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03.12.10 Test Your AP IQ: Independent Contractor Form
What is the government form that workers can use to ask the Internal Revenue Service to determine whether they are employees or independent contractors? more...
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03.09.10 Ease Unclaimed Property Woes
Cash-starved states have become more aggressive in targeting companies for unclaimed property that must be turned over (escheated) to the state. From AP’s perspective, unclaimed property consists primarily of uncashed checks to vendors. They have to be researched, and special escheatment procedures must be followed more...
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03.08.10 1099 Red Flag Sparks Trouble
Bad news for a company that paid for a nanny to look after the company owner’s children. The company treated her as an independent contractor and sent her a Form 1099-MISC. The company heard from the IRS about this.
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03.05.10 Test Your AP IQ: Air Travel Perk
The rates used to figure the taxable value of an employee’s personal use of company-owned aircraft are called what?
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03.01.10 “Less Mercy” by IRS in New Audits
The Internal Revenue Service will be particularly aggressive during the 6,000 surprise audits that will target Form 1099 independent contractors that should really be classified as employees, employee fringe benefits, employee reimbursements, and executive pay. Audit notices have already started to go out to employers of all shapes and sizes—with a particular emphasis on small companies.
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02.26.10 Test Your AP IQ: Strange TIN
On a W-9, you see a 9-digit Taxpayer Identification Number (TIN) that begins with the letter “P.” What does this signify? more...
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02.22.10 SIFL Rates Decrease for 1H10
All the Standard Industry Fare Level (SIFL) formula rates have decreased for the first half of 2010 (January 1 through June 30), the Transportation Department announced. more...
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02.08.10 IRS Audits Start Feb. 16
The Internal Revenue Service will finish training examiners during the week of Feb. 8 in preparation for a Feb. 16 start to a three-year audit program concerning Form 1099 independent contractors that should really be classified as employees, employee fringe benefits and executive pay. The audit program will target 6,000 companies at random and will last over three years.
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02.01.10 More Time for Some 1099 Reporting
The Internal Revenue Service is providing an extra day this month for providing annual tax reporting statements on broker and barter exchange transactions, real estate transactions, and certain miscellaneous income. The IRS said it is extending the deadline from Feb. 15 to Feb. 16 for these reporting statements because Feb. 15 is a national holiday. more...
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01.25.10 IRS to Audit 500 Nonprofits
As part of its new crackdown on employment taxes, the Internal Revenue Service will examine 500 tax-exempt organizations this year. Agents will be especially looking for Form 1099 independent contractors that should really be classified as employees. The penalty for this is big back tax bills and stiff fines. Plus, IRS agents will look for violations in the tax rules for fringe benefits and executive pay. more...
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01.15.10 Test Your AP IQ: Unclaimed Property
What is the deadline to report unclaimed property in most states?
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01.11.10 Tax-Free Commuting Amounts
The monthly tax-free amount of employer subsidy for mass transit passes and van pools used by an employee is $230 for 2010 (unchanged from 2009). This is the same amount as the monthly value of employer-provided parking that can escape taxation as employee income. Employees who commute to work by bicycle can be reimbursed by employers up to $240 per year (also unchanged from 2009) for maintaining, repairing, storing, and buying bicycles. more...
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01.08.10 Test Your AP IQ: Mileage Rate for 2010
What is the standard business mileage rate for 2010?
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12.28.09 Company Wins Sec. 530 Relief
If you change contract terms with independent contractors, it doesn’t necessarily void an agreement you made with the Internal Revenue Service over treating them as 1099 workers.
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12.21.09 Streamlined Sales Tax Stalls
Introduction of federal streamlined sales tax legislation has been delayed because of two disputes—how to properly compensate vendors for collecting sales tax and whether or how to apply the sales tax simplification measures to telecom taxes, according to a leading state tax expert.
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12.18.09 Test Your AP IQ: T&E: Personal Use of Biz Car
When employees use a company-owned car for personal reasons, the usage must be valued and treated as taxable income to employees. Which of the following is NOT an IRS-approved method to impute income to employees for their personal use of company cars? more...
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12.14.09 Act Fast on New Mileage Rate
The standard business mileage rate will drop for 2010 business driving—to 50 cents per mile (from the 55 cents rate for 2009). So companies need to get their systems adjusted or there could be tax issues. more...
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12.07.09 Reminder on Military Differential
The Internal Revenue Service has cautioned that, effective for wage payments made after Dec. 31, 2008, all military differential pay should be reported only on Form W-2, not the Form 1099-MISC. Military differential pay is the amount employers pay to their employees who leave their jobs to go on active military duty. more...
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12.04.09 Test Your AP IQ: Form 1099 News Quiz
The Internal Revenue Service recently announced that for 2009 Form 1099 reporting, you can do what?
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11.30.09 IRS OKs Truncated Payee IDs
The Internal Revenue Service has launched a pilot program allowing filers of information returns to use a shortened version of an individual's Social Security number or IRS individual taxpayer identification number on paper payee statements, subject to certain qualifying criteria.
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11.23.09 Brand New Form 1099-K
The Internal Revenue Service, in conjunction with the release of proposed regulations (REG-139255-08), posted to its website a draft Form 1099-K, Merchant Card and Third-Party Payments, according to news release IR-2009-106.
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11.18.09 IRPAC Urges TIN Guidance
The Internal Revenue Service needs to provide more guidance to payees to help alleviate the problem of missing or incorrect Taxpayer Identification Numbers (TINs), according to a report from the Information Reporting Program Advisory Committee (IRPAC). more...
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11.13.09 Test Your AP IQ: New Rules for ACH Payments
Under the new NACHA rules for international ACH payments requested by OFAC (Office of Foreign Assets Control), what is the “de minimis” threshold (small payment amount that is exempt from the new rules)? more...
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11.09.09 Year-end Valuation of Exec Perks
Employers generally must determine the actual value of fringe benefits provided during a calendar year by January 31 of the following year. These fringes may include the personal use of company cars, cell phones, or other property; in-kind dependent care, health club memberships, employer-provided meals, length-of-service and safety awards, free use of company-provided services, Christmas or other holiday gift certificates, and employee recognition awards. Fortunately, the law gives some relief in case you can't do these calulations by the end of the year.
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11.06.09 Test Your AP IQ: Business Gifts
You receive an invoice for a business gift sent to a company client. The total amount of the invoice is $45, which includes the price of the gift ($25), a charge for holiday wrapping ($5), and shipping ($15). How much of this invoice can your company deduct for tax purposes?
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11.02.09 Surprise IRS Audits on Tap
Starting this February, 6,000 random companies will start receiving notices that they will be audited by the Internal Revenue Service over employment taxes. Agents will be especially looking for Form 1099 independent contractors that should really be classified as employees. more...
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10.26.09 Watchdog Barks About 1099ers
In a new report to Congress, the Government Accountability Office recommends a number of steps to take to increase the detection and prevention of employers misclassifying employees as Form 1099 independent contractors.
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10.19.09 New High-Low Per Diems
The per diem rate for travel to high-cost localities increased to $258 effective Oct. 1, 2009, and to $163 for travel to any other continental U.S. location, the Internal Revenue Service said in Revenue Procedure 2009-47.
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10.16.09 Test Your AP IQ: Employee Gift Certificates
You receive invoices for five $100 gift certificates given out to employees as awards for going above and beyond the call of duty. Do you have to report these amounts to payroll as taxable wages to the award-winning employees?
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10.13.09 More AP Depts. Use IRS TIN Matching
Use of the IRS TIN Matching Program is increasing—45 percent of AP departments we surveyed say they now use it, up from 29 percent two years ago. This is according to preliminary results of IOMA’s AP Department Benchmarks & Analysis 2010.
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