Tax news: IRS investigations down, retirement confidence up — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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Tax news: IRS investigations down, retirement confidence up

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in Small Business Tax

Fewer crime stoppers. The IRS has issued a new report showing that criminal investigations are down. (IRS-CI Fiscal Year 2014 Annual Business Report, 2/24/15) According to statistics, 4,300 criminal proceedings were launched in Fiscal Year (FY) 2014, about 20% fewer than in FY2013. This covers aspects such as identity thefts, offshore operations, money laundering, dishonest tax return preparers and fraudulent refunds.

Focus on retirement. How confident are you about saving for retirement? According to the 25th annual survey by the Employee Benefit Research Institute (EBRI), the longest-running survey of its kind, taxpayer confidence is edging up. EBRI says that 22% of the respondents are now “very confident” in their retirement-saving ability, compared to 18% in 2014, while 24% are “not at all confident,” the same as last year.

Higher FUTA rates? Employers in eight states may not be able to claim the maximum state unemployment tax credit on their 2015 federal unemployment (FUTA) tax returns. Generally, employers pay FUTA tax at a 6.0% rate on the first $7,000 of wages, offset by a 5.4% credit. But the full credit isn’t available in states with unpaid loans used to pay unemployment benefits. This affects employers in California, Connecticut, Indiana, Kentucky, New York, North Carolina, Ohio and South Carolina if loans aren’t repaid by Nov. 10, 2015.

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