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U.S. Master Payroll Guide (2011)
This one-source resource to payroll is part of CCH's Master Series of professional guidebooks. You'll find everything you need to know about payroll from employers and their obligations to payroll withholding and tax deposits to payroll management and administration issues.
The IRS has provided guidance to individuals and businesses affected by the oil spill in the Gulf of Mexico and announced several new initiatives to help affected taxpayers. One such initiative is a special Gulf Coast Assistance Day on July 17.
Taxpayers are encouraged to review their tax situation or talk with their return preparers about the implications of payments or compensation related to the oil spill. The guidance is based on current law, and it explains how recipients of payments from BP should treat the payments for tax purposes. The payments for lost income are taxed the same way as wages or business income. This differs from the treatment of compensation for physical injuries or property loss, which generally is nontaxable compensation.
To help people in the Gulf Coast area who are dealing with tax issues, the IRS will be holding a special assistance day on July 17. At that time, IRS employees will be available to work with taxpayers and return preparers to resolve tax issues. Locations for the Gulf Coast Assistance Day include Mobile, Alabama; Panama City and Pensacola, Florida; New Orleans, Houma and Baton Rouge, Louisiana; and Gulfport, Mississippi. Times and specific locations will be announced at a later date.
Additional information is available in a question-and-answer format. The IRS will soon have a toll-free telephone number for taxpayers with problems related to the Gulf oil spill to ask specially trained IRS personnel their tax questions. The IRS encourages taxpayers in the Gulf struggling with payment or collection issues to contact the Service so that the IRS can work with them to find a solution. (IRS News Release IR-2010-78, June 25, 2010.)
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