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e-News for Small Businesses December 21, 2011

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Issue Number:  2011-28

Inside This Issue


  1. Expanded tax credit for hiring unemployed veterans
  2. Federal unemployment tax credit reduction states
  3. Winter 2011 SSA/IRS Reporter
  4. Webinar: tax compliance priorities for 2012
  5. OIC guidance
  6. Revisions to FBAR and Form 8300 instructions
  7. Recent IRS announcements  

  1.  Expanded tax credit for hiring unemployed veterans

Recent legislation expands the work opportunity tax credit.

The credit is available to businesses that hire eligible unemployed veterans who begin work on or after Nov. 22, 2011, and before Jan. 1, 2013.

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  2.  Federal unemployment tax credit reduction states

Employers in credit reduction states must adjust the unemployment tax liability on their 2011 Form 940.

Headliner Volume 317 has more information.

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  3.  Winter 2011 SSA/IRS Reporter

The latest issue of SSA/IRS Reporter includes information for employers from the IRS, Social Security Administration and the American Payroll Association.

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  4.  Webinar: tax compliance priorities for 2012

IRS compliance directors will discuss their top priorities and challenges for 2012 during a Jan. 11 webinar

Topics include audit coverage plans: automated collection and correspondence audits, and implementing new legislation.

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  5.  OIC guidance

A redesigned page on IRS.gov and a new instructional video clarify the Offer in Compromise process.

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  6.  Revisions to FBAR and Form 8300 instructions

Headliner Volume 316 explains the new process to amend a previously filed Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, or TD F 90-22.1, Report of Foreign Bank and Financial Accounts.

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  7.  Recent IRS announcements
  • IR-2011-116, IRS Announces 2012 Standard Mileage Rates, Most Rates Are the Same as in July
  • IR-2011-123, New Tax Guide Helps People Save on Their 2011 Taxes
  • IR-2011-121,  Plan Now to Get Full Benefit of Saver’s Credit; Tax Credit Helps Low- and Moderate-Income Workers Save for Retirement

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