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IRS Delays Deadline to Furnish Form 1095-C and 1095-B forms for 2019
On November 30, the IRS announced that it moved back the deadlines for when employers must furnish Forms 1095-C and 1095-B in early 2019. The new deadlines are: 1. Employers with 50 or more full-time employees (including full-time equivalent employees) shall furnish a Form 1095-C to all full-time employees no later than March 4, 2019.......
Can employers accept an ITIN card?
What is an ITIN Number? An ITIN is a nine-digit number issued by the U.S. Internal Revenue Service (IRS) to individuals who are required for U.S. federal tax purposes to have a U.S. taxpayer identification number but who do not have and are not eligible to get a social security number (SSN).  The ITIN is a tax processing number issued......
2018 Tax Withholding Checkup for Employees
As you may know, major changes to federal tax law took place last year!   Based on the Tax Cuts and Jobs Act, updates were automatically applied to your payroll system’s wage withholding calculations.   To help taxpayers ensure that their 2018 withholding amounts are accurate, the Department of the Treasury has launched a new tax withholding....
IRS Releases new 2018 W4 form
On the last day of February, the Internal Revenue Service (IRS) released an updated tax withholding calculator on IRS.gov and issued a new Form W-4, Employee’s Withholding Allowance Certificate.  Employers should update their hiring packages to include the new 2018 W4 form and can notify employees about the ability to use the IRS online calc...
Compliance Reminder – March 2 deadline to issue 1095-C forms
At the end of December, the IRS extended the 2018 due date for certain entities to provide 2017 health coverage information forms to individuals.  The IRS maintains an employer resource section for Affordable Care Act (ACA) compliance information. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have...
It’s Holiday Bonus time! 4 compliance tips for Employers
Many companies provide a holiday/Christmas bonus or year-end bonus to some or all employees in December.  There are several important rules about bonuses that every employer needs to know.  When planning your bonus plan, and calculating a budget, consider the following important reminders: Bonuses that are discretionary (meaning, the company deci...
“Pay or Play” Tax Penalty Letters are coming by year end
Yes, Obamacare is still the law of the land (at least until the Congress changes the rules) and employers that did not come into immediate compliance will soon be receiving letters from the Internal Revenue Service (IRS).  The agency recently announced a plan to notify employers about potential liability for a “pay or play” penalty fo...
Increasing Penalties for Non-compliance with Obamacare in 2018
Today, President Trump signed an Executive Order that ended the Affordable Care Act’s (ACA) cost-sharing reduction payments to insurance companies.  The payments were added by President Obama to entice the insurance companies to add policies to the federal and state exchanges.  Since Congress did not appropriate funds for the CSR payments (...
What is an Accountable Plan (IRS) for Employee Business Expenses?
A business expense reimbursement or allowance arrangement is a system by which a company pays advances, reimbursements, and charges for an employee’s business expenses.   How your company reports a reimbursement or allowance amount depends on whether the company has an accountable or a non-accountable plan. According to the IRS, if a single pay...
What are the IRS Standard Mileage Rates for Business in 2017?
WASHINGTON — On December 13, the Internal Revenue Service issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will......
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