Internal Revenue Service Webinar for Tax Professionals
Collection Bankruptcy Overview
Presented by the Internal Revenue Service
Date: January 25, 2011
This FREE webinar is for:
• Tax Professionals
• Tax Practitioners
• Enrolled Agents
• Bankruptcy Attorneys
· how IRS’ insolvency function processes bankruptcy cases,
· how to properly notify IRS of a bankruptcy filing
· how to order transcripts of tax returns through IRS e-Services,
· how the IRS can collect taxes from exempt, excluded and abandoned property and
· non-dischargeable tax debts in chapter 7 and chapter 13 bankruptcy cases.
Earn Continuing Professional Education credit
• Enrolled agents receive one CPE credit for participating for a minimum of 50 minutes from the start of the webinar.
• Other tax professionals may receive credit if the webinar meets your organization’s or state’s CPE requirements.
• To receive credit, you must attend the presentation offered on January 25, 2011. Register for the webinar using your e-mail address, and use the same e-mail address to log in to attend. This will confirm your attendance and generate your Certificate of Completion.
• *Only January 25, 2011, participants will receive certificates. If you do not need a certificate to obtain CPE credit, you may choose to view the archived version of the webinar after January 25, 2011.
• Look for your Certificate of Completion by e-mail approximately one week after the webinar. If you have met all requirements, you will receive your certificate automatically.
Register & Attend
· Click on the link to register for the session
Note: Time zones shown are standard time.
• If you require special accommodations (for example, a larger-print on presentation materials), contact Brian Finn at email@example.com.
• If you experience difficulty viewing the event, please use the e-mail option on the event page or call 866-956-4770.
• This event will be archived for later viewing, approximately two weeks after the date of the event, on IRS.gov.
Sponsored by: IRS Small Business/Self Employed Division
New Withholding Details Now Available on IRS.gov, and Notice 1036, Early Release Copies of the 2011 Percentage Method Tables for Income Tax Withholding.
Payroll Tax Cut to Boost Take-Home Pay for Most Workers;
New Withholding Details Now Available on IRS.gov
IR-2010-124, Dec. 17, 2010
Millions of workers will see their take-home pay rise during 2011 because the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act Of 2010 provides a two percentage point payroll tax cut for employees, reducing their Social Security tax withholding rate from 6.2 percent to 4.2 percent of wages paid. This reduced Social Security withholding will have no effect on the employee’s future Social Security benefits.
The new law also maintains the income-tax rates that have been in effect in recent years.
Employers should start using the new withholding tables and reducing the amount of Social Security tax withheld as soon as possible in 2011 but not later than Jan. 31, 2011. Notice 1036, released today, contains the percentage method income tax withholding tables, the lower Social Security withholding rate, and related information that most employers need to implement these changes. Publication 15, (Circular E), Employer’s Tax Guide, containing the extensive wage bracket tables that some employers use, will be available on IRS.gov in a few days.
The IRS recognizes that the late enactment of these changes makes it difficult for many employers to quickly update their withholding systems. For that reason, the agency asks employers to adjust their payroll systems as soon as possible, but not later than Jan. 31, 2011.
For any Social Security tax over withheld during January, employers should make an offsetting adjustment in workers’ pay as soon as possible but not later than March 31, 2011.
Employers and payroll companies will handle the withholding changes, so workers typically won’t need to take any additional action, such as filling out a new W-4 withholding form.
As always, however, the IRS urges workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revised W-4 forms. Publication 919, How Do I Adjust My Tax Withholding?, provides more information to workers on making changes to their tax withholding.