The IRS announced on January 20, 2012 by issuing SBSE 05-0112-013 that it has made significant changes to its steamlined installment agreements (SIA). What is a SIA? The IRS has the authority to enter into a written installment agreement that enables a taxpayer [Read more…] about IRS Eases Streamlined Installment Agreements
The IRS has released (IRS Notice 2012-1) the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes.
Beginning January 1, 2012, the standard mileage rates for the use of a car (including vans, pickups or panel trucks) will be: [Read more…] about IRS Announces 2012 Mileage Rates
The PA Department of Revenue has released a reminder to taxpayers that the Act 32 – Local Earned Income Tax Withholding Reform Requirements, will become effective statewide on January 1, 2012. We have reprinted below the PA reminder announcement dated December 28, 2011.
Act 32 – Local Earned
Income Tax Withholding Reform Becomes Effective Statewide
January 1, 2012
REMINDER – Each business that employs individuals at worksites in PA, including
those who work from home, is REQUIRED to withhold the applicable local earned
income tax from employees´ wages and remit the tax to the appropriate tax
Under Act 32, employers are required to withhold the higher of the employee´s
resident earned income tax amount (rate of total resident EIT where they
reside) vs. the employee´s municipal non-resident earned income
tax amount (rate of non-resident EIT where they are employed).
Employers are required to obtain information in the Residency
Certification Form for every new employee and employee who has a change
Please visit http://www.newpa.com/node/6710 for answers to questions about
how Act 32:
- Affects you
- For standard forms
- For tax rates
- For PSD Codes
- For non-traditional work site issues
- For Philadelphia withholding rules that fall outside the scope of Act 32
- For Tax Officer contact information
- For questions regarding withholding and remittance of local earned income taxes, if the Address Search does not provide definitive results
How would you like to learn that your IRA account participated in a transaction whereby the entire value of your IRA account is deemed to be taxable to you [Read more…] about THE DUMMY CONTRACT – PROTECT YOUR IRA ASSETS
The IRS recently released Notice 2011-72 to provide guidance on the tax treatment of cellular phones or other similar telecommunications equipment that employers provide to their employees. [Read more…] about IRS TAX TREATMENT OF EMPLOYER-PROVIDED CELL PHONES
Due to the numerous comments received on the Act 32 changes affecting employers and employee local tax withholdings, our readers may find the this checklist of immense value. http://www.keysolutions.us/forms.htm . If the link does not work, you can go to our website, www.keysolutions.us, and select Forms & Publications menu option.