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Happily Trudging Along Enjoying My New Adventure – Katherman Kitts & Co. LLP
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By Stacie Clifford Kitts, CPA
From my vantage point on the soft old sofa, I marvel at my husband’s large Italian family as they come together for mom and pops’ 80th birthday party. The cousins, now grown hug, kiss, and laugh about the passage of time and their numerous adventures. My brother in-law snores softly in mama Kitts’ comfy recliner, and from the kitchen, a boisterous aunt tells stories of family members long since past while mama sets out endless supplies of goodies and encourages everyone to eat-eat-eat.
And me, I’m peering at this comforting scene over the top of my laptop as I answer emails and work on a tax return. Such is my life. But I am content, happily trudging along enjoying my own adventure. Because today readers, I want to introduce you to Katherman Kitts & Co. LLP, my new firm.
Oh loyal readers, I have been anxiously awaiting this exciting announcement like a little kid anticipating Christmas morning.
Every day I run through my “how to open your own firm” checklist, you know the one I created the second my adventure started, (Accountants love checklists) and as I tick-off each completed item I feel satisfied – as accountants do.
My website, for which I am very proud, is still a work in progress. But I encourage you to take a peek. Here you will find more captivating information about Katherman Kitts including the services we provide, our experience, and a little bit about our clients.
Oh well I do anticipate that I will be commenting on my new adventure from time to time so if you’re interested stay tuned.
IRS Patrol: IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers (Optional Reporting of the Cost of Health Coverage in 2011)
engraving of the US Treasury building in 1804
Stacie says: Doesn’t good news come in three’s? Well here is good news number two for the day – the IRS announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan. The reporting is now optional in 2011.
WASHINGTON — The IRS today issued a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group health plan, making that reporting by employers optional in 2011.
The draft Form W-2 includes the codes that employers may use to report the cost of coverage under an employer-sponsored group health plan. The Treasury Department and the IRS have determined that this relief is necessary to provide employers the time they need to make changes to their payroll systems or procedures in preparation for compliance with the new reporting requirement. The IRS will be publishing guidance on the new requirement later this year.
Although reporting the cost of coverage will be optional with respect to 2011, the IRS continues to stress that the amounts reportable are not taxable. Included in the Affordable Care Act passed by Congress in March, the new reporting requirement is intended to be informational only, and to provide employees with greater transparency into overall health care costs.
Stacie's Tax Stuff 