All Items: Payroll

  • 2015 Pension Plan Limits Announced, 401(k) Deferral Limit Increases to $18,000

    Date:
    24 October 2014

    The Internal Revenue Service has announced the tax year 2015 cost-of-living adjustments affecting dollar limitations on benefits and contributions under qualified retirement plans and other inflation-adjusted amounts. Many of the pension plan limitations will increase for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Other limitations will not change because the relevant thresholds were not met.

  • Social Security Wage Base Increasing to $118,500 for 2015

    Date:
    23 October 2014

    The Social Security Administration has announced that the Social Security taxable wage base will be $118,500 for 2015, as adjusted for inflation. As in prior years, there is no limit on the amount of wages subject to Medicare tax withholding. The Social Security and Medicare (FICA) tax rates will not change for 2015.

  • New Third-Party Sick Pay Recap Filing Procedure, Form Required in 2015

    Date:
    10 October 2014

    Employers will be required to file new Form 8922, Third-Party Sick Pay Recap, for sick pay paid to employees by a third-party agent or insurer in 2014 in order to reconcile Forms 941, Employer's Quarterly Federal Tax Return, and Forms W-2, Wage and Tax Statement. Previously, a third-party payer of sick pay filed recap Form W-2, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration.

  • IRS May Designate Payments Subject to Voluntary Income Tax Withholding Agreements

    Date:
    03 October 2014

    Final regulations adopt without changes proposed and temporary regulations issued in 2013 that allow the Internal Revenue Service to designate payments for which the payer and payee may agree will be subject to a voluntary income tax withholding agreement. The final regulations are applicable on or after September 16, 2014.

  • IRS Issues Optional 'High-Low' and Special Per Diem Rates for 2014-2015

    Date:
    29 September 2014

    The IRS has issued Notice 2014-57 announcing the 2014-2015 list of "optional high-low" federal per diem rates that employers may choose to use instead of the standard federal rates issued by the General Services Administration to reimburse expenses incurred by employees who travel on business to locations within the Continental US. The IRS also has issued the special federal meals and incidental expenses per diem rates that apply to the transportation industry and the incidental-expenses-only rate.

  • Federal Standard Per Diem Rates for FY 2015 Released

    Date:
    12 September 2014

    The General Services Administration has released its annually updated list of federal maximum per diem rates that employers may use to reimburse expenses incurred by employees who travel on business to locations within the Continental United States (CONUS). The rates are effective for travel undertaken on or after October 1, 2014.

  • Aircraft Terminal Charge, SIFL Mileage Rates Increase for Second Half of 2014

    Date:
    08 September 2014

    The US Department of Transportation has released the aircraft terminal charge and standard industry fare level (SIFL) mileage rates for the second half of 2014. The rates are used by the Internal Revenue Service to determine the value of noncommercial flights on employer-provided aircraft under the aircraft valuation method for withholding tax purposes.

  • New Recordkeeping, Termination Pay Requirements to Take Effect in Colorado

    Date:
    27 August 2014

    New pay-related recordkeeping and termination pay requirements will go into effect in Colorado on January 1, 2015, under the recently enacted Wage Protection Act of 2014.

  • Los Angeles-Area Employers Must Reimburse Employees for Work-Related Calls on Personal Cell Phones

    Date:
    25 August 2014

    The ruling in Cochran v. Schwan's Home Service, Inc. sheds light on important issues for employers with respect to BYOD (Bring Your Own Device), the practice of allowing employees to use their own personal devices such as cell phones and tablets for work-related purposes.

  • Illinois Will Soon Allow Wage Payment by Payroll Debit Card

    Date:
    22 August 2014

    The Illinois wage payment law has been amended to include a new section that officially permits employers to pay wages to employees using payroll debit cards (in addition to cash, check or direct deposit) starting January 1, 2015. An employer's payroll debit card program is subject to several requirements.

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News: HR and legal considerations for employers regarding payroll.