1.  New Regulations Change Rules Relating to Submission of Withholding Certificates

2.  Focus on Fraud: Telltale Signs of...

3.  Tech Tip Weekly: Scheduling an Event in MS Outlook

 

---

1.  New Regulations Change Rules Relating to Submission of Withholding Certificates

 

The IRS has issued final, temporary and proposed regulations that provide guidance for employers and employees with regard to Form W-4, Employee's Withholding Allowance Certificate.

 

Employers are no longer required to submit copies of Forms W-4 on which employees claim more than 10 withholding exemptions or copies of Forms W-4 on which employees claim complete exemption from withholding where the employer expected to pay each employee more than $200 weekly.  Rather, the temporary rules provide that employers need only to submit withholding certificates to the IRS if directed to do so by the Service.

 

Further, the new rules provide that, if the IRS determines that a withholding exemption certificate contains a materially incorrect statement or if an employee fails to provide an adequate response to a request for verification of the statements on a certificate, the IRS may issue a notice to the employer that specifies the maximum number of withholding exemptions the employee may claim.  Employees who want to claim complete exemption from withholding or a number of withholding exemptions more than the maximum specified by the IRS must submit new withholding exemption certificates and written statements supporting their claims directly to the IRS.  The provision allowing employees to submit the information to their employer who, then, was required to send it to the IRS has been removed.

 

---

2.  Focus on Fraud:  Telltale Signs of...

 

Fraud Committed by Employees (Management included) Against the Company

 

-Significant observed changes from past behavior pattern

 

-Undue family, company or community expectations

 

-Resentment of superiors and frustration with job

 

-Extensive stock market or other speculation behavior

 

-Peer group pressures

 

-High personal debts or financial losses

 

---

3.  Tech Tip Weekly: Scheduling an Event in MS Outlook

 

An event is a type of MS Outlook calendar entry much like an appointment, except that it lasts all day and isn't associated with a particular hour of the day.  Holidays are events.  In MS Outlook, you can schedule more than one event for the same day.  For example, if your birthday falls on Christmas Day, you can schedule two events for December 25.  (You still get only one present, however.)  You can also schedule a convention or business trip as an event and then continue scheduling appointments on the event day.

 

Events also look different on your calendar: Each event appears as a gray banner on the calendar day on which it's scheduled.

 

You use exactly the same steps to enter events as you use to enter appointments, except that you also check the All Day Event box.

 

Thank you for subscribing to the weekly edition of Strategic Issues...Online.  If you wish to unsubscribe to this newsletter, please Reply to this e-mail and type "unsubscribe" in the subject line and your name will be removed.  If you know of someone else who would benefit from this newsletter, please feel free to forward this on to them or send us their e-mail address and we will be happy to add them to our mailing list. This newsletter has been compiled by Prangley Marks, LLP for our clients and other interested persons.  The information presented may or may not apply to your facts and circumstances and should not be acted upon without professional advice.  

***Privacy Policy***

Prangley Marks, LLP will not sell, distribute, or otherwise misuse any email addresses received or collected for the purpose of this newsletter.

---

Prangley Marks, LLP

Accountants and Consultants

"The Way We Figure, We Are The Only CPA Firm You Will Ever Need"

333 Bridge Street, NW, 11th Floor Bridgewater Place, Grand Rapids, MI  49504-5356

Phone#:  616-774-9004, Fax#:  616-774-9081

www.pmcpa.com