All Items: Payroll

  • Local Lodging Expense Regulations Finalized by IRS

    Date:
    20 November 2014

    The IRS has adopted as final regulations that clarify proposed regulations issued in 2012 allowing employers to reimburse employees who are not away from home overnight for their local lodging expenses as a tax-free working condition fringe benefit (rather than a taxable personal expense) under the Internal Revenue Code.

  • 2014 FUTA Tax Rate Will Be Higher for Employers in Seven States

    Date:
    13 November 2014

    The DOL has identified seven FUTA credit-reduction states for 2014. Employers in those states will pay a greater amount of federal unemployment tax as a result.

  • States Announce 2015 Unemployment Insurance Taxable Wage Bases

    Date:
    06 November 2014

    To help employers prepare their payroll operations for 2015, this chart provides a comparison of the 2015 and 2014 state unemployment insurance taxable wage bases.

  • IRS Announces 2015 Inflation Adjustments to Fringe Benefits, Other Taxable Amounts

    Date:
    31 October 2014

    The IRS has announced the annual cost-of-living adjustments made to several employee benefits and taxable amounts, based on changes to the Consumer Price Index. These are the maximum amounts that may be excluded in 2015 from an employee's taxable income for specific benefits.

  • New York Employers Must File Electronically in 2015

    Date:
    29 October 2014

    Effective with returns due on and after April 30, 2015, all New York employers will be required to file certain withholding tax and unemployment insurance (UI) returns electronically.

  • 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.

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News: HR and legal considerations for employers regarding payroll.