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Payroll Tax

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 Pass the Test 
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## Will Your Organization Pass the Test with the IRS?
 
Have you accounted under Fin 48 for any potential significant failure in 
your domestic and foreign payment program?
 
Failure to comply with withholding and reporting regulations could cost an
organization as much as 100 percent of the expense just in penalties and 
interest.  In some cases, the IRS can invoke IRC 6672, holding the 
person/s responsible for the withholding tax financially liable. 
 
Many U.S. Organizations have received IDR letters (Information Data 
Requests) from the IRS in the last few months requesting information 
and/or proof of withholding deposits, copies of Form W-8 and Form W-9 
certifications, copies of procedures and much more!  This is the first 
step that opens the door for an audit that can extend to all areas of your 
company and result in costly withholding liabilities, penalties and 
interest - for multiple tax years! 
 
The IRS recently hired 1100 agents that are now focused on auditing every 
company - (yes 100%) that issues any payments to foreign payees (including 
corporations) and focus on full Information Reporting examination.
 
If your organization is not absolutely sure that your payee documentation 
is correct according to IRS regulations, that the US mandatory 
withholding, backup withholding and treaty withholding has been carried 
out properly and your Corporate and business area procedures follow 
compliant practices with regard to the regulations - you cannot afford to 
miss this yearÕs important regulatory conference!
 
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## 2009 Annual Regulatory Compliance and Accounts Payable Conference
## Presented by IRSCompliance, Inc. and 1099 Pro, Inc.
 
IRSCompliance is pleased to announce the locations and dates for our 
Annual Regulatory Compliance and Accounts Payable Conference!  
 
Loew's Resorts and Hotels
  Annapolis, MD - October 18th through October 20th, 2009 
  San Diego, CA - November 8th through November 10th, 2009
  Cost:$850   
 
$100 discount if registered by Sept. 1st, 2009.
 
Balance Consulting Clients are welcome and invited to attend.
 
NOTE:  IRSCompliance requires all contacts to register with IRSCompliance 
in order to receive email notifications of Regulatory News Alerts, 
Regulatory Newsletters, conferences, seminars, and webcasts.  If you have 
not already done so, visit our website at the link below to register.
http://www.irscompliance.org/contact_email.asp#signup
You can be assured that you will receive timely notifications and valuable 
information as it is published.  If you do not register to receive 
information from IRSCompliance, you will only receive intermittent and 
limited regulatory information.
 
- What You Can Expect -
Mark your calendar and don't miss the most comprehensive and up-to-date 
information reporting event of the year.  For three days you will gain 
access to the information that will make your reporting processes and 
internal controls more efficient, compliant, and your tax filing season 
hassle-free.  
 
- Why Attend? -
This conference will examine the issues that impact all businesses in 
their efforts to incorporate sound business accounting practices, 
accounts payable processes, withholding, and compliance with IRS and 
State Regulatory Requirements.  The impact of incorporating the processes 
and procedures to effectively address all of the related requirements 
will ultimately impact all areas of your business. Those areas 
starting with account origination, withholding practices, tax issues, 
Sarbanes Oxley, and ultimately information returns can be a significant 
challenge and expenditure for any organization.  Understanding the 
requirements and incorporating best practices can save your organization 
from financial risk and streamline your process.
 
Visit the link below to download the full conference agenda:
http://www.irscompliance.org/downloadable/2009SeminarBrochure7pgOptFINAL.pdf
 
For more information on registration and booking hotel reservations, 
contact Pat Nelson at 410-914-5470 or email at patn@irscompliance.org or 
conference@irscompliance.org.  
 
Visit http://www.irscompliance.org or call 1-877-TAX-REGS (ext 0) and ask 
to speak to someone regarding the conference.
 
Balance Consulting Clients Ð be sure to call to get additional 
information! 
 
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## IRSCompliance Regulatory Advisory Services
 
IRSCompliance offers subscriptions to a Monthly and Quarterly Regulatory 
Bulletin and Newsletter Service to ensure that your organization is kept 
up to date with federal and state regulations, new and proposed 
legislation and the impact to your business processes and procedures.  
Visit the link below for additional information on this service:
http://www.irscompliance.org/register_free_newsletter.asp
 
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## Consulting Service Options
 
If your organization requires special attention on a particular issue, or 
if you require training for in-house staff on regulatory issues, we can 
help. We offer a wide range of consulting services to assist your 
organization. We have renowned experience in the area of information 
reporting requirements, regulatory issues and servicing the filing 
community.
 
 - Risk Assessments 
 - Corporate and Business Policies and Procedures 
 - Regulatory Consulting Services 
 - Compliance Reviews 
 - Federal and State Full Service Processing and Information Reporting 
   Services 
 - 1042-S reviews and consulting services 
 - Penalty Abatement and Appeal Services 
 - Compliance Training 
 - TIN Matching Services 
 - OFAC/SDN Matching Services 
 - PCard Processing and Reporting Services 
 - Federal, State Withholding and Reporting Guides 
 - Regulatory Bulletin Services 
 - Regulatory Support 
 
With the strengths and expertise of IRSCompliance, your organization can 
confidently rely on us to provide the most comprehensive and complete 
solution available. The regulatory services team understands your 
business and how your business is impacted by the federal and state 
regulations for information returns. IRSCompliance takes the 
responsibility to ensure that the services and the applications meet 
federal and state regulatory requirements and continuously stay abreast 
of new legislation and changing regulations.  
 
For more information about services available, please visit 
http://www.irscompliance.org or call 1-877-TAX-REGS (ext 0)
 
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## 2009 IRSCompliance Webcast Schedule
## Presented by IRSCompliance, Inc.
 
Legal, tax and accounting professionals struggle to stay abreast of the 
ever changing federal and state regulatory and legislative developments. 
With the busy schedules that we all keep, devoting time to on going 
education can be all but impossible if you must also lose travel time.
 
In your position, you can not afford to not be informed and your 
organization cannot afford to be exposed to costly penalties and 
interest.
 
To assist the business community, IRSCompliance has put together a 
schedule of webcasts that will cover everything form the basics of federal 
and state regulatory requirements to the complex issues that require 
specialized knowledge. We will also be covering the latest developments 
regarding new and proposed legislation that may have a far reaching impact 
to all U.S. companies that issue source income payments.
 
You can participate in the webcast from your office and take advantage 
of these great educational resources without the need for travel and 
with little or no interruption to your busy schedule. Each Web Cast is 
scheduled for ninety minutes, with audio, video, and slides included 
in each presentation. Following the video and audio presentation, 
participants can present their questions to the guest Speakers. Each Web 
cast is one and a half CPE credit hours. IRSCompliance is an approved 
NASBA sponsor.
 
1099 Pro Clients are afforded a special discount for all Basic Training
Web Casts!
 
If you are interested in attending any of the web casts listed below and 
you would like to register to participate, click on the topic below for 
more detailed information and to register or call 1-877-TAX-REGS 
(877-829-7347), 828-278-0155 or 301-739-6649. The best time to call is 
noon until 6:00 PM, EST.
 
One week prior to each webinar an evaluation will be made and if less 
than 10 individuals have registered, the webinar will be cancelled. If 
the webinar is cancelled, those who have signed up for the webinar will 
be notified by email.
 
* Upcoming Web Casts
 
  Aug, 20th 2009 at 10:00am (PST)/1:00pm (EST)
  Responding to CP-2100 Notice (B-Notice)
  http://www.irscompliance.org/event_webcast.asp?id=94 
 
  Sep, 17th 2009 at 10:00am (PST)/1:00pm (EST)
  Year End Reporting for Information Returns
  http://www.irscompliance.org/event_webcast.asp?id=95
 
  Sep, 24th 2009 at 10:00am (PST)/1:00pm (EST)
  Reporting Payments on Form 1099-MISC
  http://www.irscompliance.org/event_webcast.asp?id=97
 
  Oct, 8th 2009 at 10:00am (PST)/1:00pm (EST)
  Backup
  http://www.irscompliance.org/event_webcast.asp?id=96
 
IRSCompliance.org is registered with the National Association of State 
Boards of Accountancy (NASBA) as a sponsor of continuing professional 
education on the National Registry of CPE Sponsors. State boards of 
accountancy have final authority on the acceptance of individual courses 
of CPE credit. Complaints regarding registered sponsors may be addresses 
to the National Registry of CPE Sponsors, 150 Fourth Avenue North, 
Nashville, TN 37218-2417. Website: http://www.nasba.org/.
  
*************************************************************************
 
Click the link below to be removed from our email list:
http://www.irscompliance.org/emr.asp?iic=1&lid=384488
 
 

Inside This Issue


Payroll Tax Cut to Boost Take-Home Pay for Most Workers; New Withholding Details Now Available on IRS.gov

WASHINGTON ― The Internal Revenue Service today released instructions to help employers implement the 2011 cut in payroll taxes, along with new income-tax withholding tables that employers will use during 2011.

Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.

The new law also maintains the income-tax rates that have been in effect in recent years.

Employers should start using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011. Notice 1036, released today, contains the percentage method income tax withholding tables, the lower Social Security withholding rate, and related information that most employers need to implement these changes. Publication 15, (Circular E), Employer’s Tax Guide, containing the extensive wage bracket tables that some employers use, will be available on IRS.gov in a few days.

The IRS recognizes that the late enactment of these changes makes it difficult for many employers to quickly update their withholding systems. For that reason, the agency asks employers to adjust their payroll systems as soon as possible, but not later than Jan. 31, 2011.

For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2011.

Employers and payroll companies will handle the withholding changes, so workers typically won’t need to take any additional action, such as filling out a new W-4 withholding form.

As always, however, the IRS urges workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revised W-4 forms. Publication 919, How Do I Adjust My Tax Withholding?, provides more information to workers on making changes to their tax withholding.

 

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