2012 FUTA Credit Reduction States

The IRS has released a list of states that have defaulted on their 2012 Federal Unemployment Insurance Loans causing employers in these states to owe additional FUTA tax for the tax year 2012. The following are the FUTA tax rate increases for the affected states and credit reductions: Arizona 0.3% Arkansas 0.6% California 0.6% Connecticut 0.6% Delaware 0.3% Florida 0.6% Georgia 0.6% Indiana 0.9% Kentucky 0.6% Missouri 0.6% Nevada 0.6% New Jersey 0.6% New York 0.6% North Carolina 0.6% Ohio 0.6% Rhode Island 0.6% Vermont 0.3% Virgin Islands 1.5% Wisconsin 0.6% This rate will be applied to the 1st $7,000.00 that each ... Read more

Don’t Let This Tragic IRS Story Be Yours!

At Christmas time in 2003 Frankie's Restaurant on Morehead Street had to close because of a fire in the kitchen. Everybody loved Frankie's and the loyal clientele of the mainstay hangout waited patiently, passing news by word of mouth until news came that Frankie's was seating again. Frankie's was a great place. The crowd was loyal. But then in October of 2009 the Charlotte Observer ran a shocking headline that read very simply, "Frankie's Restaurant Closes Its Doors." Reporter Jen Aronoff said ... Read more

Get the 411 on W-2 Forms! What the IRS Needs You to Know.

Beginning with the current tax year, employers are required to report the cost of coverage under an employer-sponsored health plan. That means that on W-2 forms that go out in January 2013, the cost of this coverage must be listed. But this cost is not taxable income and continues to be excluded from an employee’s income. The information can provide employees with helpful consumer information. If they are shopping for health care coverage, it gives them an idea of the cost of their ... Read more