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STRATEGIC ISSUES...ONLINE
For week
of August 21, 2006, Issue #274
Featured
Articles:
1. Employer Cash
Incentives for Hybrids are Taxable
2. Tech Tip
Weekly:
A Few Windows XP Shortcuts
3. Focus on
Fraud:
4. Compliance
Calendar
If you would like to have further information on any
of these articles, let us know. We would appreciate
receiving your comments and/or suggestions, anytime!
acarroll@pmcpa.com
acarroll@pmcpa.com
1. Employer Cash
Incentives for Hybrids are Taxable
To encourage their
employees to purchase environmentally friendly hybrid
cars, several companies reportedly are offering
"rebates" or cash incentives to their employees in
select areas to offset the purchase price of these
vehicles. Just like other forms of compensation,
these cash incentives are taxable compensation.
Employers should
include the cash incentive amounts in employees'
compensation reported on year-end Form W-2 earnings
statements.
The tax code already
includes incentives for the purchase of hybrid cars.
The Alternative Motor Vehicle Credit of hybrid
vehicles applies to vehicles purchased on or after
January 1, 2006, and it may be as much as $3,400 for
those who purchase the most fuel-efficient vehicles.
2. Tech Tip: A Few
Windows XP Shortcuts
Want to quickly save a Web page to your favorites list? Visit the page you want to add to your favorites. Once you're there, press the CTRL and then press the D key (CTRL+D).
Don't like the menu bar
on top of the Internet Explorer? Want the address bar
on top? No problem! On the left side of the menu bar,
links bar, button bar and address bar, you'll notice a
little raised vertical line. Grab that line with your
mouse pointer and drag the bar where you want it to
be!
Web browsers and proxy servers often cache Web pages to speed up your browsing experience. The problem is you might not have the latest version of the Web page. If you think you have an outdated version of a Web page, hold down the SHIFT key on the keyboard and then press the F5 key.
3. Compliance Calendar
August 25
-Employers deposit
Social Security, Medicare and withheld income tax for
August 19, 20, 21, and 22.
August 30
-Employers deposit
Social Security, Medicare and withheld income tax for
August 23, 24, and 25.
September 1
-Employers deposit
Social Security, Medicare and withheld income tax for
August 26, 27, 28, and 29.
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