EO Update April 22, 2010
Issue Number: 2010-9
Inside This Issue
- New Tax Credit for Employers Who Offer Health Insurance
- Assisting Homeowners at Risk of Foreclosure
- Special Payroll Tax Exemption Form Now Available
- Reminder for Political Organizations: Protect Personal Identifying Information
- Register Now for Washington Workshops for Small and Mid-Sized 501(c)(3) Organizations
- Free Phone Forum on 403(b) Plans
1. New Tax Credit for Employers Who Offer Health Insurance
The IRS this week began mailing postcards to more than four million small businesses and tax-exempt organizations to make them aware of the benefits of the recently enacted small business health care tax credit. The credit, which takes effect this year, is designed to encourage small employers, including tax-exempt organizations, to offer health insurance coverage for the first time or maintain their current coverage. For more information about the tax credit, visit IRS.gov
2. Assisting Homeowners at Risk of Foreclosure
The IRS Office of Chief Counsel has concluded that organizations that provide financial counseling to homeowners at risk of foreclosure are providing credit counseling services within the meaning of IRC section 501(q).
3. Special Payroll Tax Exemption Form Now Available
The IRS has released a new form that will help employers, including tax-exempt organizations and public colleges and universities, claim the special payroll tax exemption that applies to many newly-hired workers during 2010. The payroll tax exemption was created under the provisions of the Hiring Incentives to Restore Employment (HIRE) Act signed by President Obama on March 18.
4. Reminder for Political Organizations: Protect Identifying Information
Because Forms 8871 and 8872 by law must be made publicly available by the IRS and the filer, political organizations should not include any personal identifying information, such as social security numbers not required by the IRS, on these forms.
5. Register Now for Washington Workshops for Small and Mid-Sized 501(c)(3) Organizations
Whether you're going to be in Seattle, WA or Washington, DC this May, plan to attend one of our popular workshops . These introductory one-day workshops, designed for administrators or volunteers responsible for an organization's tax compliance, will be held in Seattle, WA (May 11-13) and in the Washington, DC area (May 25-27).
6. Free 403(b) Plan Phone Forum - April 30
Register now to attend a free IRS Employee Plans 403(b) phone forum on April 30 covering the past, present, and near future of 403(b) plans. The forum will include a brief history of 403(b) plans, the basics of how they have operated in the past, and the developments that led to the issuance of the recent final regulations for 403(b) plans. The forum will recap significant changes brought about by the final regulations, including the written plan document requirement, and will include a discussion of the upcoming Pre-approved Plan program.