36 th Annual Employment Issues Update. Jennifer Bickford, Paraprofessional Manager HBK CPAs and Consultants
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1 36 th Annual Employment Issues Update Jennifer Bickford, Paraprofessional Manager HBK CPAs and Consultants
2 Federal Payroll Taxes Form 941 Rates and Wage Bases Federal Withholding Tax Use tables FICA Tax 7.65% Social Security 6.2% $127,200 wage base $118,500 wage base Medicare 1.45% No limit on withholding all subject wages are taxable Additional Medicare tax -.9% on wages in excess of $200,0000 on employee wages, does not apply to employer match
3 Federal Payroll Taxes Form 940 Federal Unemployment Tax Rate and Wage Base Rate:.6% Credit reduction states Additional percentage due See schedule A of form 940 CA and VI are only credit reduction states for 2016 Wage base - $7,000
4 PA Employer Withholding Tax Rates and Deposit Frequencies Rate: 3.07% Deposit Frequencies e-tides displays filing frequency PA DOR notifies of change in frequency Semi-weekly - liability greater than $20,000/year Semi-monthly liability between $4,000 - $20,000/year Monthly liability between $1,200 and $4,000 Quarterly liability under $1,200 per year
5 Sales Tax Changes Effective August 1, 2016, Vendor Discount for timely filed returns and payments is limited to the lesser of: $25 or 1% of tax collected for monthly filers $75 or 1% of tax collected for quarterly filers $150 or 1% of tax collected for semi-annual filers
6 Sales Tax Changes Sales tax base expansion, effective August 1, 2016: Licensees are now required to collect tax on digitally or electronically delivered or streamed video, photographs, books or any other taxable printed material, apps, games, music, any audio service including satellite radio or canned software. These items are taxable whether accessed and purchased singly, or by subscription or in any other manner. Any maintenance, updates or support on these items is taxable.
7 Sales Tax Filing Frequencies Monthly with a pre-payment requirement Monthly Quarterly Semi-annual Taxpayers will be notified by the PA Department of Revenue for changes in filing frequency; e-tides will display your filing frequency.
8 PA Electronic Payment Threshold Current Requirement You are required to remit payments electronically when the payment amount(s) meet or exceeds $1,000. If your payment is less than $1,000 you may voluntarily remit your payment electronically. Tax types: Sales tax Employer withholding tax Corporation tax
9 e-tides Detailed Statement of Account NEW in 2016 Business taxpayers and tax practitioners now have the ability to electronically request and receive a more detailed version of the Statement of Account (e-soa) in PDF format through the new Document Center section in e-tides. The e-soa can be requested at any time and is made available in PDF format in the Document Center to print or download on the next business day. The new online delivery saves time and money and provides more up-to-date information.
10 e-tides Detailed Statement of Account NEW in 2016 The exact steps needed to access the new functionality in the e-tides Document Center vary slightly based on your current access. To learn more, visit the Get Assistance section in e- TIDES for step-by-step instructions on getting setup to electronically request an e-soa.
11 Pennsylvania Unemployment Form UC-2 Rates and Wage Base Employee withholding Rate:.07% Wage base: No limit Employer contribution Rate: Assignment letter issued 12/31/16 Also available on UCMS Wage base: $9,750 Credit week: $116
12 Pennsylvania Unemployment Electronic Payment Requirement Beginning January 1, 2017 Effective 1/1/17, employers are required to pay PA UC contributions electronically if the total liability equals or exceeds $5,000 for a payment period. Contributory employers: begins with 1 st calendar quarter 2017 filing period Reimbursable employers: begins with the first 2017 monthly or quarterly benefit charge period
13 Pennsylvania Unemployment Electronic Payment Requirement Beginning January 1, 2017 Once the threshold is met all subsequent payments must also be submitted electronically, even if amounts due for subsequent periods are less than $5,000 Payment options within UCMS: ACH Debit (preferred method) ACH Credit Credit Cards
14 Pennsylvania Unemployment Electronic Payment Requirement Beginning January 1, 2017 Failure to comply can result in a penalty of: 10% of the payment Maximum of $500 per occurrence Minimum of $25 per occurrence
15 Pennsylvania Unemployment Electronic Payment Requirement Beginning January 1, 2017 Electronic Payment Waivers: Employers unable to comply with the electronic payment requirement may complete a waiver request form stating the reason for noncompliance and the anticipated date electronic payments will begin Form will be available in the near future at
16 PA Local Withholding Tax Guidelines Filing options: E-file Must pay electronically if filing electronically Upload using.csv, Federal or PA Standard format Fill-in using data entry Paper return May pay with a paper check Fill-in online and print ( Preprinted paper form from Berkheimer Certificates of Residency New Hires Existing employees with address changes
17 Local Services Tax Guidelines Tax is paid to the municipality where the employee works, not where the employee lives Withholding: $10 or less withhold in one lump sum Greater than $10 withhold in proportional amounts based on the number of pays in the year An employee with more than one place of employment has the tax withheld from the primary place of employment Contact your local tax collector for rate changes and/or collection changes, or refer to the DCED website
18 Form W-2 Filing Federal New due date for filing with SSA: JANUARY 31, 2017 Paper forms Electronically
19 Form W-2 Filing Federal Penalties have increased and are higher for: Failure to file correct Forms W-2 by the due date, Intentional disregard of filing requirements, Failure to furnish Forms W-2, and Intentional disregard of payee statement requirements.
20 Form W-2 Filing Federal To obtain the 2016 IRS instructions for forms W-2 and W-3, visit: Filing options: Paper forms can be submitted SSA Allows plain paper generated from software packages do not need pink forms Electronic filing options for W-2 and W-3: File online with the SSA must register first Some software packages also submit the forms electronically
21 Form W-2 Filing Pennsylvania Filing options for forms W-2 and REV-1667: E-Tides (preferred method) Tele-file (10 or less) Electronically through some accounting software packages Paper forms via mail
22 Form W-2 Filing PA Local Filing options for forms W-2 and W2R Paper forms Note: Box 20 must contain 2 digit TCD code where payments of withheld tax were remitted, not the township or borough name Electronically file format Federal file format EFW2 File Format PA Standard Format (EFW2-PA)
23 Form W-2 Filing Reporting Employer-Sponsored Health Care Costs Required for 2016 W-2 reporting for employers who filed 250 or more W-2s in the preceding calendar year Use Box 12, code DD Not taxable to the employee
24 Form W-2 Filing Reporting Employer-Sponsored Health Care Costs Types of coverage that must be included in the amount reported: The total cost of all applicable employersponsored coverage provided to an employee. This is coverage under a group health plan that the employer makes available to the employee that is non-taxable to the employee. See page 59 of the booklet for a detailed chart of reporting requirements.
25 Health Reimbursement Arrangements Employers should not reimburse the cost of individual health insurance under any circumstances.* Where an employee is covered by his or her spouse s plan, employers should never reimburse the cost of the spousal coverage to the employee. Employers who give taxable compensation bonuses should not make reference to any aspect of employee health care costs. provides additional useful guidance on this topic. *Many of these points do not apply to one-person C corporations. The term health insurance in this discussion refers to primary ACA compliant major medical insurance.
26 Health Reimbursement Arrangements Improper reimbursements may trigger severe excise penalties under Section 4980D of the Internal Revenue Code. There is transitional relief available from the excise tax under Section 4980D for certain employers, per IRS issued Notice Employers that had a medical reimbursement plan prior to 2014 and have not updated their plan may unknowingly be subject to the excise tax. Apparently, there are many small firms that don t even know about this problem. *Many of these points do not apply to one-person C corporations. The term health insurance in this discussion refers to primary ACA compliant major medical insurance.
27 S-Corporation Compensation Reasonable Compensation S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly. Issues
28 S-Corporation Compensation Reasonable Compensation The key to establishing reasonable compensation is determining what the shareholder-employee does for the S corporation. As such, you need to look to the source of the S corporation's gross receipts. The three major sources are: Services of shareholder, Services of non-shareholder employees, or Capital and equipment. Issues
29 S-Corporation Compensation Reasonable Compensation If the gross receipts and profits come from items 2 and 3, then that should not be associated with the shareholderemployee's personal services and it is reasonable that the shareholder would receive distributions along with compensation. On the other hand, if most of the gross receipts and profits are associated with the shareholder's personal services, then most of the profit distribution should be allocated as compensation.
30 S-Corporation Compensation Reasonable Compensation In addition to the shareholder-employee direct generation of gross receipts, the shareholder-employee should also be compensated for administrative work performed for the other income producing employees or assets. For example, a manager may not directly produce gross receipts, but he assists the other employees or assets which are producing the day-to-day gross receipts. Issues
31 S-Corporation Compensation Reasonable Compensation Some factors in determining reasonable compensation: Training and experience Duties and responsibilities Time and effort devoted to the business Dividend history Payments to non-shareholder employees Timing and manner of paying bonuses to key people What comparable businesses pay for similar services Compensation agreements The use of a formula to determine compensation
32 S-Corporation Compensation Treating Medical Insurance Premiums as Wages Heath and accident insurance premiums paid on behalf of the greater than two percent S corporation shareholder-employee are deductible and reportable by the S corporation as wages for income tax withholding purposes on the shareholder-employee s Form W-2. These benefits are not subject to Social Security or Medicare (FICA) or Unemployment taxes. The additional compensation is included in Box 1 (Wages) of the Form W-2, Wage and Tax Statement, issued to the shareholder-employee, but would not be included in Boxes 3 and 5 of Form W-2; nor would it be included as PA state or local compensation.
33 S-Corporation Compensation Health Insurance Purchased in Name of Shareholder The insurance laws in some states do not allow a corporation to purchase group health insurance when the corporation only has one employee. Therefore, if the shareholder was the sole corporate employee, the shareholder had to purchase his health insurance in his own name. The IRS issued Notice which ruled that under certain situations the shareholder would be allowed an above-the-line deduction even if the health insurance policy was purchased in the name of the shareholder. Notice provided four examples, three of the examples had the shareholder purchasing the health insurance and the other example had the S corporation purchasing the health insurance. The Notice held that if the shareholder purchased the health insurance in his own name and paid for it with his own funds the shareholder would not be allowed an above-the-line deduction. On the other hand, if the shareholder purchased the health insurance in his own name but the S corporation either directly paid for the health insurance or reimbursed the shareholder for the health insurance and also included the premium payment in the shareholder s W-2, the shareholder would be allowed an above-the-line deduction. The bottom line is that in order for a shareholder to claim an above-the-line deduction, the health insurance premiums had to be paid by the S corporation and had to be included in the shareholder s W-2.
34 Fringe Benefit Calculations Fringe benefit taxability guide: Page 87 of booklet Group term life insurance coverage: Page 86 of booklet Auto Fringe: Page of booklet
35 Employee Benefit Limits 2016 & 2017 In general, slight changes from 2016 to 2017 Some contribution limits have changed IRA, SIMPLE, 401k and 457 deferrals did NOT change Page 88 of booklet for grid Additional information:
36 ACA Information Reporting Forms 1094C and 1095C Page 89 of booklet More information to follow with additional speakers
37 1099 Reporting New filing date: Federal Form 1099-MISC is required to be filed on or before January 31, 2017 when you are reporting nonemployee compensation payments in box 7. Otherwise, file by: February 28, 2017 paper filing March 31, 2017 electronic filing Due dates for furnishing payee statements did not change
38 1099 Reporting Federal Use IRS form W-9 to obtain proper information When issuing form 1099-MISC: To a sole proprietor, use the proprietor s name with a social security number To a partnership or corporation (such as an attorney), use the FEIN
39 1099 Reporting Federal File form 1099-MISC for each payee to whom you have paid during the year at least $600 in services performed by someone who is not your employee (including parts and materials) (box 7) To obtain the 2016 IRS General instructions for forms 1099 and 1096, visit:
40 1099 Reporting Pennsylvania Entities making payments of income from PA sources, non-employee compensation or PA source oil/gas lease payments must submit copies of MISC to PA Department of Revenue, and is required if the payee is: Resident or non-resident individual Partnership Any other entity to which the payer would already file with the federal government
41 1099 Reporting Pennsylvania How to file: Paper If the entity does not have a valid PA employer withholding account If issuing less than 250 forms Mailing address on page 90 of booklet e-tides Must have a PA employer withholding account If issuing 250 or more forms If less than 250 forms, but has PA employer withholding account, can still use e-tides
42 1099 Reporting Pennsylvania When to file: PA forms are due to the department at the same time they are due to the Internal Revenue Service: Form 1099-MISC is required to be filed on or before January 31, 2017 when you are reporting nonemployee compensation payments in box 7. Otherwise, file by:» February 28, 2017 paper filing» March 31, 2017 electronic filing Due dates for furnishing payee statements did not change
43 IRS Standard Mileage Rate Standard Mileage Rate for Business cents/mile cents/mile
44 From the entire staff at HBK CPAs and Consultants Thank you for attending!
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