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Tax News: December ’17

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in Small Business Tax

Wage base bump. Payroll taxes are going up in 2018—of course—but not by much. The Social Security Administration (SSA) announced an increase in the wage ceiling for the 6.2% Social Security tax portion of the federal payroll tax from $127,200 to $128,700 (www.ssa.gov/news/press/factsheets/colafacts2018.pdf). This is an increase of about 1%, as compared to the hike of more than 7% the prior year. Note: The 1.45% Medicare tax portion of the federal payroll tax applies to all wages and increases to 2.35% at higher wage levels.

Get transcripts. The IRS has used Equifax to provide ID authentication for the popular “Get Transcripts” app that gives taxpayers instant access to tax transcripts. In the wake of the Equifax data breach, the IRS has suspended its activities with the credit-reporting firm. Taxpayers now must obtain transcripts the “old-fashioned way” by phone or mail. Call 800-908-9946 or submit 4506-T, Reque...(register to read more)

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