Content about Internal Revenue Service

February 28, 2013

A change in federal tax law that decreased the take-home pay of working Americans is affecting household budgets, according to a survey by the National Retail Federation (NRF), a trade association.

January 30, 2013

Well over half of U.S. employers use 401(k)s and other defined contribution plans to encourage their employees to save for retirement, collectively spending more than $118 billion in match contributions and encouraging employees to save another $175 billion every year, according to a January 2013 report, "The Retirement Breach in Defined Contribution Plans: Size, Causes and Solutions."

January 14, 2013

On Jan. 2, 2013, the Internal Revenue Service published in the Federal Register a proposed rule, “Shared Responsibility for Employers Regarding Health Coverage,” that provides details regarding the requirement that employers with 50 or more full-time employees or full-time equivalents offer employees health care coverage with “minimum value,” beginning in 2014.

August 10, 2012

A new report shows a 21% annual increase in cash balance "hybrid" retirement plans in the United States between 2009 and 2010 (the most recent year for which IRS reporting data is available), almost double the previous year’s 11 percent growth rate. Cash balance plans continued to outpace all other sectors of the retirement plan market, according to the 2012 Cash Balance Research Report from Kravitz, a provider of retirement plan management services.

February 22, 2012

In a definitive answer to questions about 1099K reporting requirements, which relates to debit and credit card receipts, the IRS has said it will not require retailers and businesses to separately reconcile reimbursement information, such as cash back, sales taxes, state and local deposits, and other non-income related dollars from the gross receipts.

The IRS letter came in response to an inquiry from the Retail Industry Leaders Association (RILA), an Arlington, Va., trade group.

February 22, 2012

In a definitive answer to questions about 1099K reporting requirements, which relates to debit and credit card receipts, the IRS has said it will not require retailers and businesses to separately reconcile reimbursement information, such as cash back, sales taxes, state and local deposits, and other non-income related dollars from the gross receipts.

The IRS letter came in response to an inquiry from the Retail Industry Leaders Association (RILA), an Arlington, Va., trade group.

October 24, 2011

Cleveland-based Sherwin-Williams reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan ("ESOP") that will lead to a charge of $75 million.

Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years, the company said. 

Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011, challenging the ESOP-related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

October 24, 2011

Cleveland-based Sherwin-Williams reached a settlement of the Internal Revenue Service's audit of Sherwin-Williams' employee stock ownership plan ("ESOP") that will lead to a charge of $75 million.

Sherwin-Williams has fully resolved all IRS issues for the 2003 through 2009 tax years, the company said. 

Sherwin-Williams received a Notice of Proposed Adjustment from the IRS on May 20, 2011, challenging the ESOP-related federal income tax deductions claimed by Sherwin-Williams and proposing substantial excise taxes and penalties.

September 19, 2011

A probe of the hiring and wage practices of some of the nation’s largest home builders has widened to include the Internal Revenue Services and labor officials from nearly a dozen states, according to an article in the Wall Street Journal. 

September 19, 2011

A probe of the hiring and wage practices of some of the nation’s largest home builders has widened to include the Internal Revenue Services and labor officials from nearly a dozen states, according to an article in the Wall Street Journal. 

May 2, 2011

ForestEthics, a hard-hitting environmental group that is running a campaign to protect endangered forests, has kept the Sustainable Forestry Initiative (SFI) organization in its crosshairs for the last several years. The forest industry’s largest certification program for wood products even has its own tab on the ForestEthics Web page: Viewers can click on “Stop SFI GreenWash” and read a critique of the group’s certification process, its membership, its nonprofit status and even its logo.


April 5, 2011

The National Lumber and Building Material Dealers Association (NLBMDA) praised the actions of the United States Senate for passing the crucial 1099 Repeal Legislation. The Senate passed H.R.4, the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act without changing anything in the House-passed bill. 

The bill now goes to the desk of President Obama.

March 6, 2011

The U.S. House of Representatives voted 314 to 112 on March 3 to repeal   Form 1099 reporting requirements that would create a mountain of paperwork for small businesses. The requirement, passed last year as part of the healthcare bill and scheduled to start in 2012, would require businesses to file an IRS Form 1099  for each vendor they purchase $600 in goods or services from in any given tax year. 

March 6, 2011

The U.S. House of Representatives voted 314 to 112 on March 3 to repeal   Form 1099 reporting requirements that would create a mountain of paperwork for small businesses. The requirement, passed last year as part of the healthcare bill and scheduled to start in 2012, would require businesses to file an IRS Form 1099  for each vendor they purchase $600 in goods or services from in any given tax year. 

September 5, 2010

Forces armed with common sense appear to be making a courageous stand against a provision...

September 5, 2010

Forces armed with common sense appear to be making a courageous stand against a provision...

April 13, 2008

The house at 3161 Hamlet Way NE in Marietta, Ga., has close to $300,000 in...

March 25, 2008

Two Home Depot flooring buyers received cars, real estate, a home theater and Sub-Zero appliances...

February 27, 2008

A federal court reduces the back taxes owed by John Menard in his long-running dispute...

February 27, 2008

A federal court reduces the back taxes owed by John Menard in his long-running dispute...

February 10, 2008

Super Tuesday is over, but the presidential campaign is just beginning in earnest. At press...

February 5, 2008

Presidential candidates and American politics faced a major event Tuesday when 24 states held primaries...

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