Monthly Social Security and Supplemental Security Income benefits for more than 54 million Americans will increase 2.3 percent in 2008, the Social Security Administration announced.
The Internal Revenue Service says that employers should be aware of two changes to the credit for the portion of employer Social Security paid with respect to employee cash tips known as the 45B Credit. These changes are the result of recently enacted legislation.
The Internal Revenue Service is reminding employers to use the new version of Form 2678, Employer/Payer Appointment of Agent, which authorizes an agent to file tax returns and deposit and pay employment or other withholding taxes on an employer's behalf.
The Internal Revenue Service and U.S. Treasury have released guidance on the estimated tax penalty for citizens or residents of the United States living and working abroad.
The Internal Revenue Service has launched a program that offers the opportunity for employers to pay the tax obligations of rank-and-file employees with backdated stock options.
Leave donated by an employee to an employer-sponsored leave bank following a major disaster is not considered income to that employee, as long as certain conditions are met, according to the IRS [Notice 2006-59].
A worker in California has filed a lawsuit claiming his employer required him and other foreign workers to hand over their tax refund to the company, the San Jose Mercury News reports.
The Department of the Treasury and Internal Revenue Service have announced a program for employees
to donate leave in exchange for employer cash payments made before January 1,
2007, to qualified tax-exempt organizations providing relief for Hurricane Katrina
victims.
