News & Analysis as of

Form 941

Five Reasons to File a Size Protest

by PilieroMazza PLLC on

Small business government contractors are sometimes resistant to the idea of filing size protests against their competitors. How much time and effort will it take? Is there enough evidence? Will the agency be offended? These...more

Form W-2 and 941 Actions May Be Required Immediately for Retroactive Increase in Section 132 Transit Benefits

by McDermott Will & Emery on

The Consolidated Appropriations Act of 2016 (the Act) retroactively increased the 2015 employer and employee Federal Insurance Contributions Act (FICA) and Federal Income Tax exclusion limit for transit benefits, from $130...more

Déjà Vu All Over Again: Congress Grants Retroactive Transit Parity, IRS Issues Payroll Guidance

by McGuireWoods LLP on

As discussed in a prior WorkCite article, the recently enacted Consolidated Appropriations Act, 2016 (the Act) permanently removed the disparity between the taxation of (i) commuter vehicle/transit benefits and (ii) qualified...more

IRS Provides Guidance on Retroactive Transit Benefit Adjustments for 2015

by Seyfarth Shaw LLP on

On December 18, 2015, Congress passed the Consolidated Appropriations Act, 2016 (Public Law No. 114-113) which amended the Internal Revenue Code to retroactively (and permanently) adjust the limits on qualified transportation...more

IRS Update Resolving Issue with Retroactive Monthly Transit Amount

Once again, at the end of 2015, the monthly transit benefit amount not subject to tax was retroactively increased from $130 per month to $250 month (it has been increased to $255 for 2016, so employers will not have this same...more

IRS Provides Administrative Guidance On Excludable Transportation Benefit Limits, Retroactively Increased As Of January 1, 2012

by Pepper Hamilton LLP on

On January 16, 2013, the Internal Revenue Service (IRS) issued Notice 2013-8 providing a special administrative procedure for employers with respect to 2012 transit benefits. Under Section 132(f) of the Internal Revenue Code...more

Employers Can Obtain Refund for Excess FICA Tax Paid as Result of Increased Excludable Limit for Transit Benefits

by McDermott Will & Emery on

On January 11, 2013, the Internal Revenue Service published Notice 2013-8 providing a special administrative procedure for employers with respect to 2012 transit pass benefits. The American Taxpayer Relief Act retroactively...more

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