The Internal Revenue Service (IRS) recently updated Publication 15, Employer’s Tax Guide, and Publication 509, Tax Calendars, for use in tax year 2010.
Publication 15 explains an employer’s tax responsibilities, including the requirements for withholding, depositing, reporting, paying, and correcting employment taxes. It also contains tax tables for figuring the taxes to withhold for each employee.
In addition, the 2010 version reflects numerous changes of interest to compensation and benefits professionals:
- Beginning with tax year 2010, employers that would otherwise be required to file Form 944, Employer’s Annual Federal Tax Return, can notify the IRS if they want to file Form 941, Employer’s Quarterly Federal Tax Return, instead.
- The Social Security Administration (SSA) has stopped manually verifying Social Security numbers (SSNs) over the telephone. Employers and authorized reporting agents may verify up to 10 employee names and SSNs using the SSA’s automated telephone service, Telephone Number Employer Verification (TNEV).
- A new procedure applies to figure the amount of income tax to withhold from the wages of nonresident alien employees for wages paid in 2010.
- An optional procedure and additional withholding tables are provided for figuring the amount of income tax to withhold from pension payments.
Publication 509 provides specific due dates for filing tax forms, paying taxes, and taking other actions required by federal tax law.