IRS announces late filing penalties for tax returns You already know the importance of filing key tax returns on time with the IRS. But, there’s another factor to keep in mind: Late filing penalties can get costly. In Revenue Procedure 2019-44, the IRS lists the new timely filing penalties for returns such as Forms W-2, [...]
Legal, banking holidays for 2020: Start marking your calendars: You’ll need to know when legal and banking holidays happen, just in case they impact pay cycles or tax deadlines. Also keep in mind: 2020 is a leap year, which means there will an extra day in February that could add an additional payday to your [...]
IRS releases 2020 contribution limits for FSAs and other popular perks New Maximum pretax amounts for payroll deductions In 2020, salary contribution limits are rising for several popular benefits that employers offer their workers. The IRS recently announced the cost-of-living adjustments to these limits in Revenue Procedure 2019-44. Getting up to speed For 2020, employees [...]
2020 retirement plans: Key IRS numbers Payroll must know Find out how much workers can contribute As employees start updating their benefits for next year, take note: The IRS has released the 2020 contribution limits for 401(k)s and other qualified retirement plans, along with additional key numbers. Here’s a look at the most important info [...]
SSA announces new taxable wage base for 2020 Heads up: The SSA’s released the new taxable wage base for 2020. As of Jan 1, 2020, the maximum amount of earnings subject to Social Security tax will be $137,700. This is a $4,800 increase over the 2019 taxable wage base of $132,900. Essential withholding info Social [...]
DOL: Intermittent FMLA leave can be used to attend these school meetings Discussions about children’s health need qualify under law Now that the school year’s started, you may see parents take time off from work to attend their children’s school functions. Be aware: In certain cases, this may qualify as intermittent leave under the Family [...]
Healthcare workers should have been paid overtime -- $147k owed Nurse practitioners weren’t independent contractors Is that worker an employee or an independent contractor? Getting the answer wrong can be costly. Case in point: The operator of two Mississippi urgent care clinics is on the hook for six figures because it wrongfully classified nurse practitioners [...]
IRS releases latest draft of Pub. 15-T: Details for Payroll on withholding New tables and instructions for calculating workers’ taxes The IRS’ second draft of Publication 15-T, Federal Income Tax Withholding Methods, gives you an inside look at what you’ll need to do to calculate employees’ tax withholding next year using each version of Form [...]
The scammers have a new tactic. People are now ignoring their phone calls, which is good. We've all been told that the IRS will only contact us by letter. So now they are sending out SCAM LETTERS! If you receive one of these BEWARE & TAKE IT TO YOUR LOCAL POLICE STATION!
2020 Form W-4: Latest changes from the IRS & how to prepare Details on handling multiple jobs and exemptions If you ask the IRS, the revamped 202 Form W-4 will make employees’ federal income tax withholding “more accurate.” But to employees, a better description of the new form might be “more confusing”. And who’s going [...]
