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Tax Preparer Registration Is Finally Here!
For several years the IRS has been saying that action needed to be taken to bring all paid preparers into a system where all preparers would be registered, competency of preparers would be established and CPE would be a requirement. NATP has published the latest information on the changes that are in the works. Preparer Registration
2012 Mileage Rates
The updated mileage rates for 2012 have been announced.
FUTA Rate Change
GEORGIA – A CREDIT REDUCTION STATE!!!!
If you are filing Federal Form 940 - $56 dollars is no longer the maximum amount per employee.
A couple of weeks back the IRS announced that Georgia is one of the twelve states that has to pay an additional .003% on Futa tax since Georgia had to borrow funds from the Federal Unemployment Fund
For Example :
Employer had one employee who made $7000 in the first quarter and deposited $56 for the 940 tax.
Now in the fourth quarter they will have to pay an additional $21 in the fourth quarter for a total of $77.
For those businesses using QuickBooks products to process payroll, be sure the latest payroll update is installed in order to address the FUTA increase for 2011. Also, even when you DO install the latest payroll update, be sure to analyze that QB actaully calculated that extra $21 PER EMPLOYEE for FUTA. If not, then a manual calculation will be needed by the person preparing the 940, along with sending in the payment. You will need to enter the accrual for 2011 in order to take advantage of the deduction for 2011.
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