The IRS has released some information in relation to small businesses via their Tax Tips Service. The entry follows below:
Issue Number: 2012-1
Inside This Issue
1. Payroll tax cut temporarily extended into 2012
Recent legislation temporarily extends the two percentage point payroll tax cut for employees through Feb. 29.
IR-2011-124 has more information.
2. Contacting the IRS for information and assistance
The hours of service for most IRS toll-free telephone lines is 7 a.m. to 7 p.m. local time.
3. 2012 standard mileage rate
The standard mileage rate for business stays at 55.5 cents per mile (unchanged from the July 1 mid-year adjustment).
IR-2011-116 has more information.
4. More guidance on reporting employer health care coverage on Forms W-2
IRS Notice 2012-09 provides additional guidance regarding the requirement that certain employers report the value of employer-sponsored health care coverage on the employees? Forms W-2. The notice restates and amends the interim guidance in Notice 2011-28.
Notice 2012-09 provides interim guidance that generally is applicable beginning with 2012 Forms W-2 (forms required for the calendar year 2012 that employers are generally required to give employees by the end of January 2013). More information about the provision is on the ACA pages of IRS.gov.
5. Recent IRS announcements
- IR-2012-1 IRS Kicks Off 2012 Tax Season with Deadline Extended to April 17
- Tax Tip 2012-01 IRS Offers Top 10 Tax-Time Tips