• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Busy year for Payroll in the IRS’ business plan

by on
in Office Management,Payroll Management

Every year, the IRS releases its Priority Guidance Plan, also known as the business plan. It’s no surprise that the IRS is devoting a considerable amount of time to issuing guidance related to Payroll’s continuing role in health care reform. The business plan is always subject to change, especially if the IRS must accommodate last-minute legislative initiatives.

What’s up? The health care guidance to come in­­cludes regulations on the additional Medicare tax on high earners, which begins in 2013; regs on the em­­ployer affordability safe harbor; guidance on health insurance premium rebates; and guidance on information reporting of employees’ health benefits by large employers (not the same as W-2 reporting).

In addition to those projects, here’s what Payroll has to look forward to:

  • Guidance on maintaining or obtaining new Employer Identification Numbers when busi­­nesses gain or lose corporate status
  • Guidance on whether state unemployment agencies may accept Form 8850, Pre-Screening and Certification Request for the Work Opportunity Tax Credit, with the job applicant and employer’s faxed signatures
  • Final cafeteria plan regs
  • Guidance on the use of smart cards, debit cards and credit cards in providing qualified transportation fringe benefits
  • Final regs on income inclusion for nonqualified deferred compensation plans.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/29265/busy-year-for-payroll-in-the-irs-business-plan "

Leave a Comment