FINANCE

New Deadline to File W-2s and Certain 1099s The Internal Revenue Service (IRS) is reminding employers of the new January 31 filing deadline for Forms W-2. New Filing Deadline Employers are now required to file their copies of Form W-2 to the Social Security Administration (SSA) by January 31. The new January 31 filing deadline […]

Publication Explains Employer Tax Responsibilities The Internal Revenue Service (IRS) has released an updated Publication 15 (Circular E), Employer’s Tax Guide for use in 2017. Background Publication 15 explains employers’ federal tax responsibilities. It explains the requirements for withholding, depositing, reporting, paying, and correcting employment taxes. It explains the forms employers must give to their […]

HHS Issues Final Notice of Benefit and Payment Parameters for 2018 A final Notice of Benefit and Payment Parameters from the U.S. Department of Health and Human Services (HHS) addresses, among other things, the requirement under the Affordable Care Act that non-grandfathered group health plans limit annual out-of-pocket cost-sharing for coverage of essential health benefits […]

Special Tax Credit Available for Certain Workers The Internal Revenue Service (IRS) is reminding low- and moderate-income workers that they can take steps now to save for retirement and earn a special tax credit in 2016 and years ahead. Background The saver’s credit, also known as the retirement savings contributions credit, helps offset part of […]

Employers May Continue to Rely on Prior Guidance Prior guidance addressed how opt-out arrangements—an arrangement whereby an employer offers its employees a cash payment in exchange for declining coverage under an employer-sponsored plan—are to be taken into account for purposes of determining whether an employer-sponsored group health plan offers affordable coverage. While the IRS anticipated […]

Notice Available for Download The Internal Revenue Service (IRS) has released Notice 1036, Early Release Copies of the Yearly Percentage Method Tables for Income Tax Withholding. Highlights of the notice include the following: Early release copies of the percentage method tables for income tax withholding that will appear in Publication 15 (Circular E), Employer’s Tax […]

Information on Filing, Exemptions, and Potential Payment With the 2016 federal income tax filing season approaching, the IRS is reminding individual taxpayers of the “individual mandate” (also called individual shared responsibility) provision of the Affordable Care Act, which requires every individual to have minimum essential coverage (MEC) for each month, qualify for an exemption, or […]

Tax Returns Due April 18 The Internal Revenue Service (IRS) has announced that tax season will begin Monday, January 23, 2017 and that the filing deadline to submit 2016 tax returns is April 18, 2017. Tax Season Begins January 23 The IRS will begin accepting electronic tax returns on January 23, 2017. Many software companies […]

The IRS has released Form 8941, Credit for Small Employer Health Insurance Premiums, and related instructions, for tax year 2016. Eligible small employers use this form to figure the credit for health insurance premiums under the Small Business Health Care Tax Credit. The Small Business Health Care Tax Credit is designed to encourage small businesses and tax-exempt employers to offer […]

New State Minimum Wages The minimum wage will rise in a number of states next year. Unless otherwise noted, the following minimum wage rates (per hour) are scheduled to become effective on January 1, 2017: Alaska: $9.80 Arizona: $10.00 Arkansas: $8.50 California: $10.50 for employers with 26 or more employees (for smaller employers, the rate […]