Tax & Industry Alerts
Schenck publishes frequent tax and industry-specific alerts to our contacts. Use the Search field below to find specific information on recent law changes, or sort by industry or topic.
Want to receive our alerts via email? Visit our Subscription page to sign up.
May 3, 2012
The IRS has provided the HSA cost-of-living adjustments for calendar year 2013.
Read more >>>
May 2, 2012
The Wisconsin Department of Revenue now provides a tax credit for hiring and retaining unemployed disabled veterans in tax years beginning on or after January 1, 2012. The amount of the credit depends on whether the veteran is a full-time or part-time employee, and whether he or she continues to work over the full four-year term that the credit is available.
Read more >>>
February 24, 2012
In 2011, Wisconsin Act 68 was signed into law, with an effective date of March 1, 2012. The act shifts the burden of proof on the Wisconsin Department of Revenue (“Department”) when imposing negligence penalties and restricts the Department from taking a position contrary to published or written guidance.
Read more >>>
February 24, 2012
Wisconsin sales tax law provides an exemption for electricity and natural gas sold during the months of November, December, January, February, March, and April for residential use. "Residential use" means use in a structure or portion of a structure that is a person's permanent principal residence. Residential use includes nursing homes even though they are on a commercial meter. Therefore, a resident’s room and various other areas in a nursing home may qualify for exemption.
Read more >>>
February 23, 2012
On February 22, the Middle Class Tax Relief and Job Creation Act was signed into law, with the main tax provision consisting of the payroll tax cut being extended until December 31, 2012. The Social Security portion of the payroll tax will remain at the current rate of 4.2% through December 31, 2012 for employees.
Read more >>>
February 22, 2012
The IRS recently granted taxpayers relief with respect to the tax credit for hiring unemployed veterans by extending the deadline for certifying workers. In addition, new forms have been issued for tax-exempt organizations to claim the credit.
Read more >>>
February 10, 2012
From January to March 2011, four additional private letter rulings were released which impact grain cooperatives. While these rulings do not provide any new information, they continue to support the ability of grain cooperatives to treat grain payments to members and contract patrons as “per-unit retain allocations paid in money” (“PURPIMs”) within the meaning of section 1382(b)(3) of the Code.
Read more >>>
February 2, 2012
Wisconsin employers should expect to see an increase in their unemployment tax expenses through 2014. This increase is driven by a decrease in the FUTA credit and the Wisconsin special assessment.
Read more >>>
February 2, 2012
The Wisconsin Department of Revenue is currently performing an office audit project which identifies purchases made by Wisconsin buyers where sales tax was not properly charged or paid.
Read more >>>
January 23, 2012
If your business files Federal Form W-2 or Federal Form 1099, there may be an opportunity for less paperwork. For both types of forms, if all of the forms you file have no Wisconsin withholding and you submit the forms to the IRS, you no longer need to provide copies to the State of Wisconsin. This change is effective for the 2011 tax year and beyond
Read more >>>