2012 Rev. Proc. 2012-19 Table of Contents SECTION 1. PURPOSE SECTION 2. BACKGROUND SECTION 3. SCOPE SECTION 4. CHANGES IN METHODS OF ACCOUNTING SECTION 5. EFFECT ON OTHER...

First B Notice Sample

First B Notice IMPORTANT TA X NOTICE ACTION IS REQUIRED Backup Withholding Warning! We need a Form W-9 from you before: _______________________. Otherwise; backup withholding will begin on Account Number Current Name on Account...

IRS Publication 1281

Here is link to IRS Publication 1281 – which covers Backup Withholding for Missing and Incorrect Name/TINs. TABLE OF CONTENTS Part 1- Introduction • Backup Withholding Rate/Effective Dates 3 Part 2 – Frequently Asked...

Tax-filing and Payment Extensions Expire Oct. 15

The Internal Revenue Service urged taxpayers whose tax-filing extension runs out on Oct. 15 to double check their returns for often-overlooked tax benefits and then file their returns electronically using IRS e-file or the...

Which Payments are Subject to Backup Withholding?

Backup withholding can apply to most kinds of payments that are reported on Form 1099. These include: Interest payments (Form 1099-INT), Dividends (Form 1099-DIV), Patronage dividends, but only if at least half the payment...

BWH Rate 2012

Backup Withholding (BWH-B) Rate/Effective Dates Rate/Percentage is 28%, effective for all subject payments after December 31, 2002 until December 31, 2012. The rate after December 31, 2012 will be determined at a later date....

FBAR and Form 8938 Comparison

Form 8938, Statement of Specified Foreign Financial Assets Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (FBAR) Who Must File? Specified individuals, which include U.S citizens, resident aliens, and certain non-resident...

Higher Education Tax Benefits

Tax credits, deductions and savings plans available to taxpayers to assist with the expense of higher education. A tax credit reduces the amount of income tax you may have to pay. A deduction reduces...