From Karen.Park at state.or.us Tue Dec 2 14:41:04 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Tue, 2 Dec 2008 14:41:04 -0800 Subject: [OSSSA218] IRS National Phone Forum Dec 9 2008 Correcting Employment Taxes in 2009 In-Reply-To: <252711D1622F7545835A431B524D020E0166FB03@KAN0010CP3MB01.ds.irsnet.gov> References: <252711D1622F7545835A431B524D020E0166FB03@KAN0010CP3MB01.ds.irsnet.gov> Message-ID: <493548F8.4CA4.0094.3@STATE.OR.US> Good afternoon, Please feel free to share this information with all who may be interested. Have a great day! Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 >>> On 12/2/2008 at 10:16 AM, in message <252711D1622F7545835A431B524D020E0166FB03 at KAN0010CP3MB01.ds.irsnet.gov>, "*SBSE National Phone Forum" wrote: Our next National Phone Forum, Correcting Employment Taxes in 2009 is scheduled for December 9, 2008 and we hope you?ll be able to join us. Details and registration instructions are below. This topic is particularly important because of the many issues raised by tax professionals and IRS?s actions to address them. We choose the topics for our phone forums based on input from stakeholders like you. We use your feedback, comments and complaints to identify issues that are important to our audience and use the phone forums as one avenue to address them. During the phone forums, you?re more than an observer ? you?re a participant. A question and answer session follows each presentation. If your questions aren?t answered on the spot ? sometimes we need to do some research ? we follow up with a consolidated Q&A by e-mail. And it doesn't end there. We use the Q&A for training purposes, to help our field staff respond when they encounter situations similar to yours. We also use them to determine whether we need to enhance the content on our Web site, IRS.gov, or clarify something in our tax forms and publications. Your participation matters. We sincerely hope you will join us! IRS Stakeholder Liaison presents: National Phone Forum Correcting Employment Taxes in 2009 Date: December 9, 2008 Cost: FREE Location: The convenience of your home or office This IRS phone forum is for ? Tax professionals ? Attorneys ? Payroll professionals ? Industry partners Learn about the new process for correcting employment taxes ? New Treasury regulations ? An easier process for tracking adjustments ? A new set of forms, each corresponding to the employment tax form it is adjusting: Forms 941-X, 943-X, 944-X, 945-X and CT-1 X Earn Continuing Professional Education credit ? Enrolled agents receive one CPE credit for a minimum 50-minute participation from the start of the forum ? Other tax professionals may receive credit if the phone forum meets your organization?s or state?s CPE requirements ? To receive credit, register individually and use your PIN ? Call in using your individual phone line so your attendance can be verified ? Look for your Certificate of Completion by e-mail approximately one week after the forum. If you have met all requirements, you will receive your certificate automatically; there?s no need to follow up ? If you and others in your office do not require a CPE certificate, please have only one person register on the group?s behalf and use your speaker phone to dial in. This will maximize the number of lines available for other participants and help reduce costs. Sign up now (and no later than December 5, 2008) ? Select the time that works best for you CONFERENCE ACCESS CODE EASTERNCENTRALMOUNTAINPACIFIC 64904411 a.m. 10 a.m. 9 a.m. 8 a.m. 464227 1 p.m. Noon11 a.m.10 a.m. 424764 3 p.m. 2 p.m. 1 p.m. Noon ? Register at www.attevent.com by Dec. 5, 2008. Reservations are limited, so register at the earliest date possible. ? You will receive a Personal Identification Number that you must use to join the conference. ? If you have never registered with AT&T for a prior phone forum, you will first need to click on create a profile. ? If you require special accommodations (for example, Braille, large print or interpreter services) please contact Brian Finn at nationalphoneforum at irs.gov. ? We will e-mail presentation materials on Dec. 8, 2008. If you do not receive this e-mail by noon on Dec. 8, 2008, e-mail us at nationalphoneforum at irs.gov to request the materials. Dial in on December 9, 2008 Toll free: 1-866-216-6835 Toll: 1-913-227-1220 Dial in 3 to 5 minutes before the scheduled time Enter your access code, then the pound (#) sign Enter your PIN, then the pound (#) sign Your line will be placed on hold until the conference begins A question and answer period will follow the presentation. However, due to the public nature of the call, we will not be able to address specific client issues. Questions? E-mail nationalphoneforum at irs.gov -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: From Karen.Park at state.or.us Mon Dec 8 08:01:31 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Mon, 8 Dec 2008 08:01:31 -0800 Subject: [OSSSA218] IRS Pub 963 Nov 2008 Revision Message-ID: <493CD454.4CA4.0094.3@STATE.OR.US> Good morning, The IRS Pub 963 Nov 2008 Revision is now available via the web. For those of you unfamiliar with the publication, it's a valuable resource for State and Local Government employers (employers). The title is the Federal-State Reference Guide and is a Federal-State Cooperative Publication between the Social Security Administration (SSA), the Internal Revenue Service (IRS) and the National Conference of State Social Security Administrators (NCSSSA). The guide provides state and local government employers with a resource for Social Security coverage issues as determining worker status, social security and Medicare coverage and benefits, Section 218 Agreements and other tax issues. Beware it is 190 pages long, so if you are planning to print a copy be prepared. Another great resource for employers at the same link is the Fringe Benefits Guide. It's last revision was January 2008. A new revision should take place next month, January 2009. http://www.irs.gov/govt/fslg/content/0,,id=117706,00.html If you have difficulty with the above link, here is the path to the resources 1. www.irs.gov 2. Government entities 3. Tax Information for Federal, State, & Local Governments 4. On the left Educational Products 5. And you're there! Have a great day! Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 Please note: I will be out of the office starting the afternoon of Thursday, Dec 17, 2008 returning Monday, Jan 5, 2009. Happy Holidays! -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 43 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: From Karen.Park at state.or.us Thu Dec 11 16:08:33 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Thu, 11 Dec 2008 16:08:33 -0800 Subject: [OSSSA218] FYI - IRS Headliners & Event Updates In-Reply-To: <9687ABA174F26649B8F916101422A5BF03BE9E0D@FRS0010CP3MB02.ds.irsnet.gov> References: <9687ABA174F26649B8F916101422A5BF03BE9E0D@FRS0010CP3MB02.ds.irsnet.gov> Message-ID: <49413B00.4CA4.0094.3@STATE.OR.US> More opportunities Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 Please note: I will be out of the office starting the afternoon of Thursday, Dec 17, 2008 returning Monday, Jan 5, 2009. Happy Holidays! >>> On 12/11/2008 at 4:05 PM, in message <9687ABA174F26649B8F916101422A5BF03BE9E0D at FRS0010CP3MB02.ds.irsnet.gov>, "Marshall KayDel D" wrote: Dear Business Organization: We are pleased to provide you with the latest IRS News Releases and Headliners to distribute to your small business members. We hope that the information will be helpful and we encourage publication in your association's magazines, newsletters, email distributions and/or website. Below are summaries and links to the most recent headliners and news releases your members might be interested in. The title and summary are designed to give you a brief overview of the article's content -- the link to the full article is at the end of each summary. I encourage you to use any or all of these in newsletters or emails to your members, or on your web site. If someone else in your organization is a more appropriate contact point for these types of emails, please let me know. And if you do not want to receive future emails like this one, please reply and request your name be removed. Happy Holidays! Kay Del, Kay Del Marshall Senior Stakeholder Liaison Small Business & Self-Employed C/L/D 1220 S.W. 3rd Avenue, Mail Stop O-185 Portland, Oregon 97204 503-326-5240 Phone 503-326-5957 Fax E-Mail: KayDel.Marshall at irs.gov ID #93-10646 Event Updates: Coffee & Issues at 4:00pm, Thursday, December 11th With the participation of:Ted Wheeler, Multnomah County Chairman; John Jackley, Director of Communications and Business Equity, Portland Development Commission Special recognition: Mayor Tom Potter Followed by Business After Hours at 5:00pm Where you can enjoy music, food and a no host bar *Don't forget to bring a guest, and donate some items for the raffle. All the proceeds will go to our Youth Program. Friday, December 12th A&E / Contractors meeting 7:30am With presentations of: J E Dunn, Housing Authority Of Portland, Walsh Construction, CJ Jackson, Portland Community College All the events will be held at the OAME, Large Conference Room, 4134 N. Vancouver Ave., Portland Oregon. For more information, please contact us at (503) 249-7744. OAME is accepting Donations to the Oregon Food Bank SSA/IRS Employment Tax Updates Webinar You can register for the January 21 Webinar Event from 1:00 to 3:00 p.m. at Registration Link: https://cc.readytalk.com/r/itvawwqc1jzt OR See and Hear Recording at: https://cc.readytalk.com/play?id=4n8huglk Oregon Small Business Forum, January 22, 2009 from 8:00 to Noon at OAME, 4134 N. Vancouver, Portland, Oregon Focus Area Speakers on the topic of "Finding Capital During Tough Times." OAME21st Annual Conference and Tradeshow on May 7th 2009, at the Oregon Convention Center and be a part of this wonderful experience. To know more of this event, please contact us at oame at oame.org. Oregon Small Business Fair, September 19, 2009, Oregon Convention Center, Contact Linda Repp for Exhibitor Information at 503-329-4260 or e-mail her at Linda.E.Repp at state.or.us. IRS Updates & News Releases: New on IRS.gov: Small business Video and Audio Presentations A new page on IRS.gov features video and audio presentations on a variety of topics for small businesses and self-employed taxpayers. Visit it here: http://www.irs.gov/businesses/small/article/0,,id=97726,00.html An online audio podcast for first-time Schedule C filers includes basic tips to help new business owners avoid potential problems. Visit it here: http://www.irs.gov/businesses/small/article/0,,id=200424,00.html Wage Compensation for S Corporation Officers http://www.irs.gov/newsroom/article/0,,id=200293,00.html The Internal Revenue Code establishes that any officer of a corporation, including S corporations, is an employee of the corporation for federal employment tax purposes. S corporations should not attempt to avoid paying employment taxes by having their officers treat their compensation as cash distributions, payments of personal expenses, and/or loans rather than as wages. This fact sheet clarifies information that small business taxpayers should understand regarding the tax law for corporate officers who perform services. IRS Announces 2009 Standard Mileage Rates http://www.irs.gov/newsroom/article/0,,id=200505,00.html Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008 that were raised by a special adjustment mid-year in response to a spike in gasoline prices. The rate for charitable purposes is set by law and is unchanged from 2008. The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half. Job Loss Creates Tax Issues: IRS Publication 4128 Provides Helpful Information http://www.irs.gov/pub/irs-pdf/p4128.pdf The Internal Revenue Service recognizes that the loss of a job may create new tax issues. This IRS publication provides the information on severance pay, unemployment, getting a W-2 from an employer that?s out of business or in bankruptcy, what to do if you owe taxes and cannot pay them right away, and more. Winter Issue of SSA/IRS Reporter Available http://www.irs.gov/pub/irs-utl/ssa_irs_reporter_winter_08_english.pdf The SSA/IRS Reporter provides small to medium-sized employers and the self-employed with information on electronic tax-filing and payment of employment taxes. The Reporter also carries general information about best payroll and employment tax practices, and announcements about IRS and SSA products and services. Articles in the winter issue include: Social Security Announces Wage Base Increase for 2009 Business Information Reporting and Backup Withholding Responsibilities 2009 Changes in IRS Forms Employer Responsibilities: Outsourcing Payroll SBA Disaster Loans Reminders for Successful Year-End Processing Many Employees Overlooking Valuable EITC Tax Credit A quarterly newsletter, the Reporter is a collaborative effort among the Social Security Administration, IRS, and other federal government agencies. It is enclosed with quarterly Forms 941 mailed to approximately 2,000,000 employers. Past issues, in English and Spanish, are also available online at http://www.irs.gov/businesses/small/article/0,,id=109886,00.html IRS Offers Tips for Year-End Donations http://www.irs.gov/newsroom/article/0,,id=201076,00.html Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. One provision offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. There are also rules designed to provide both taxpayers and the government greater certainty in determining what may be deducted as a charitable contribution. Some of these changes include the following. Interest Rates Drop for the First Quarter of 2009 http://www.irs.gov/newsroom/article/0,,id=201115,00.html The Internal Revenue Service today announced in Revenue Ruling 2008-54 that interest rates for the calendar quarter beginning Jan. 1, 2009 will drop by one percentage point. See article for new rates. IRS Issues Fall 2008 Statistics of Income Bulletin http://www.irs.gov/newsroom/article/0,,id=200506,00.html The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. Recent Articles from e-News for Small Businesses SBA?s frequently asked questions The latest update to the Small Business Administration?s Office of Advocacy small business publication, Frequently Asked Questions, has a variety of statistical data and other information for small businesses. APA reminders for a successful year-end The American Payroll Association has some tried-and-true tips to help ease year-end processing for employers. Information on SBTV.com Visit SBTV.com?s IRS Partner Page for archived videos and other resources. Retirement news for employers The fall issue of Retirement News for Employers covers hardship withdrawals, loans from retirement plans and more. Due date extended for some 2008 returns Since Feb. 28 is a Saturday, the deadline for filing 2008 returns normally due that day is extended to March 2. This includes: Form W-2, Wage and Tax Statement (for wages paid to employees) Form 1099-MISC, Miscellaneous Income (for payments made in the course of a trade or business to nonemployees) Form 8027, Employer?s Annual Information Return of Tip Income and Allocated Tips Electronic filers have until March 31 to file these returns. Subscribe to e-News for Small Businesses If you would like to receive e-News for Small Businesses, please visit this link to subscribe: http://www.irs.gov/businesses/small/content/0,,id=154826,00.html Recommend e-News for Small Businesses If you already receive e-News for Small Businesses, you can share it with a business acquaintance, colleague or employee. Just forward this link to them to view a sample edition and subscribe. -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: From Karen.Park at state.or.us Tue Dec 16 09:53:44 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Tue, 16 Dec 2008 09:53:44 -0800 Subject: [OSSSA218] FSLG Newsletter Message-ID: <49477AA4.4CA4.0094.3@STATE.OR.US> Good morning and Happy Holidays, Attached is the latest addition of the IRS's FSLG Newsletter. There is a lot of good and interesting information available. Fiscal Year 2008 Accomplishments; New Withholding Requirement for Governments Beginning 2011; Military Differential and Combat Zone Bonus Pay; Publication 963; Directory of FSLG Contacts. Please note the last item.....you'll note on my out of office note I've given you our FSLG Specialist Clark Fletcher. If Clark isn't available you may contact one of the others on the directory in the news letter. Thank you and I'll be available today until 1:30 if there is anything you need. Have a great day and stay warm Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 Please note: I will be out of the office starting the afternoon of Wednesday, Dec 16, 2008 returning Monday, Jan 5, 2009. Happy Holidays! -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: p4090_0109.pdf Type: application/pdf Size: 72329 bytes Desc: not available URL: From Karen.Park at state.or.us Tue Dec 16 12:17:49 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Tue, 16 Dec 2008 12:17:49 -0800 Subject: [OSSSA218] Fwd: Christmas schedule In-Reply-To: References: Message-ID: <49479C6C.4CA4.0094.3@STATE.OR.US> Thank you Clark Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 Please note: I will be out of the office starting the afternoon of Wednesday, Dec 16, 2008 returning Monday, Jan 5, 2009. Happy Holidays! >>> On 12/16/2008 at 11:28 AM, in message , "Fletcher Clark M" wrote: I'll be off next week and back to work the last week of December. Clark Fletcher - Washington State Federal, State, and Local Government Specialist Employee ID# 0276950 520 - 112th Avenue NE, Suite #300 M/S W:704:CF Bellevue, WA 98004-5558 Tel: 425.489.4042 Pager: 888.342.8391 Fax: 425.489.4195 THIS E-MAIL TRANSMISSION (AND/OR THE DOCUMENTS ACCOMPANYING IT) MAY CONTAIN INFORMATION BELONGING TO THE SENDER WHICH IS CONFIDENTIAL, PRIVILEGED AND/OR EXEMPT FROM DISCLOSURE UNDER APPLICABLE LAW. THE INFORMATION IS INTENDED FOR THE USE OF THE INDIVIDUAL(S) OR ENTITY NAMED ABOVE. IF YOU ARE NOT THE INTENDED RECIPIENT, YOU ARE HEREBY NOTIFIED THAT ANY DISCLOSURE, COPYING, DISTRIBUTION OR THE TAKING OF ANY ACTION IN RELIANCE ON THE CONTENTS OF THIS INFORMATION IS STRICTLY PROHIBITED. IF YOU HAVE RECEIVED THIS EMAIL IN ERROR, PLEASE IMMEDIATELY NOTIFY THE SENDER BY RETURN EMAIL. -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: From Karen.Park at state.or.us Tue Dec 16 10:06:04 2008 From: Karen.Park at state.or.us (Karen PARK) Date: Tue, 16 Dec 2008 10:06:04 -0800 Subject: [OSSSA218] Fwd: IRS Updates - December 2008 In-Reply-To: <9687ABA174F26649B8F916101422A5BF03BE9E36@FRS0010CP3MB02.ds.irsnet.gov> References: <9687ABA174F26649B8F916101422A5BF03BE9E36@FRS0010CP3MB02.ds.irsnet.gov> Message-ID: <49477D87.4CA4.0094.3@STATE.OR.US> Good morning again, More valuable information from the IRS. Karen Park State Social Security Coordinator Oregon PERS 503 603-7633 karen.park at state.or.us SL2 Please note: I will be out of the office starting the afternoon of Wednesday, Dec 16, 2008 returning Monday, Jan 5, 2009. Happy Holidays! >>> On 12/15/2008 at 4:25 PM, in message <9687ABA174F26649B8F916101422A5BF03BE9E36 at FRS0010CP3MB02.ds.irsnet.gov>, "Marshall KayDel D" wrote: Practitioner: Attachments: 1. Q&A from the October National Phone Forum on Small Business Recordkeeping. There is a lot of information in here that could be useful to your clients. 2. Fact Sheet 2008-26: " IRS Reminder: Make Use of Recent Tax Law Changes for 2008 and December 31, 2008 is the last day for most of these actions". It contains Podcasts in English and Spanish that your are free to post on your Web sites. IRS Updates & News Releases: Tax Talk Today will be discontinued Tax Talk Today will be discontinued after the May 2009 program. Archived programs will be available through September 30. New Exempt Organization Video For those of you interested in the new Form 990, IRS Exempt Organization has developed a video mini-course on Preparing to File the New Form 990. You can stop the presentation at any time, come back, and resume where you left off. Retirement Plan Information Find tips on how to find, fix, and avoid common mistakes in: SEP, SIMPLE IRA Plan, and 401(k) Fix-It Guides Available Retirement News for Employers - Fall 2008 Edition This edition includes articles such as Help Your Employees Weather the Storm: Hardship Withdrawals and Loans from Retirement Plans; Do the Right Thing Even When Times are Tough!; Is My Plan the Right Plan?; Required Minimum Distribution Reminder; RNE Survey; Failure to Provide a Safe Harbor 401(k) Plan Notice; 2009 Retirement Plan Limits Announced; and DOL News. Campus Compliance Services ? A Dialogue with Practitioners This video addresses questions from tax professionals on topics such as Power of Attorney, Automated Underreporter, Correspondence Audit, Centralized Offer-in-Compromise and Practitioner Priority Service. IRS Advancing e-File Study Phase 1 Executive Summary The Internal Revenue Service (IRS) Advancing E-file Study Phase 1 Report is a major effort to collect, synthesize, and analyze all substantial data in one document on the IRS e-file program. Wage Compensation for S Corporation Officers http://www.irs.gov/newsroom/article/0,,id=200293,00.html The Internal Revenue Code establishes that any officer of a corporation, including S corporations, is an employee of the corporation for federal employment tax purposes. S corporations should not attempt to avoid paying employment taxes by having their officers treat their compensation as cash distributions, payments of personal expenses, and/or loans rather than as wages. This fact sheet clarifies information that small business taxpayers should understand regarding the tax law for corporate officers who perform services. IRS Announces 2009 Standard Mileage Rates http://www.irs.gov/newsroom/article/0,,id=200505,00.html Beginning on Jan. 1, 2009, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 55 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations The new rates for business, medical and moving purposes are slightly lower than rates for the second half of 2008 that were raised by a special adjustment mid-year in response to a spike in gasoline prices. The rate for charitable purposes is set by law and is unchanged from 2008. The business mileage rate was 50.5 cents in the first half of 2008 and 58.5 cents in the second half. The medical and moving rate was 19 cents in the first half and 27 cents in the second half. Invitation to Participate in Web-Based Cash Economy Survey We hope that you will participate in a new Web-Based Cash Economy Survey: http://chrome.osis.gov/cash_econ/index_cookie.html The IRS is following up to its previous focus group initiatives to increase compliance in the Cash Economy with an anonymous web-based survey. The survey is designed to be completed in about eight minutes and solicits responses on key IRS education and outreach activities. We hope you will extend this invitation to participate in the survey to your constituents (members). Participation will assist the IRS toward a better understanding of how citizens view their tax reporting obligations in this area, and help to improve services. A key component of this process is obtaining input from the experience of paid tax preparers. Responses are very valuable as we consider ways to improve compliance, reduce burden on the taxpayer, and improve services. You can access the web-based survey at the link below from December 8, 2008 until January 9, 2009, or until 2,500 responses are received. Once we receive 2,500 responses, the survey will no longer be available. The link will also be posted on the irs.gov Tax Professionals Page. We do request one response per participant. Job Loss Creates Tax Issues: IRS Publication 4128 Provides Helpful Information http://www.irs.gov/pub/irs-pdf/p4128.pdf The Internal Revenue Service recognizes that the loss of a job may create new tax issues. This IRS publication provides the information on severance pay, unemployment, getting a W-2 from an employer that?s out of business or in bankruptcy, what to do if you owe taxes and cannot pay them right away, and more. SSA W2 News If you are interested in W2 information from the Social Security Administration check out the latest issue of W2 News at: http://www.ssa.gov/employer/w2news/index.htm SSA Podcast on Retirement Decisions The decision on when to collect Social Security benefits is a very personal decision and this podcast will explore some of the issues that should be considered. To hear or download the podcast, go to www.socialsecurity.gov/podcasts. We also ask that you share this information with your members, colleagues and other interested parties. Together, we can provide Americans with information that will help them better plan for a secure retirement. Winter Issue of SSA/IRS Reporter Available http://www.irs.gov/pub/irs-utl/ssa_irs_reporter_winter_08_english.pdf The SSA/IRS Reporter provides small to medium-sized employers and the self-employed with information on electronic tax-filing and payment of employment taxes. The Reporter also carries general information about best payroll and employment tax practices, and announcements about IRS and SSA products and services. Articles in the winter issue include: Social Security Announces Wage Base Increase for 2009 Business Information Reporting and Backup Withholding Responsibilities 2009 Changes in IRS Forms Employer Responsibilities: Outsourcing Payroll SBA Disaster Loans Reminders for Successful Year-End Processing Many Employees Overlooking Valuable EITC Tax Credit A quarterly newsletter, the Reporter is a collaborative effort among the Social Security Administration, IRS, and other federal government agencies. It is enclosed with quarterly Forms 941 mailed to approximately 2,000,000 employers. Past issues, in English and Spanish, are also available online at http://www.irs.gov/businesses/small/article/0,,id=109886,00.html IRS Offers Tips for Year-End Donations http://www.irs.gov/newsroom/article/0,,id=201076,00.html Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years. One provision offers older owners of individual retirement arrangements (IRAs) a different way to give to charity. There are also rules designed to provide both taxpayers and the government greater certainty in determining what may be deducted as a charitable contribution. Some of these changes include the following. Interest Rates Drop for the First Quarter of 2009 http://www.irs.gov/newsroom/article/0,,id=201115,00.html The Internal Revenue Service today announced in Revenue Ruling 2008-54 that interest rates for the calendar quarter beginning Jan. 1, 2009 will drop by one percentage point. See article for new rates. IRS Issues Fall 2008 Statistics of Income Bulletin http://www.irs.gov/newsroom/article/0,,id=200506,00.html The Internal Revenue Service today released the fall 2008 issue of the Statistics of Income Bulletin, which features information on 138.4 million individual income tax returns filed for tax year 2006. New on IRS.gov: Small business Video and Audio Presentations A new page on IRS.gov features video and audio presentations on a variety of topics for small businesses and self-employed taxpayers. Visit it here: http://www.irs.gov/businesses/small/article/0,,id=97726,00.html An online audio podcast for first-time Schedule C filers includes basic tips to help new business owners avoid potential problems. Visit it here: http://www.irs.gov/businesses/small/article/0,,id=200424,00.html Recent Articles from e-News for Small Businesses SBA?s frequently asked questions The latest update to the Small Business Administration?s Office of Advocacy small business publication, Frequently Asked Questions, has a variety of statistical data and other information for small businesses. APA reminders for a successful year-end The American Payroll Association has some tried-and-true tips to help ease year-end processing for employers. Information on SBTV.com Visit SBTV.com?s IRS Partner Page for archived videos and other resources. Due date extended for some 2008 returns Since Feb. 28 is a Saturday, the deadline for filing 2008 returns normally due that day is extended to March 2. This includes: Form W-2, Wage and Tax Statement (for wages paid to employees) Form 1099-MISC, Miscellaneous Income (for payments made in the course of a trade or business to nonemployees) Form 8027, Employer?s Annual Information Return of Tip Income and Allocated Tips Electronic filers have until March 31 to file these returns. Technical Guidance Notice 2008-104 provides additional transition relief with respect to the use of debit cards for medical expense reimbursements at stores with the Drug Stores and Pharmacies merchant category code. Revenue Ruling 2008-54 provides the rates for interest on tax overpayment and underpayments for the calendar quarter beginning January 1, 2009. The interest rates will be 5 percent for overpayments (4 percent in the case of a corporation), 5 percent for underpayments, 2.5 percent for the portion of a corporation overpayment exceeding $10,000, and 7 percent for large corporate underpayments. The quarterly determination is required by section 6621 of the Internal Revenue Code. Notice 2008-112 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under ? 412(b)(5)(B)(ii)(II) of the Internal Revenue Code. It also provides guidance on the corporate bond monthly yield curve (and the corresponding spot segment rates), the 24-month average segment rates, and the funding transitional segment rates under ? 430(h)(2). In addition, this notice provides guidance as to the interest rate on 30-year Treasury securities under ? 417(e)(3)(A)(ii)(II) as in effect for plan years beginning before 2008, and the minimum present value segment rates under ? 417(e)(3)(D) as in effect for plan years beginning after 2007. REG-158747-06 contains proposed regulations relating to withholding under section 3402(t) of the Internal Revenue Code (Code). The proposed regulations reflect changes in the law made by the Tax Increase Prevention and Reconciliation Act of 2005 that require Federal, State, and local government entities to withhold income tax when making payments to persons providing property or services. These proposed regulations provide guidance to assist the government entities in complying with section 3402(t). The regulations also provide certain guidance to persons receiving payments for property or services from government entities. This document also contains proposed amendments to regulations under sections 3406, 6011, 6051, 6071, and 6302 of the Code. Notice 2008-113 gives taxpayers the ability to correct certain operational failures to comply with section 409A of the Internal Revenue Code,, or to limit the amount of additional taxes due to the failure to comply with section 409A. Section 409A provides rules governing the taxation of nonqualified deferred compensation plans. The notice expands upon and clarifies the program announced last year in Notice 2007-100, 2007-52 IRB 1243. Notice 2008-115 provides guidance to employers and payers on their reporting and wage withholding requirements for calendar year 2008 with respect to deferrals of compensation and amounts includible in gross income under section 409A of the Internal Revenue Code. In addition, this notice provides guidance to service providers on their income tax reporting and tax payment requirements with respect to amounts includible in gross income under section 409A. Revenue Procedure 2008-68 provides temporary guidance regarding certain stock distributions by publicly traded corporations that are real estate investment trusts (REITs). For stock dividends declared on or after January 1, 2008 and before December 31, 2009, the Service will treat a stock distribution by a publicly traded real estate investment trust (REIT) pursuant to a stock-in-lieu-of-money election (under the terms defined in the revenue procedure) as a distribution of property to which section 301 applies by reason of section 305(b), and the amount of such distribution of stock will be considered to equal the amount of the money which could have been received instead. Notice 2008-116 provides interim guidance with regard to the application of the 2-percent floor under section 67 to certain investment advisory fees. Specifically, this notice provides that, for taxable years beginning before January 1, 2009, non-grantor trusts and estates will not be required to ?unbundled? a fiduciary fee into portions consisting of costs that are fully deductible and costs that are subject to the 2-percent floor. TD 9434 contains final regulations providing guidance regarding when and to what extent creditors of a corporation will be treated as proprietors of the corporation in determining whether continuity of interest (?COI?) is preserved in a potential reorganization. These final regulations are necessary to provide clarity to parties engaging in reorganizations of insolvent corporations, both inside and outside of bankruptcy. These final regulations affect corporations, their creditors, and their shareholders. Notice 2009-04 describes methodologies that the IRS is considering publishing as safe harbors to be used in the determination of basis in stock that is acquired in a ?B? reorganization or other transferred basis transaction. The methodologies are intended to respond to significant changes in market practice, and the issues raised by those changes, since the publication of Rev. Proc. 81-70, 1981-2 C.B. 729. Also, the notice requests comments on the proposed methodologies and provides that, pending further guidance, taxpayers may rely on the safe harbors set forth in the notice. -------------- next part -------------- An HTML attachment was scrubbed... URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: not available Type: image/gif Size: 5253 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: Final Q&A- Recordkeeping for SBSE Individuals v9.doc Type: application/msword Size: 154112 bytes Desc: not available URL: -------------- next part -------------- A non-text attachment was scrubbed... Name: FS-08-26.doc Type: application/msword Size: 258048 bytes Desc: not available URL: