The IRS has issued Rev. Proc. 2017-28, clarifying the procedure by which an employer may request an employee's consent to seek a refund of overwithheld FICA taxes on the employee's behalf, beginning June 5, 2017.
The State of New York Industrial Board of Appeals has issued a decision invalidating final paycard regulations. In addition, a resolution has been introduced in the US House of Representatives challenging forthcoming federal paycard regulations.
The IRS has issued a warning to HR and payroll professionals about an email scam that falsely uses the name of an actual corporate officer within their own organization to request employees' Forms W-2 containing their personal identifying information, including names, Social Security numbers (SSNs) and income information.
The IRS has issued Notice 2017-09, under which an employer or payer that makes a single mathematical error on a Form W-2 or 1099 is automatically relieved from penalties under the safe harbor for de minimis errors on information returns.
The IRS has issued Notice 2016-79, which provides the 2017 standard mileage rates for business, charitable, medical or moving expense purposes, and the maximum standard automobile cost used to compute the allowance under a fixed and variable rate (FAVR) plan.
Under final regulations issued by the Consumer Financial Protection Bureau (CFPB) pertaining to prepaid debit and credit cards, employers that pay wages using paycards will be required to provide employees with additional disclosures as of October 1, 2017.
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