Depositing and Reporting Withheld Taxes: Employment Law Manual Updated
Author: Rena Pirsos, XpertHR Legal Editor
The Depositing and Reporting Withheld Taxes section of the Employment Law Manual has been updated to include a number of important legislative and regulatory changes that occurred at the end of 2015.
The following subsections have been updated as noted:
- Form W-2 Reporting and Form W-3 Reporting to the SSA have been updated to include filing deadline changes, a new employer safe harbor for de minimis Form W-2 errors, and new information on Social Security Number truncation under the Protecting Americans from Tax Hikes (PATH) Act of 2015;
- Health Care Information Reporting has been updated to include new deadlines for filing with the IRS and providing to employees 1094 and 1095 series forms under IRS Notice 2016-4, which clarified Affordable Care Act (ACA) reporting requirements for large self-insured employers; and
- The following subsections have been updated to include new penalty amounts and electronic filing deadlines under IRS Rev. Proc. 2016-11:
- Penalties for Failure to Properly File Information Returns;
- Penalties for Failure to Provide Forms W-2 or 1099-MISC to Employees; and
- Electronic Filing Requirements for Forms W-2, 1095-C and 1099.
A number of Practical Examples throughout the section have also been updated for 2016.