FINANCE

IRS Releases Statement on Withholding Under New Tax Law

Employers to Use 2017 Systems Pending New Guidance The IRS is working to develop withholding guidance to implement the tax reform bill that was recently signed into law. According to a statement released by the agency, it expects to issue the new guidance in January, and employers and payroll service providers will be encouraged to implement […]

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Forms 1095-B and 1095-C Furnishing Deadlines Extended

Good Faith Penalty Relief Also Extended The IRS has extended the due dates for furnishing 2017 Forms 1095-B and 1095-C to covered individuals and full-time employees, respectively, from January 31, 2018, to March 2, 2018. The IRS has also extended good faith penalty relief to reporting entities who make certain calendar year 2017 information reporting errors. However, the deadline to […]

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New Tax Law Effectively Repeals the Individual Mandate

Repeal Effective in 2019 President Trump has signed into law the Tax Cuts and Jobs Act, which, among other things, effectively repeals the Affordable Care Act’s (ACA) individual mandate beginning in 2019. Individual Mandate Repeal Effective in 2019 Under the ACA, individuals are currently required to have minimum essential health coverage, qualify for an exemption from […]

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New Tax Law Eliminates Tax Breaks for Several Fringe Benefits

Transportation & Paid Family and Medical Leave Benefits Impacted President Trump has signed into law the Tax Cuts and Jobs Act, which, among other things, eliminates tax breaks for several fringe benefits and creates a new tax credit for employers offering paid family and medical leave. Tax Breaks for Several Fringe Benefits Eliminated Effective in 2018, the tax […]

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Reminder: Employers Must File Forms W-2 by Jan. 31

Deadline Also Applies to W-3 and Certain 1099-MISC Information Returns The Internal Revenue Service is reminding employers of the January 31, 2018 deadline for filing 2017 Forms W-2 and W-3 with the Social Security Administration (SSA). The January 31st deadline also applies to certain Forms 1099-MISC reporting non-employee compensation, such as payments to independent contractors. In addition, the […]

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New Small Business Health Care Tax Credit Form Released

Form Used by Eligible Employers to Claim Credit for 2017 Tax Year The IRS has released Form 8941, Credit for Small Employer Health Insurance Premiums, and related instructions, for tax year 2017. 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 […]

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IRS Announces 2018 Standard Mileage Rates

Optional Rates Are Increased From 2017 The Internal Revenue Service (IRS) has issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. 2018 Standard Mileage Rates Beginning on January 1, 2018, the standard mileage rates for the use of a car (also […]

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Applied Resource Insurance Solutions Opens New Valencia Location!

Applied Resource Insurance Solutions celebrated their Ribbon Cutting event for their new location yesterday alongside the SCV Chamber, at their new Avenue Stanford location. “It was wonderful to see so many community members in attendance to help us commemorate all our hard work this past year.” Stated Maggie-Mae Laufman, their Marketing Director. The founder of […]

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IRS Issues New Guidance on Individual Mandate Affordability Exemption

Guidance Covers Individuals & Families Without Access to a Bronze-Level Plan The Internal Revenue Service has issued guidance to individuals and families seeking to claim an affordability exemption from the Affordable Care Act’s individual shared responsibility (“individual mandate”) tax penalty. Under the Affordable Care Act, individuals are currently required to have minimum essential health coverage, […]

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California Minimum Wages to Increase Jan. 1

State & Local Minimum Wages to Increase Minimum wage rates across California are set to increase on January 1, 2018 to the rates below: Statewide: $10.50 per hour for employers with 25 or fewer employees, and $11.00 per hour for employers with 26 or more employees Cupertino: $13.50 per hour El Cerrito: $13.60 per hour Los Altos: […]

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