Agency highlights key requirements, time frames The IRS is clearing up confusion surrounding when employers should submit Form 941-X for an adjustment or a refund claim. Because the terms are often treated as synonyms and the same form is used in both circumstances, may think all the guidelines are the same. [...]
A recent Supreme Court decision has changed the way Payroll deducts union fees from workers’ paychecks. Because of the outcome of Janus v. AFSCME Council 31, employees who aren’t members of public unions no longer have to pay extra fees. The rights of nonmembers The case centered on an Illinois [...]
Larger limits on pre-tax contributions & more Big changes could be coming to health savings accounts (HSAs), if two bills currently in the Senate move forward. The first bill, H.R. 6311 or the Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018, would update the contribution limits for [...]
The IRS has updated yet another form you encounter in Payroll, so it’s important to make sure you’re using the correct version. For 2159, Payroll Deduction Agreement, was revised in July 2018. Employer requirements As a reminder, the form is used when an employee attempts to make an arrangement with the [...]
Different expectations for receiving paychecks Millennials (who were typically born between 1977 – 1995) and Gen Z (typically born after 1995) have different attitudes about common paycheck practices than older people. Digital payment provider Global Cash Card surveyed over 1,000 working Americans of all ages to find out their perceptions of several elements [...]
How much can workers contribute before it’s taxable? The IRS recently released additional guidance on limits for employers’ defined contribution plans in certain confusing situations. Here’s what Payroll needs to know. Short limitation years In most cases, the 2018 Sec 415 ( c) dollar limit for contributions to all of a [...]
Companies often give workers items with their logos on them as gifts, never even considering whether they’re taxable income. In many cases they are, according to a presentation at the 2018 American Payroll Association (APA) Congress. Cost isn’t the issue While some say items like logo T-shirts fall under the IRS’ de [...]
Handling new hires, employees claiming ‘exempt’ With 2018 already underway, and last year’s Form W-4 still in use, Payroll pros need clear-cut answers from the IRS about how to handle new hires and employees who claim they’re exempt from withholding. So it’s a relief that the IRS has issued Notice 2018-14, [...]
If you’re not quite ready to distribute Form 1095-C to employees, you now have a bit more time, courtesy of the IRS. The agency’s just announced that it’s pushing back this year’s deadline for providing individuals with a copy of Form 1095-C. The new deadline is March 2, 2018. Easing burdens [...]
You may still be caught in the whirlwind of this holiday season, but it’s important to start looking ahead to next year’s holidays. Often holidays impact pay dates, tax deposits and other Payroll tasks. Dates to remember Be sure you make note of these IRS legal holidays (L) and Federal Reserve banking [...]
