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Payroll Today

Alice Gilman, Esq., is an expert in payroll and tax compliance who has covered payroll issues for more than 30 years. She’s written and edited several leading payroll publications, including Business Management Daily’s Payroll Legal Alert, the Research Institute of America’s Payroll Guide, Prentice Hall’s American Payroll Association’s Basic Guide to Payroll and the Payroll Manager’s Letter. She’s also the editor of Business Management Daily’s Payroll Compliance Handbook and The Complete FLSA Compliance Kit.

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Last week, we dissected the House’s version of H.R. 1—The Tax Cuts and Jobs Act. You can read about that here. The bill has undergone yet more changes and the House is set to vote on it sometime this week. Meanwhile, the Senate Committee on Finance has released a legislative proposal called a “conceptual mark,” […]
It’s been a few days since H.R. 1, The Tax Cuts and Jobs Act, made its prime time, House of Representatives debut. You can read our initial impressions here. The bill is now being marked up by the House Ways and Means Committee. Good news: Employer-provided dependent care assistance benefits have been restored, albeit on […]
The amount employees can contribution into their 401(k) or 403(b) plan accounts increases by $500, to $18,500 for 2018, the IRS announced. Unchanged from 2017, employees who are at least 50 years old may contribute $6,000 in pretax catch-up contributions. Other inflation-adjusted amounts for qualified pension plans include the following: The Section 415 limit (i.e., […]

Have you digested the IRS’ new website yet? Well, there’s more. If everything goes according to plan, in late October, the IRS will roll out a new two-factor authentication process to access e-Services. Even if you’re currently registered to use e-Services, you’ll have to register again …

The Social Security Administration has announced that the taxable wage base for the Social Security portion of FICA will increase to $128,700 in 2018. That’s a 1.179% hike over the 2017 wage base of $127,200.

The Disaster Tax Relief and Airport and Airway Extension Act of 2017 (P.L. 115-63), which became effective Sept. 29, 2017, extends relief to victims of the various hurricanes that have battered the U.S. since late August.

The IRS has released some key information regarding the Affordable Care Act for the coming plan year. If you operate on a calendar year basis, that’s now fewer than three months away.

Tax reform kicks off

by on September 28, 2017 2:44pm
in Payroll Today

On Sept. 27, Congress and President Trump released a framework that provides some top-level detail about the coming tax reform debate. What follows is a look at what we know now—although it is safe to say that the details will change many times before legislation is enacted.

Scams to steal employees’ W-2 data are common and you can assume that new ones will bubble up this coming W-2 filing season. Worse: The IRS now reports that there’s been a sharp increase in the number of fraudulently filed Forms 1120 and 1120S, as well as Schedule K-1s. If you’ve experienced any the following, your business identity has probably been stolen …

Proposed regulations to be published in the Sept. 20, 2017, issue of the Federal Register would make good on 2015 legislation that allows you to truncate employees’ Social Security numbers (SSNs) on their copies of W-2s. Truncated SSNs will be called TTINs. It’s not as easy as it seems …

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