by Aiello-Goodrich-Teuscher
CHANGES TO TAX PAYMENT METHODS:
Starting in January 1, 2011 the IRS will no longer allow federal tax payments to be made with the paper coupons, Form 8109. This applies to payments made at a local bank or being mailed to Financial Agent at the IRS. If payments are made using the paper coupons after that time, the IRS will assess a failure to pay penalty. They want everyone to transition to making tax payments using the Electronic Federal Tax Payment System (EFTPS).
There is an exception; if your federal tax liability for a quarter is less than $2,500, you can remit the taxes due with your quarterly return, Form 941.
If you have not already applied to use the EFTPS program, you should do so right away. It takes 2-3 weeks for the IRS to process your application and send out a confirmation letter with a PIN number. Payments can then be made by phone or online. We can make these payments for you, or you can make them yourself. Completing the setup application early gives you a little cushion of time to get comfortable with the process.
To sign up fill out the online application at: https://www.eftps.gov/eftps/
Or, if you would like help you with the application, please call your accounting firm.
CHANGE IN EMPLOYMENT POSTER REQUIREMENTS:
Each year employers are required to purchase the new “Notice to Employees” poster and to display it in a conspicuous place where employees have easy access to it. This year California’s Division of Worker’s Compensation (DWC) has implemented new regulations that require all employers in California to post a revised Notice to Employees – Injuries Caused by Work.
Failure to post the notice by the October 8, 2010 deadline can result in fines up to $7,000 in civil penalties.
In addition to posting the new notice, you are also required to distribute a new “Your Rights to Workers’ Compensation Benefits” pamphlet to all new employees who start to work on or after October 8, 2010. The pamphlets should be given to new employees at the time of hire or before the end of the first pay period.
You can purchase the new poster and the pamphlets from several different sources. Two websites offering these items are www.laborlawcenter.comand www.governmentposter.comIf you already use a different source for your posters, you can probably get the updated poster and pamphlets from them.