Sneak peek into IRS’ plans for ‘09
October 15, 2008 by Carol KatarskyPosted in: Best practices, Communication, Fraud prevention, Fringe benefits, Hiring & training staff, IRS regs, Special report, Tax compliance
A quick glance at what IRS has up its sleeves can clue you in to changes that may make your job easier — or make you more likely to get audited.
The info comes to us courtesy of IRS’ 2008-2009 Priority Guidance. The list isn’t neccessarily inclusive of everything IRS will do over the coming year, but it gives you a good idea of what you can expect between now and June 2009.
The highlights include final regs and/or guidance on the following key topics that affect Payroll, A/P and Benefits pros:
- automatic enrollment into 401(k) plans
- cafeteria plans
- qualified nonpersonal use vehicles
- treatment of differential military pay as wages under the Heroes Earnings Assistance and Relief Act (HEART)
- reporting and income tax withholding under Sec. 409A
- employee stock purchase plans
- comparable employer contributions to employee HSAs
- reporting FUTA taxes for home health care recipients
- information reporting on stock transfers
- employment tax adjustments and refund claims
- deductibility of lodging expenses not incurred in traveling away from home
- substantiation requirements for cell phones
- meal expenses deduction limitations in third-party arrangements
- cross-border information reporting
- simplification of the tax extension filing process.
Tags: A/P, Benefits, Fringe benefits, IRS, IRS regs, Payroll, Resource, T&E, Tax compliance, Tax filing

