Saturday, June 13, 2009

IRS phones one in

Many small business owners may not have heard about this one, and this may be some shocking news for those that have business cell phone plans. According to recent IRS Notice 2009-46 the treasury is looking to enforce an old 1989 tax law that would make business owners assign 25% of their employees’ annual phone bill as a taxable fringe benefit. For many workers, the change will increase their taxes. Currently the IRS is investigating three different methods to tax personal use of business cell phones. For more details on the IRS’s proposals be sure to take a look at the following diagram link.

The IRS is currently seeking public comment on the idea and this may be a great time for many small business owners to be heard. Send public comments to Notice.comments@irscounsel.treas.gov with “Notice 2009-46” in the subject line. Be sure to post your thoughts regarding the new tax the IRS is phoning in on this blog too.

Keeping Your Business N Synergy
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