More direct deposit options in 2006 — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
Starting with2006 tax returns, you’ll have more “direct deposit” options if you’re entitled to a refund. The IRS is creating a new program that will enable you to divide your refund among three accounts: checking, savings and retirement. (IRS Internal Release 2006-085) You can elect to divide your refund among all three, only two or just one.Use new Form 8888. Note: Last year, the IRS direct deposited 52.7 million refunds, amounting to $134.2 billion,into taxpayer bank accounts.
If you handle payroll compliance, beware: As other tax revenue sources dry up, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance....Click here to find out more.