Wednesday, August 15, 2007
IRS Clarifies: New Rule Will Not Punish Teachers
The IRS recently put out a release to clear up some ongoing confusion about the effects of a recent law change to the IRS’s deferred-compensation rules. They reassured teachers and other school employees that new deferred-compensation rules will not affect the way their pay is taxed during the upcoming school year. Under the law teachers and other employees are given an annualization election – meaning they are allowed to choose between being paid only during the school year and being paid over a 12-month period. Therefore if they choose the 12-month period, they are deferring part of their income from one year to the next. However, the IRS clarified that the new rules will not be applied to annualization elections for school years beginning before Jan. 1, 2008, so school districts and teachers will have time to make any changes that are needed.
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- IRS Warns About Yet Another Email Scam
- Hawaii Tourism Japan Markets Smoking In Japan
- New Law Could Drastically Raise Taxes On Multinati...
- IRS Says Taxpayers Can Still Request Phone Refund
- GM May Have 60,000 Volt Electric Cars Out In 2011
- IRS Clarifies: New Rule Will Not Punish Teachers
- Tropical Storm Flossie Brushes Hawaii
- Advice on Internal Revenue Service Audits
- Tax Preparer Sentenced to 24 Months in Jail
- Bush Opposes Raising Gas Tax for Bridge Repairs
- IRS Summer Tax Tips
- Restaurateurs in NYC Plead Guilty to Tax Evasion
- 2007 State Sales Tax Free Holidays
- New Hydrogen Powered Honda Qualifies For Credit
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