The IRS announced yesterday new tax relief guidelines for a provision that allow small businesses the ability to claim a cell phone provided to employees by said business as tax-free without any arduous record keeping needed. The notice issued explains how the provision works in regards to employer purchased cell phones for employee use. It also goes on to explain that the IRS will not require the employer to provide business use record keeping.
To learn more about the new notice provided by the IRS, visit their website at IRS.gov, or download the guidelines here. It is always important to stay educated on current tax law news to keep yourself and your business away from problems with the IRS and possible back taxes.
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