Advice

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The IRS is just now getting around to sending out penalty notices to applicable large employers that didn’t offer 70% of their full-time employees affordable group health insurance that provided minimum value during 2015.

Two big breaks: The IRS has released the 2018 percentage method withholding tables, which should be put into effect by Feb. 15. Employees don’t have to refile their W-4s with you. Here are highlights of the law.

The IRS’ standard mileage rate, which you can use to reimburse employees who drive their own cars on business, increases to 54.5¢ a mile for 2018, up one penny from the 2017 rate.

California is the only state that is subject to a FUTA credit reduction for 2017, according to the Employment and Training Administration.

Fail to pay employees minimum wages or overtime and you will routinely be socked with having to also pay them liquidated, or double, damages. The issue: How deep in the hole are you?

You’re going to be extraordinarily busy this month. The best strategy is to head off employees’ W-2 questions now. Consider using this template to communicate basic information to employees about their W-2s.

For 2018, penalties for failing to file correct W-2s, 1095s and 1099s or to provide recipients with correct statements, increase again.

Payroll news you can use

December 20, 2017

Here are digests of some recently released official announcements from the federal government.

One S corp convinced the Tax Court that payments it made to its president and sole shareholder were loan repayments, and not wages. Warning: the IRS isn’t taking this sitting down.

You probably think about W-2 security much more often than, say, your IT department does. Here’s what you and your IT department can do now to stop W-2 scammers from getting into your data.

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