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CCH® PAYROLL — 4/29/08

IRS priority guidance plan has payroll-related items

The IRS has issued and updated it priority guidance plans for the upcoming year. The payroll-related items are listed below. Previously published items are not listed below.

Executive compensation, health care, other benefits, and employment taxes

• Guidance under Code Sec. 162(m) on the definition of outside director.
• Guidance on discrete issues on Health Savings Accounts (HSAs).
• Guidance on qualified nonpersonal use vehicles.
• Proposed regulations under Code Sec. 409A on the calculation of income inclusion and additional taxes.
• Revenue ruling on income tax withholding with respect to supplemental wages for employees who receive no regular wages.
• Final regulations for adjusting overpayment or underpayment of employment taxes.
• Notice regarding rollovers from an IRA to an HSA.

General tax issues

• Guidance regarding the substantiation requirements of Code Sec. 274(d)(4) for cellular telephones and other similar telecommunications equipment. Proposed regulations under Code Sec. 6302 regarding payments under the Electronic Federal Tax Payment System.
• Regulations under Code Sec. 6302 regarding the failure-to-deposit penalty under Code Sec. 6656.
• Regulations regarding the filing of Form 941 under the Annual Employment Tax Return Program. Proposed regulations were published on January 3, 2006.

Revenue procedure providing a current list of countries and the dates those countries are subject to the Code Sec. 911(d)(4) waiver and guidance to individuals who fail to meet the eligibility requirements of §911(d)(1) because of adverse conditions in a foreign country.

Employee benefits (pensions)

• Guidance on special pay plans for governmental employees.

Update of model notice under Code Sec. 402(f) relating to eligible rollover distributions. (IRS Priority Guidance Plan, April 22, 2008.)

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