IRS Revises FICA Refund Statement Requirements

In Notice 2015-5, the IRS explains the proposed revenue procedure that provides the requirements for employee consents used to support a claim for refund of employment taxes.  It permits electronic consents and requests comments about the consent process and requirements. The guidelines also require that the refund claim identify the basis for the refund and it must be signed under penalty of perjury.

IRS and Vehicles–A Webinar

The Tax Exempt & Government Entities Division is providing a free webinar on Employer Provided Vehicles–How and What to Report for Federal Tax Purposes.  The webinar, held on February 19th starting at 11 am Pacific 2 pm Eastern time will cover the following:

  • What is taxable?
  • What sorts of use are exempt?
  • Which vehicles are exempt?
  • How to value personal use

Register on the IRS website.

irs webinar

IRS Releases Info on Third-Party Sick Pay Recap Form

The IRS has released Notice 2015-06 which describes the rules for filing Form 8922, Third-Party Sick Pay Recap. This is an annual form that must be filed with the IRS which replaces the third-party sick pay recaps that were filed with the Social Security Administration. Form 8922 is used to report total amounts of certain sick pay paid to employees by a third party.

IRS Releases Guidance on Transportation Fringe Benefits

The IRS has released guidance with respect to the issues related to the retroactive increase in the monthly transit benefit exclusion for 2014. The increase went from $130 per participating employee to $250 per participating employee for the period from January 1, 2014 through December 31, 2014.  Due to the timing of the statutory change and in order to reduce administrative burden, the Service is providing a special administrative procedure for employers that treated excess transit benefits as wages and that have not yet filed their fourth quarter Form 941 for 2014 to make necessary corrections on their fourth quarter Form 941. This guidance is contained in Notice 2015-02.

2015 Publications and Forms

I am still catching up from my vacation over the holidays.  The IRS has released the following publications for 2015:

  • Publication 15, The Circular E. It is now available on the IRS website.
  • Publication 15-B, Employer’s Tax Guide to Fringe Benefits
  • Publication 51, Circular A, Agricultural Employers Tax Guide
  • Publication 80, Circular SS Federal Tax Guide for Employers in the U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands

In addition, the IRS has also released the 2015 Form W-4