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SSA/IRS Reporter

Issue Number:  2012-6

Inside This Issue

1. Expanded penalty relief and installment agreements
2. Form 1099-K reporting on tax returns for TY 2011
3. Small business health care tax credit
4. Upcoming phone forum from Employee Plans
5. Recent IRS announcements  

An expansion of the Fresh Start initiative provides new penalty relief for the unemployed and raises the dollar threshold for streamlined installment agreements.

IR-2012-31 has more information.

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For the 2011 tax year the IRS is not requiring a separate reporting of payment card and third party network payments from Form 1099-K on tax returns.

Instead, taxpayers should report all gross receipts and sales (including the Form 1099-K amounts) as indicated in the instructions  for the appropriate tax return.

Related links:

• Third Party Reporting Information Center 
• Understanding Your 1099-K

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A recent news release encourages small employers that provide health insurance coverage to their employees to check out the small business health care tax credit.

Related link:

• Small Business Health Care Tax Credit

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IRS is offering a free phone forum, EP Determination Letter Program Updates, on March 30.

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• IR-2012-29, Tax Scam Warning: Beware of Phony Refund Scheme Abusing Popular College Tax Credit; Senior Citizens, Working Families and Church Members Are Targets

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