Small Business Relief From the IRS

Changes for 1099 Reporting – We’re Back To Where We Started
May 9, 2011
Increase Tax for Social Security – Expect to pay more
June 13, 2011

Wait…can it be true? Good news from the IRS? Yes!

If you file less than 250 W-2s for the tax year 2011, the IRS has delayed mandatory reporting of employer-sponsored health coverage information requirements.  The amount of coverage is reported on section 14, other information. It is not taxable.

There is a mandatory reporting requirement for employers that file 250 or more for the tax year 2011, which will be issued in January 2012.  If you fall into this category, now is the time to be gathering this information by employee.

For more information on tax law that is currently in place, new requirements for 2012 and beyond go to Paychex, Inc.–this site is full of useful information.

If you need help with your small business or are looking for an accountant in the Jacksonville, FL area, please don’t hesitate to contact us. Hagan CPA, Inc was founded in 2002 and has served small businesses and individuals with tax preparation, bookkeeping systems and strategic planning ever since.

Jo Hagan, CPA
Jo Hagan, CPA
Jo Hagan is the visionary and founder behind Barefoot Accounting, Inc. She's been in private practice helping businesses like yours grow, understand their numbers, handle tax issues, and more for over 15 years. As a mom, wife, and business owner, Jo understands the struggles business owners and entrepreneurs face, and she has a passion for helping people understand what they need to know in order to be successful in business!

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