IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers
The IRS today issued a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan, making that reporting by employers optional in 2011.
The draft Form W-2 includes the codes that employers may use to report the cost of coverage under an employer-sponsored group health plan. The Treasury Department and the IRS have determined that this relief is necessary to provide employers the time they need to make changes to their payroll systems or procedures in preparation for compliance with the new reporting requirement. The IRS will be publishing guidance on the new requirement later this year.
Although reporting the cost of coverage will be optional with respect to 2011, the IRS continues to stress that the amounts reportable are not taxable. Included in the Affordable Care Act passed by Congress in March, the new reporting requirement is intended to be informational only, and to provide employees with greater transparency into overall health care costs.
For Investors, Reporting Gains and Losses Gets Easier Starting in 2011
The Internal Revenue Service today issued final regulations under a law change that will require reporting of basis and other information by stock brokers and mutual fund companies for most stock purchased in 2011 and all stock purchased in 2012 and later years. The reporting will be to investors and the IRS. This additional reporting will be optional for stock purchased prior to these dates.
“This important reporting change means investors will now receive the information they need to more easily and accurately report their gains and losses,” said IRS Commissioner Doug Shulman. “We will continue to work closely with stockholder groups to ensure a smooth implementation of the new requirement, which reduces the record keeping and paperwork burden for millions of taxpayers.”
These regulations, posted today in the Federal Register, implement a provision in the Energy Improvement and Extension Act of 2008. Among other things, the regulations describe who is subject to this reporting requirement, which transactions are reportable and what information needs to be reported. Besides providing numerous examples, they also adopt a number of comments and suggestions received since the proposed regulations were issued last December.
Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, long used to report sales prices, will be expanded in 2011 to include the cost or other basis of stock and mutual fund shares sold or exchanged during the year. Stock brokers and mutual fund companies will use this form to make these expanded year-end reports. The expanded form will also be used to report whether gain or loss realized on these transactions is long-term (held more than one year) or short-term (held one year or less), a key factor affecting the tax treatment of gain or loss. The expanded form, to be first used for calendar-year 2011 sales, must be filed with the IRS and furnished to investors in early 2012.
The IRS today also announced penalty relief for brokers and custodians for reporting certain transfers of stock in 2011.
We are former IRS Agents. Our offices are in Ft. Lauderdale. If you need to get your tax return filed to beat the October 15th deadline call us today. You will have a former IRS Agent prepare and review your tax return.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of cases, individuals, business and high dollar corporate entities. We have a staff that specializes in every type of case. Some of our specialties include the following:
Immediate Tax Resolution and Representation
Offers in Compromise and Settlement
Back Taxes/ Unfiled or Never filed tax returns
Bank or Wage Levy Garnishments
Letters of Intent of Notice to Levy
IRS Tax Audits
Hardship, part pay agreements
State Sales Tax problems and Resolution
Our company resume:
Our staff has over 140 years of professional tax representation experience
On staff are Board Certified Tax Attorney’s, CPA’S, former IRS Agents, Managers and Instructors.
Former STATE Department of Revenue Manager and Instructor.
We are extremely moral and ethical in ALL our business dealings
We have the highest rating by the Better business Bureau
Fresh Start Tax has a team of tax professionals that can help you on any of your tax issues. We have Spanish speaking agents that can assist you.
Tax information can be difficult to understand in any language, but it can be even more difficult if it is not in your first language. To assist Spanish speaking taxpayers, the IRS provides a wide range of free products and services on its Spanish Language website IRS.gov/español.
Get answers 24 hours a day, seven days a week, whether you just arrived in the United States and have tax questions, are wondering how identity theft affects your taxes, or need a form. IRS.gov/espanol provides a wealth of information on these topics and much more.
Find out all about electronic filing. You can e-file your 2009 federal income tax return through October 15, 2010 from the comfort of your home. Available in English or Spanish, E-file is fast, easy and there are free options for everyone.
Check the status of your tax refund whether you chose direct deposit or asked the IRS to mail you a check. You can check the status of your refund through the online tool ?¿Dónde está mi reembolso?? on our secure website.
Find out if you qualify for the Earned Income Tax Credit. EITC is a refundable tax credit for people who work but don’t earn much income. Find out if you are eligible by answering some questions and providing basic income information using the ?Asistente EITC.?
Get help in difficult financial times. Events such as a job loss, debt forgiveness or tapping into a retirement fund can have a tax impact. Find answers to these questions and more in ?Centro Tributario para Asistir a Contribuyentes Desempleados? Or by typing the keyword?s ?Qué pasa si? into the search box.
Get updated information on tax laws that could affect you. Recent tax law changes could significantly impact you or your business. Learn about the benefits provided by the American Recovery and Reinvestment Act or the Affordable Care Act provisions in ?Noticias en Español.?
Get up-to-date at the Multimedia Center. Video tax tips and audio podcasts on various IRS topics can be found in English and in Spanish with keyword Centro Multimediático.
Fresh Start Tax is comprised of Former IRS Agents, Managers and Instructors. The staff also includes CPA’s, tax attorneys and former Managers with the Department of Revenue. Our company are experts in the field of tax and tax resolution. We are licensed to practice in all 50 States. We are fast, affordable and put a premium on communication with our client. Our firm has the highest rating given out by the Better Business Bureau. We have a combined 140 years Federal and State experience.
Need a Copy of Your Tax Return – How to Get One
If you need an exact copy of a previously filed and processed tax return and all attachments (including Form W-2), you should complete Form 4506 (PDF), Request for Copy of Tax Return, and mail it to the address listed in the instructions, along with a $57.00 fee for each tax year requested. The check or money order for the fee should be made payable to the “United States Treasury”. Copies are generally available for returns filed in the current and past six years. Copies of jointly filed tax returns may be requested by either spouse and only one signature is required. Allow 60 calendar days to receive your copies.
Most needs for tax return information can be met with a computer print-out of your return information called a “transcript”. A transcript may be an acceptable substitute for an exact copy of a return by the United States Citizenship and Immigration Services and lending agencies for student loans and mortgages. A “tax return transcript” will show most line items contained on the return as it was originally filed. If you need a statement of your tax account which shows changes that you or the IRS made after the original return was filed, however, you must request a “tax account transcript”. Both transcripts are generally available for the current and past three years and are provided free of charge. The period in which you will receive the transcript varies from within ten to thirty business days from the time the IRS receives your request for the tax return or tax account transcript.
You can obtain a free transcript by calling 800-829-1040 and following the prompts in the recorded message or by completing and mailing a request for a transcript to the address listed in the instructions.
The IRS has created a new Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript, to order a transcript of a Form 1040 series return. The IRS created this streamlined form to help those taxpayers trying to obtain, modify or refinance a home mortgage. Transcripts may also be mailed to a third party, such as a mortgage institution, if specified on the form. You must sign and date the form giving your consent for the disclosure. Businesses, partnerships or individuals who need transcript information from other forms, such as Form W-2 or Form 1099, can use Form 4506-T (PDF), Request for Transcript of Tax Return, to obtain the information.
These transcripts may also be mailed to a third party if there is consent for the disclosure.
Compliance is no longer a process-ability criterion for OIC submissions.
Correct Compliance is not considered to be a process-ability criterion for OIC initial submissions. If compliance is the only issue, the offer will be deemed processable. However, th IRS will contact the taxpayer by either telephone or correspondence requesting the delinquent return(s), federal tax deposits or required estimated tax payment(s). A reasonable amount of time will be provided to the taxpayer to comply. Failure to comply will cause the IRS to return the offer to the taxpayer and retain the application fee, along with all TIPRA payments previously paid. The taxpayer will not have appeal rights to this decision.
Fresh Start Tax is one of the premier tax resolution firms in the country. We deal with all types of cases, individuals, businesses and high dollar corporate entities. We have a staff that specializes in every type of case. Some of our specialties include the following:
Immediate Tax Resolution and Representation
Offers in Compromise and Settlement
Back Taxes/ Unfiled or Never filed tax returns
Bank or Wage Levy Garnishments
Letters of Intent of Notice to Levy
IRS Tax Audits
Hardship, part pay agreements
State Sales Tax problems and Resolution
Our company resume:
Our staff has over 140 years of professional tax representation experience collectively.
On staff are Board Certified Tax Attorney’s, CPA’s, former IRS Agents, Managers and Instructors.
Former State Department of Revenue Manager and Instructor.
We are extremely moral and ethical in all our business dealings.
We have the highest rating given by the Better Business Bureau.
