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IRS NEWS FOR BUSINESS JANUARY 2013

▪ The IRS is looking to return tax refunds that were not delivered earlier this year because of mailing address errors.

▪ REG-130074-11 The IRS has issued proposed regulations on the 0.9 percent Additional Medicare Tax for upper-income questions and answers.

▪ The Small Business Health Care Tax Credit Estimator tool is now available.

▪ Read about New Notices Related to Form 1099-K. Visit the Third Party Reporting Information Center on IRS.gov for updates.

▪ IR 12-95 Notice 12-72 Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: • 56.5 cents per mile for business miles driven • 24 cents per mile driven for medical or moving purposes • 14 cents per mile driven in service of charitable organizations

▪ The new IRS.gov FUTA Credit Reduction page includes links to the DOL list of the 19 credit reduction states for 2012.

▪ IRS.gov has information on certain supplemental withholding situations.

▪ New revisions are available for:  2013 Form 1099-H, Health Coverage Tax Credit Advance Payments (Info Copy Only)  2013 Inst. 1099-H, Instructions for Form 1099-H, Health Coverage Tax Credit Advance Payments

►LOCAL; OTHER AGENCIES ▪ SBA launched a new online learning center. It has a streamlined, searchable catalog of small business educational resources including self-paced courses, videos and web sessions.

▪ Things You Need to Know About Your Tax Responsibilities as an LLC Do you operate a single “owner” or member limited liability company (LLC)? Thinking of forming a multi- member LLC? Either way, you’re likely to have questions about how your business is, or will be, taxed

▪ Do Your Employees Drive for Your Business? Know the Rules of Cell Phone Us e Know about stringent regulation s that went into effect nationwide in early 2012, restricting the use of handheld cellular phones while driving.

▪ Government Contracting Learn how the Federal Government buys from small businesses.

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