Payroll Today

W-2s are right around the corner. Which means that while you and your staff are pulling double time making sure everything is correct and delivered on time—to employees and the Social Security Administration—scammers and phishers are pulling double time trying to worm their way into your computer systems. That means it’s time for our first article of tax season on scams and phishing attempts.
If you thought all the questions about the new W-4 have been asked and answered, think again. More questions have been generated since the 2020 form went in effect on Jan. 1. Here’s our roundup.
Although we took a vacation from writing for the last couple of weeks, we were diligently gathering stuff to write about. And that’s no joke. So, here’s the rundown.

2019: The year in review

December 17, 2019

A lot happened this year, and it’s not over yet, so let’s review.
In less than a month, exempt employees who don’t earn at least $684 a week must be reclassified as overtime-eligible nonexempt employees.
The IRS has released the 2020 version of Form W-4, Employee’s Withholding Certificate.
In very Grinch-like fashion, the IRS has coughed up some of the withholding instructions you need to begin reprogramming your payroll systems for 2020 withholding. But only some.
The IRS has taken the unprecedented step of releasing a third draft of Pub. 15-T.
You’ve done your due diligence in response to the final Fair Labor Standards Act regulations raising the weekly salary employees must earn to $684 a week (up from $455) to be considered exempt from overtime pay. Now comes the hard part: training their managers in the FLSA’s finer points.
The amount employees can contribution into their 401(k) or 403(b) accounts increases by $500, to $19,500 for 2020, the IRS announced.