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Rialto California online Form 2848: What You Should Know

Form 2973, Declaration of Representative — IRS The IRS requires you to complete one of these forms if you want to exercise the right to tax-filing authority for an estate. This includes executing a power of attorney, or nominating a representative or another person as attorney to the estate. For more information about form 2973, see the form 2973: Power of Attorney and Declaration of Representative. If a power of attorney is not a necessity, or is not available, complete a Form 2350, Power of Attorney, then complete and sign Form 2973 and file as usual — on page 1 of Form 1120 (a separate copy of Form 2973 should be attached to Form 1120, with a signed acknowledgment as to the power of attorney). Payroll Deductions — Not the Answer There is an outcry online about IRS withholding from employee payroll deductions for employee IRA contributions made on behalf of a deceased worker. Let's look at the IRS notice in a bit more detail. In the Notice, the IRS reminds you that if a contribution is made on a Form 55005-R, IRA or Thrift Savings Plan (TSP) account, and that account is subject to a penalty or penalty waiver, then the contribution must be paid from the employee's paycheck or other compensation. The IRS also reminds that the maximum amount an employee can contribute to a TSP is 50,000 during the calendar year or the annual equivalent thereof (the year before the death of the account holder). For IRA accounts, the maximum amount an employee can contribute is 5,500. Let's look at the IRS notice to see the fine print. “If a contribution is made on a Form 55005-R, IRA or Thrift Savings Plan (TSP) account and that account is subject to a penalty or penalty waiver, then the contribution must be paid from the employee's paycheck or other compensation.” The fact that “other compensation” is required is also important. What does it mean for employee's “other compensation?” First, what is compensation? Compensation is any amount paid to an employee for work done, including wages, salaries, commissions, tips, and reimbursements from an employer for work performed. Now to clarify this further, in order to pay from an employee's paycheck, it would have to be the same amount that they paid out of that same employer's fund in addition to their own contributions.

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