Many Payroll departments get hit with the double whammy of having to prepare Forms 1099-MISC for the company’s independent contractors, in addition to employees’ W-2s. Reminder: If you file 250 or more 1099-MISC forms you must file them electronically through the IRS’ FIRE system.
Fail to deposit your payroll taxes on time and the IRS can go after anyone in the company it considers to be a responsible person. The IRS recently lost its bid to hold an office manager responsible after a federal trial court ruled that whether she was a responsible person was a matter for a jury to decide.
Under new IRS and DOL guidance, legally married same-sex couples are entitled to all federal spousal tax and ERISA benefits, even if they live in states that don’t recognize same-sex marriage.
There’s no need to be spooked by year-end Payroll duties. Here’s help with this month’s to-do list.
If you filed at least 250 W-2s for 2012, you’ll be on the hook for reporting the aggregate cost of employees’ health benefits on their 2013 W-2s. Here’s a chart listing health benefits and whether you must report them.
The Affordable Care Act required you to provide employees with notices regarding the health insurance exchanges by Oct. 1. The DOL first posted an FAQ absolving employers that didn’t provide these notices from penalties. However, later clarifications by the DOL imply that this isn’t a consequence-free zone …
Question: A nonexempt employee works for a company and its subsidiary. Each company has separate federal Employer Identification Numbers (EINs), workers’ compensation policies and state unemployment accounts. The two companies, however, share an HR department and some corporate officers. The employee completes two time sheets and has different managers. Is she entitled to overtime if she works longer than 40 hours between the two companies?
Although employees who substantiate their business meal and entertainment expenses are usually reimbursed 100%, your corporate deduction for those expenses is limited to 50%. Final regulations assign this so-called deduction disallowance to the party—the employer, the employer’s agent or someone else—who actually bears the expense.
The government shutdown means hundreds of thousands of federal employees aren’t at work, but it doesn’t mean employers are off the compliance hook.
Saturdays, Sundays and legal holidays as observed in the District of Columbia are taken into account to determine due dates. Under the federal deposit rules, you’re allowed a deposit shortfall of the greater of $100 or 2% of your tax liability.