The IRS plans to require credit card and other firms that process transactions to report gross network transactions to participating merchants—and the IRS—annually starting next year. The IRS will use the reports as it does W-2s and 1099s. Thus, a company whose gross receipts differ from those in these reports will be audited or asked to explain the differences. That means each business will have to monitor and reconcile the reports and, if there are errors, request corrected statements. [IR-2009-106; REG-139255-08, Income Tax Regs].
Stay tuned for further updates as they become available.
The City of New York, Office of the Comptroller, Bureau of Labor Law has revised their certified payroll reporting form; new reporting mandates no longer require contractors to display the full social security number of employees on the reports – social security numbers are now to be displayed as XXX-XX-1234.
For complete details, click here.
The Missouri Department of Labor & Industrial Relations, Division of Labor Standards has released a new certified payroll report to be used by contractors and subcontractors working on state funded public works projects to capture employee wage and hour data. This new form went into effect on January 1, 2010.
For complete information, click here.
