Applications Accepted Starting July 1, 2016

The IRS yesterday provided preliminary information pertaining to the professional employer organizations (PEOs) voluntary certification program that was created by late-2014 legislation.PEOs are defined as organizations "[that] handle various payroll administration and tax reporting responsibilities for their business clients."

Those receiving and maintaining the credential are expected to meet specific criteria, including

• Tax status

• Background

• Experience

• Business location

• Financial reporting

• Bonding

While another revenue procedure outlining the application process will be released closer to July 1, IR-2016-74 announces temporary regulations that are available for review in the Federal Register. Those wishing to leave feedback about the proposed regulations must do so before August 4, 2016.

Source: Internal Revenue Service