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Author Archives: strojan
Good News – Payroll Tax Cut Extended through 2012!
Congress gave all wage earners a short-lived 2012 reprieve by temporarily extending the 2% payroll tax cut though February of 2012. The payroll tax, frequently referred to as FICA or OASDI on your paycheck, has historically been 6.2%. This is … Continue reading
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New Credits for Hiring Veterans
Congress recently passed legislation that extends and expands the Work Opportunity Credit (WOTC) for hiring unemployed veterans. This effectively gave a one-year lease on life to the WOTC, but only with respect to qualified veterans who begin work for the … Continue reading
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IRS Announces Pension Plan Limitations for 2012
The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Continue reading
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Illinois Small Business Job Creation Tax Credit
There is still time to hire employees for your Illinois business to qualify for the Illinois Small Business Job Creation Tax Credit. By creating at least one new, full-time position that meets the eligibility requirements, you may be eligible to … Continue reading
Paying for Payroll Taxes With Form 8109 Coupon to End December 31st
The IRS has issued proposed regulations that would eliminate paper coupons for deposits of employment taxes, corporate income and estimated taxes, and many other taxes (REG-153340-09). The paper 8109 coupon payment system will be shut down at the end of … Continue reading
President’s budget proposal calls for quarterly W-2 reporting
There is a provision in the President’s fiscal year 2011 budget (Oct. 1, 2010 to Sept. 30, 2011) that would require quarterly W-2 reporting, rather than annual. The budget document says that increasing the timeliness of wage reporting would enhance … Continue reading
2010 Health Insurance Reform Tax Credit Calculator for Small Business
Found this handy calculator if you’re wondering if your business qualifies for the new small business tax credit on health insurance. Courtesy of National Federation of Independent Businesses.
Posted in tax legislation
Tagged health insurance tax credit, small business tax credit
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Complete Payroll offers new program to help local charities
You save 10% – We contribute 10% to charity! For all of 2010! And not only are you supporting local charities, you are supporting your local payroll company and its employees – and keeping profits in your community to help … Continue reading
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 … Continue reading
Payroll tax holiday and up-to-$1,000 credit for employers who hire unemployed workers.
A key tax change affecting business was made in the recently enacted Hiring Incentives to Restore Employment (HIRE) Act. To help stimulate the hiring of workers by the private sector, the new law exempts any private-sector employer that hires a worker who … Continue reading
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