FinanceRegs.com » Sneak peek into IRS’ plans for ‘09

Sneak peek into IRS’ plans for ‘09

October 15, 2008 by Carol Katarsky
Posted 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. 
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