Brummet & Olsen LLP

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IRS defers reporting of employer-provided health insurance costs on Form W-2
Employers are eligible for a one-year deferral of mandatory reporting of the costs of employer-provided health insurance on an employee's Form W-2, Wage and Tax Statement. According to the IRS, man...

IRS gives relief to taxpayers plagued by problem drywall
Taxpayers may be able to treat damages from corrosive drywall as a casualty loss, the IRS has announced. The IRS also provided a safe harbor formula to calculate the amount of the loss.

New disclosure rules give 401(k)-type plan participants more information about fees and investments
Individuals with funds in 401(k)-type retirement savings plans will receive more information about plan expenses and investments under new federal rules. The U.S. Department of Labor's Employee Ben...

Simplified “high-low” per diem rates decline for FY 2011
The simplified per diem rates, which employers may use to reimburse employees for lodging, meals and incidental expenses incurred during business travel, have fallen for fiscal year (FY) 2011, the ...

Social Security wage base remains unchanged for 2011
The maximum amount of earnings subject to Social Security will be unchanged in 2011, the Social Security Administration (SSA) has announced. The wage base, above which wages are not subject to Soci...

IL - Electronic data transfers not taxable; 1-800 numbers subject to telecommunications tax
Sales of services that involve the electronic transfer or downloading of information or data are not subject to Illinois retailers' occupation (sales) and use tax because the electronic transfer or...

IN - Refund claim not allowed for tax paid under amnesty; various exemptions discussed
A retailer could not seek a refund on an Indiana sales tax liability that was paid under a tax amnesty program because the amnesty program requires that taxpayers relinquish all rights to protest a...

MI - Company's president personally responsible for tax liability
A company's president and chairman of the board was personally responsible for the company's 2001 Michigan personal income tax withholding liability. For the September 2001 withholding tax liabilit...

WI - Various publications updated
The Wisconsin Department of Revenue has released updated versions of several personal income tax publications.
Although the department recently updated Publication CO-001, regarding ...

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