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Updates on Form 1099-NEC, I-9 flexibility, the DOL’s independent contractor regs, and more.
Here’s your monthly guide to critical payroll due dates.
This is the first year you’ll be filing Form 1099-NEC, Nonemployee Compensation, to report payments of $600 or more to independent contractors. Snag: This form isn’t among the forms the IRS is including in its Combined Federal/State Filing program.
How do we calculate Box 1 wages? … What to do with name changes if SSA offices are closed? … Can we have an ITIN employee?
The standard deduction amounts are now baked into the percentage method tables, which means employees should consider those amounts when they’re determining the adequacy of their withholding. On the other hand, low-income employees should take into account their eligibility for the earned income credit.
You have one additional day to deal with employees’ W-2s, since Jan. 31 is a Sunday. This is cold comfort. Check off these final items from your to-do list.
Here’s your monthly guide to critical payroll due dates.
Among the hottest gifts are DNA testing kits, which allow individuals to trace their ancestry. They are not reimbursable by flexible spending accounts, since they’re not deductible medical expenses. But testing kits can serve a medical purpose, too, and employees may be reimbursed by their FSAs for those expenses, the IRS concluded in a private letter ruling.
Relaxation benefits create year-end headaches … Reporting group-term life for furloughed employees
Beginning Jan. 1, 2021, the minimum hourly wage for nonexempts who work on or in connection with new federal contracts or replacements for expiring contracts, including employees with disabilities who work under special certificates, increases 15¢, to $10.95 an hour.