2018 tax changes

Form W-2: IRS plans to expand verification code

    Year-end may seem far away right now, but get ready: The IRS has just released the 2018 Form W-2.   Although there aren’t any big changes to the form just yet, there are some developments you should watch for, mostly dealing with the verification code in Box 9.   Authenticating returns   As [...]

April 19th, 2018|2018 tax changes, W-2s|

IRA issues new mileage rates for 2018: Key updates

More year-end changes are coming your way: The IRS has released its standard mileage rates for 2018.   After a couple years of decreases, standard business mileage rates are increasing this time around.   Rundown of Changes   For 2018, the standard mileage rate is 54.5 cents for each mile driven for business purposes – [...]

February 16th, 2018|2018 tax changes|

IRS releases numbers for 2018’s income exclusions

During a recent Payroll Industry Call, the IRS announced some of the benefits that’ll be excluded from employees’ taxable income in 2018.   Here’s a heads-up on what you’ll need to know in Payroll next year.   Transportation, FSAs & more   Any company that gives workers qualified transportation fringe benefits, take note:   Monthly limits [...]

January 22nd, 2018|2018 tax changes|

Year-end changes for Payroll: Revised wage base and more

Tracking late-in-the-game 2018 updates   By now you’d like to have the 2018 changes set in your payroll system, but with a topsy-turvy year-end like this one, that’s not possible. First, in a highly unusual move, the SSA decided to revise next year’s Social Security taxable wage base.   The new number is $128,400   [...]

December 14th, 2017|2018 tax changes, Social Security Limits|