YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS

Size: px
Start display at page:

Download "YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS"

Transcription

1 YEAR-END UPDATE FOR PAYROLL AND RELATED TAXES WITH ADDITIONAL INFORMATION FOR INDIVIDUALS JANUARY 2011 This memo provides information that is useful in the annual preparation of employment related forms and also contains a number of highlights from recent tax legislation. Please feel free to contact members of our staff for help with your questions. Information applicable to individual taxpayers may be found on pages 11 through 13. 1) DEPOSIT REQUIREMENT ELECTRONIC FUNDS TRANSFER In 2011, you must make electronic deposits of federal income tax withheld, Social Security, and Medicare taxes using the Electronic Federal Tax Payment System (EFTPS). Penalties will be imposed for failure to make deposits electronically. Paper coupons for federal tax deposits are no longer acceptable. Only employers who incur a liability of $2,500 or less in a quarter may remit those taxes by check with a tax return. You may enroll in on-line payment by EFTPS at Use of EFTPS for Form 1040 payments is voluntary and at this time only the ACH Debit method is available to individuals. For more information please contact our office or the Internal Revenue Service at As before, New York State employers whose aggregate tax withheld through NYS-45, Quarterly Combined Withholding, Wage Reporting and Unemployment Insurance Return, for the previous tax year was $100,000 or more, must enroll in the PrompTax program. You may enroll at and click on Enroll, or you may call (800) Please note that PrompTax filers are required to have payments settle on the third business day after the salary was paid. All NYS employers may now also register to file quarterly Form NYS-45 to report wages and to remit income taxes by e-filing Form NYS-1 by creating an account at and clicking Create Account. -1-

2 2) SOCIAL SECURITY AND MEDICARE TAXES The biggest new tax break for individuals in the recently enacted Tax Relief Act of 2010 is the one-year payroll tax reduction. The Social Security payroll tax on individual wages will be lowered to 4.2% in 2011, from the usual 6.2%. Since the reduction applies to the first $106,800 in earnings in 2011, the benefit for high earners tops out at $2,136. The employer s share of Social Security tax remains unchanged at 6.2%, and both employee and employer are still responsible for 1.45% each of total wages for Medicare. Self-employed workers will also get the tax break. Their self-employment tax will be cut from 12.4% to 10.4%, with Medicare tax remaining at 2.9% of total earnings from selfemployment. This benefit replaces the $400 Making Work Pay Credit that ended in ) PER-DIEM REIMBURSEMENTS USING THE HIGH-LOW SUBSTANTIATION METHOD For purposes of reimbursing employees for per diem allowances for travel away from home, the travel expenses are deemed substantiated, and therefore not includable in the employees income, if they do not exceed the Federal per diem rate. Effective October 1, 2010, the rates have been decreased to $233 for any high-cost locality, and $160 for travel to any other locality within the continental U.S. Of the per diem rates noted above, the portion allocated for Meals and Incidental expense remains at $65 for the high-cost localities but increases to $52 for the low-cost localities. A listing of the high-cost and lowcost localities is available from our office or the Internal Revenue Service. You may request IRS Publication Rates are also available for those entities that use the city by city method of determining per diems. Please consult our staff for these rates as the need arises, or you can go to 4) SUMMARY OF STANDARD MILEAGE RATES Effective for expenses incurred on or after January 1, 2011, the standard mileage rates are $.51/mile for business use of an automobile and $.19/mile for purposes of determining travel for medical or moving expenses. Charitable rates remain at $.14/mile. -2-

3 5) SUPPLEMENTAL WAGE WITHHOLDING RATE For supplemental wages paid in 2011 & 2012, the federal withholding rate remains at 25%. The NYS withholding rate for supplemental wages remains at 9.77% but the withholding rate for New York City increased from 4.00% to 4.75%, effective September 1, Supplemental wages are compensation paid to an employee in addition to the employee s regular wages. Examples of supplemental wages are bonuses, commissions and severance pay. For supplemental wages of $1 million or more, federal withholding is 35%, the maximum personal tax rate presently in effect. 6) BACK-UP WITHHOLDING The rate for back-up withholding remains at 28% for 2011 & Back-up withholding is required if a social security number or TIN is not provided. Form 945 should be filed to report all back-up withholding. 7) USE FORM 945 TO REPORT ALL NONPAYROLL ITEMS Withholding on nonpayroll items should be reported on Form Annual Return of Withheld Federal Income Tax. The nonpayroll items include backup withholding and withholding for pensions, annuities, IRAs, and gambling winnings. For example, if federal taxes were withheld from a pension distribution and reported on Form 1099-R, a Form 945 is required to report the liability. Form 945 filers who are required to deposit on a semiweekly deposit schedule are required to attach Form 945-A, Annual Record of Federal Tax Liability. 8) PAYROLL AND NONPAYROLL DEPOSIT RULES The IRS bases the frequency of an employer s required deposits on an annual determination that depends upon the aggregate amount of employment taxes reported during a lookback period. The lookback period is the twelve-month period ended the preceding June 30 th. For annual return filers, the lookback period is the calendar year preceding the previous year. Should you have any questions as to when your payroll tax deposits are due, please contact us, and we will assist you in making the correct determination. -3-

4 An employer who accumulates $100,000 or more of taxes on any day during a deposit period must deposit the tax on the next banking day and is considered a semi-weekly depositor for the rest of the year. Those employers with a liability of less than $2,500 may remit the tax with form 941, 944 or 945, as applicable. The threshold applies to each type of return separately. 9) SELECTED UPDATES - EMPLOYEE BENEFITS and RETIREMENT PLAN CONTRIBUTIONS Adoption assistance plans - Employers may establish an adoption assistance plan for their employees in order to provide up to $13,360 in 2011 of tax-free assistance for all adoptions of eligible children, including special needs children. There is a phase-out for the exclusion available to higher income taxpayers. The benefits, reported on form W-2, box 12, Code T, have been made a permanent part of the law with phase-out for taxpayers with income between $185,210 and $225,210. Although not subject to income tax withholding, the benefits are subject to employment taxes. The credit for adopting a special needs child is available even if the taxpayer incurs a lesser amount of qualified expenses. The exclusion and credit may not be used for the same expenses. For individuals, the credit remains the same ($13,360) and has been made refundable. In 2012 the maximum credit will decrease to $12,170. Elective deferrals under 401(k) and 403(b) - For 2011, the maximum employee contribution remains at $16,500. In addition, catch-up provisions will permit employees who are age 50 or over by December 31, 2011 to contribute an additional $5,500. IRA Contribution - The deduction for 2010 and 2011 is $5,000. The catch-up amount for traditional IRA plans remains at $1,000. Contributions to a SIMPLE Plan Contributions of up to $11,500 are permitted for The SIMPLE Plan catch up contribution is $2,500 for those fifty and over. Defined Contribution Plans For 2011 the deduction for contributions to defined contribution plan has remained at $49,

5 10) ELECTRONIC FILING REQUIREMENTS Corporations and certain tax exempt organizations with total assets of $10 million or more must file their 2010 income tax returns electronically, if the entity files a combination of 250 or more information returns in a year (Forms W-2, W-2G, 1042-S, 1098, 1099, and 5498). This requirement has been effective for tax years ending on or after December 31, Exempt organizations with $10 million or more in total assets are required to e-file if the organization files at least 250 returns in a calendar year, including income, excise, employment tax and information returns. Private foundations and non-exempt charitable trusts are required to file Forms 990-PF electronically regardless of their asset size, if they file at least 250 returns annually. As in the past, if you file 250 or more information returns (Forms W-2, W-2G, 1042-S, 1098, 1099, or 5498), you must file those returns electronically. This requirement applies separately to each type of information return you file. Additional information about this filing method is available from the Social Security Administration ( or our office. Partnerships with more than 100 partners must file federal Form 1065, Partnership Tax Return, electronically. Please contact our office for information regarding this method of filing. New York State and many other states are requiring professional practitioners to electronically file all individual, corporate and partnership returns. This includes the filing of New York State form IT-204-LL, due on January 31 st this year. There will no longer be an opt-out form to opt out of efiling New York returns through tax professionals. You must have reasonable cause to not file your return electronically and we must have the documentation in our files in order to avoid a penalty. 11) EARNED INCOME CREDIT NOTIFICATION As of January 1, 2011 the Earned Income Credit for low income taxpayers with children is no longer payable in advance. Therefore there is no longer a requirement to provide written notice regarding possible eligibility for a refund. -5-

6 12) NEW REPORTING REQUIREMENTS: W-2 AND 1099-MISC Pursuant to recent health care legislation, employers will be required to report the total cost of health insurance coverage provided to each employee on Form W-2. Originally scheduled to begin January 1, 2011, the requirement has been made optional for reporting of 2011 wages and mandatory for reporting of 2012 wages on Forms W-2 required to be filed by January 31, The amount will likely be reported in Box 12 of the W-2. Beginning January 1, 2011, all individuals or businesses that receive rental income from real property must issue Form MISC to service providers who provided $600 or more of services. This applies to 2011 payments that will be reported in ) REMINDERS WHEN PREPARING 2010 FORMS W-2 a. Payments of accident and health insurance premiums for a qualified plan, paid on behalf of a more than 2% "S Corporation" shareholder-employee, must be included in Box 1 (wages, tips, and other compensation). However, these payments are not subject to FICA and Medicare. In addition, you may report the premium included in Box 1 in Box 14 (other) and label it as "health insurance". b. If you provided more than $50,000 of group-term life insurance to an employee, include the cost of coverage over $50,000 (as published in Internal Revenue Code Regulations) in boxes 1, 3, and 5. In Box 12 denote this excess premium with a code "C". c. If you reimburse your employee for business expenses under an accountable plan and the amount reimbursed exceeded the (1) standard mileage rate, (2) government per diem rates or (3) the high-low substantiation method, you must reflect amounts as follows: 1) Include in Boxes 1, 3 and 5 only the amount in excess of the government specified rates. 2) Enter in Box 12, using code "L" the portion of the reimbursement that is equal to the amount allowed under the government specified rates. -6-

7 If you reimbursed your employee for business expenses under a non-accountable plan, the full amount of the reimbursement is includable in Boxes 1, 3, and 5 and is subject to income tax withholding and Social Security and Medicare taxes. In addition, other fringe benefits may need to be separately stated on Form W-2. Please refer to the instructions or contact us with any questions. d. Signing bonuses are considered taxable wages and therefore subject to payroll tax withholding. e. An employee s use of an employer provided vehicle is considered a taxable fringe benefit if the employee uses the vehicle for commuting and/or personal purposes. These noncash fringe benefits are subject to income and FICA taxes. Please refer to IRS Publication 15-B for the amount to include on the employee's W-2 or contact us with any questions. The amount included in wages may be separately disclosed as a taxable fringe benefit in Box 14 (other). 14) FORM W-2G Raffle and Prize Reporting As in 2010, you must report the following on Form W-2G: Winnings from gambling, lotteries, raffles, sweepstakes, wagering pools or drawings having a value of $600 or more. Prizes and gambling winnings having a value in excess of $5,000 are subject to withholding at the rate of 28%. For reporting other types of gambling winnings, please refer to the instructions or call our office. 15) PAYROLL AND OTHER COMPENSATION REPORTING FORMS For all 2010 Forms 1099: Each recipient copy must have a contact phone number for the payer. If your form does not contain a field for the phone number, use one of the address fields. - Form 1099-MISC: In addition to payments for non-employee compensation, this form is used to report gross proceeds and payments made to attorneys, including payments made to a corporation. -7-

8 - Form 940: Until June 30, 2011, the FUTA tax rate is 0.8% on the first $7,000 of wages per employee, as in prior years. On July 1, 2011, the rate is scheduled to decrease to 0.6%. Use that rate to compute the liability on wages for employees who had not yet reached the $7,000 wage base in the first two quarters of the year, and on the wages of newly hired employees. The threshold for required minimum deposits is $500 per quarter. - Form 944 Employer s Annual Federal Tax Return is designed so that employers with annual employment tax liabilities of $1,000 or less may file and pay annually, instead of quarterly. You will receive written notification if you qualify to file this form. - If you have been notified of your change to 944 filing, and you incur a liability of greater than $ 1,000, we advise that you deposit the liability as though you were a monthly depositor. 16) HOUSEHOLD EMPLOYEES 2010 SOCIAL SECURITY AND MEDICARE TAXES FOR HOUSEHOLD EMPLOYEES - The threshold for paying Social security and Medicare taxes on the wages of household employees continues to be $1,700 or more per year. - HOUSEHOLD EMPLOYEES UNDER AGE 18 - Household employment wages paid to workers under age 18 are exempt from social security and Medicare taxes unless household employment is the worker s principal occupation. - HOUSEHOLD EMPLOYERS - Social Security, Medicare taxes - Federal income tax withheld and the Federal unemployment tax will be reported and paid on the individual's Form 1040, Schedule H. NEW EMPLOYEES - REQUIRED FORMS Employers are required to keep verification of eligibility of employment in the United States on file for each newly hired employee. Form I-9 may be obtained from our office or at the INS website at This form along with form W-4 should be kept on file for each employee. New hires should be reported to New York State by faxing a copy of form W-4 to (518)

9 17) HIRING INCENTIVES TO RESTORE EMPLOYMENT (HIRE) CREDIT FOR HIRING UNEMPLOYED WORKERS This Act provides for a payroll and income tax credit if you hired new workers between February 3 and December 31, 2010 who were previously unemployed. The tax credit equals the employer s portion of the new employees Social Security tax (6.2%). If you keep these employees for 52 consecutive weeks you may be eligible for a retained worker tax credit of up to $1,000 per worker in 2011 on form 941 and on your personal or business income tax return. 18) HEALTH INSURANCE CREDIT FOR SMALL BUSINESSES AND EXEMPT ORGANIZATIONS For years beginning on, or after, January 1, 2010, a tax credit for the cost of health insurance premiums is available to small businesses and also to small tax-exempt organizations. The maximum credit is 35% for small businesses and 25% for nonprofits. In order to qualify, you must have fewer than 25 full time equivalent employees whose average wages are less than $50,000. This credit applies retroactively to 2010 and continues through 2013 when it is expected to rise. Since the basis for this credit is the number of full time equivalent employees, you could still qualify if you employ more than 25 employees, but some of them are part-time. The credit will be computed on Form 8941 and included in the general business credit. Nonprofits will also compute the credit on Form 8941 and report the amount of the credit on Form 990-T. 19) DEDUCTION FOR NEW CAPITAL ASSETS PLACED INTO SERVICE IN 2010 & 2011 Congress recently enacted legislation providing increased incentives for equipment purchases. The bonus depreciation allowance will be 100% of the cost of qualifying property placed in service after September 8, 2010 and before January 1, For calendar 2012 the bonus depreciation rate reverts to 50% for one year. For tax years beginning in 2010 or 2011, the section 179 deduction for qualified property is limited to $500,000 of the first $2,000,000 of business property placed in service. The section 179 limitation is applied prior to the bonus depreciation and phases out if acquisitions are $2.5 million and over. You must have taxable income in order to take advantage of section 179 depreciation. Qualified leasehold improvements, qualified retail property and qualified restaurant property are eligible for $250,000 of the $500,000 deduction. -9-

10 20) SIMPLE CAFETERIA PLANS MADE EASIER FOR SMALL BUSINESSES Cafeteria plans of certain small employers can qualify as Simple Cafeteria Plans starting in Cafeteria Plans are advantageous because they permit employees to use part of their wages for health insurance or child care, for example, without paying tax. They are advantageous to employers because payroll taxes do not need to be paid on the withheld amounts. Cafeteria Plans have a rigorous requirement to not discriminate in favor of highly compensated participants. With the new Simple Cafeteria Plans, small businesses will have safe harbor status for the nondiscrimination rules if they meet the following requirements: The business has an average of 100 or fewer employees on business days during either of the 2 preceding tax years. All employees who have at least 1,000 hours of service are eligible to participate. All employees must have the same election rights. The minimum benefit is 2% of gross wages. If the safe harbor criteria are met, all employees, including owners, are eligible TAX CALENDAR AND IMPORTANT DATES BY January 31, 2011: 1) Form W-2 must be distributed to employees. 2) Form 940, Federal Unemployment Insurance, (FUTA), must be mailed by January 31, However, if you deposited all the FUTA tax when due, you may file Form 940 by February 10, ) File form 941, Social Security and withheld income tax return for the 4 th quarter of However, if taxes were deposited in full and on time for the quarter, you may file Form 941 by February 10, ) Form 945, Annual Return of Withheld Federal Income Tax for nonpayroll payments including pensions, annuities etc. Again, if taxes were deposited in full and on time, return can be filed by February 10, ) Form 1099-MISC. must be mailed to persons who received $600 or more in fees, or $10 or more in royalties. Forms 1099-DIV and Forms 1099-INT must be mailed to persons who received $10 or more in dividends or interest from you during Form 1099-R must be mailed to persons who received any distribution from retirement or profit-sharing plans, IRA's, SEP's, or insurance contracts. -10-

11 6) New York State Forms NYS-45 and, if applicable, NYS-4-ATT, for the fourth quarter of 2010 (Quarterly Combined Withholding and Wage Reporting Return) must be prepared and filed. For other states, please refer to specific state instructions. BY FEBRUARY 15, 2011: Ask for a new Form W-4, Employees Withholding Allowance Certificate, from each employee who claimed exemption from withholding last year. For those employees claiming exemption the W-4 must be completed annually. If the employee does not give you a new Form W-4, withhold tax as if he or she is single, with zero withholding allowances. For all other employees, a new Form W-4 should be completed for any change in status. These forms may also be filed on magnetic media with transmittal Form You may apply for magnetic or electronic filing of Form W-4 on Form BY FEBRUARY 28, 2011: 1) Form 1096 must be filed along with government Copy A of Form ) Federal reconciliation Form W-3 must be prepared and submitted with the government s Copy A of Form W-2. BY MARCH 15, 2011: 1) Federal Form Annual Withholding Tax Return for U.S. Source Income of Foreign Persons must be prepared and submitted with Forms 1042-S - Foreign Person's U.S. Source Income Subject to Withholding. 2) Form 1042-S must be mailed to recipients. BY MARCH 31, 2011: Electronically filed forms W-2 must be submitted to SSA and Copy A of electronically filed forms 1099 must be submitted to the IRS. The forms can also be created, printed and filed online by going to and selecting Business Services Online. -11-

12 OTHER INFORMATION FOR INDIVIDUAL TAXPAYERS IN-PLAN ROLLOVER FROM 401(K) AND 403(B) PLANS TO ROTH IRAS For the first time 401(k) and 403(b) vested retirement plan assets can be rolled over into Roth plans by individuals with a distributable event (separation from service or attaining age 59 1/2). This applies to rollovers made after the legislation was passed on September 27, Form 1099-R is used to report the conversion. Roth plans require payment of tax when the plan is set up, but income and withdrawals are not taxed. Employer plans may need to be amended to permit the conversions. Beginning 2011, 457(b) plans will be eligible for the conversion as well. As with IRA-to-Roth conversions, the conversion is treated as a taxable distribution, taxed as ordinary income at your marginal tax rate. This in effect accelerates the taxable income that you would eventually pay on distributions from a traditional IRA once you retire, but does so in exchange for never taxing any future appreciation in the value of your account. These ROTH accounts are subject to minimum required distribution rules while the ROTH IRA is not subject to MRD rules. The rollover mechanism is most beneficial to those who have other funds on hand for the tax payments and for those who will have an extended period of time available before they will take distributions from the Roth account, or will pass it to the next generation. If you are interested in discussing the Roth conversion, please contact our office. IRA-to-ROTH IRA Conversion Opportunity Still Available Taxpayers still have the option to roll over their traditional IRAs (and funds that have been rolled over from a qualified plan) to a ROTH IRA, regardless of their income level or filing status. Annuities may also be eligible. FOREIGN BANK ACCOUNT REPORTING Individuals with an aggregate balance of more than $50,000 in foreign financial assets will be required to file a disclosure with their tax return for that year. This requirement will be in addition to the Financial Accounts (FBAR) Reporting. -12-

13 KIDDIE TAX APPLIES TO CHILDREN UNDER 19 AND FULL-TIME STUDENTS UNDER 24 Previously, tax at the parents highest marginal rate applied to children under the age of 18. Beginning with 2008 tax returns, the kiddie tax was permanently extended to children under the age of 19 and full-time students under the age of 24. CREDIT CARD PAYMENTS FOR ESTIMATED TAXES You may continue to pay individual taxes using American Express, MasterCard, or Discover Card by calling PAY-TAX. The service is now available for paying New York, and several other states taxes, as well. Your credit card company may charge a fee for this service. NEW YORK CHANGES DOMESTIC WORKER BILL OF RIGHTS New York State is the first state to pass a Domestic Workers Bill of Rights which was signed into law in September of Employers of household workers in New York State are required to provide overtime pay, time off, vacation after one year of work, and disability benefits. NEW FORM LS-52 New York State employers are now required to complete and provide a copy to employees of new Form LS-52. The form advises employees of their hourly and overtime rate, and confirms their scheduled paydate. REDUCTION OF CHARITABLE CONTRIBUTION DEDUCTION The charitable contribution deduction for taxpayers with New York adjusted gross income over $10 million is limited to 25% of the federal deduction for charitable contributions, applicable Jan 1, 2010 through No other federal itemized deductions are allowed for New York purposes for these high-income taxpayers. For taxpayers with income over $1 million, charitable contributions are limited to 50% of federal itemized deductions. -13-

14 ESTATE TAX Under the new Tax Relief Act passed in December 2010, the estate tax which had been repealed completely in 2010 is reinstated for individuals dying in 2011 and However, the exemption amount is increased to $5 million for each person or $10 million for a couple. In 2009 the exemption was $3.5 million. The top rate of estate tax was 45% tax in 2009 and has been reduced to 35%. The gift tax and GST tax exemptions are both $5 million for and the maximum gift tax rate is 35%. Keep in mind that most states also have estate taxes and some of these have de-coupled, or no longer tie in with the federal estate tax. For example, beginning January 1, 2010 New York State imposed a tax on estates in excess of $1 million, as compared to the $5 million exemption now in effect at the federal level. IRS Circular 230 Disclosure: To comply with requirements promulgated in U.S. Treasury Department regulations, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended nor written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another person any transaction or matter addressed herein. -14-

2008 Tax Rates and Information Bulletin

2008 Tax Rates and Information Bulletin Albin, Randall & Bennett, CPAs 2008 Tax Rates and Information Bulletin 06/08 2008 TAX UPDATE BULLETIN TABLE OF CONTENTS Topic Page Number Payroll Withholding Rates and Limits...1 Backup Withholding...2

More information

BOLES METZGER BROSIUS & WALBORN PC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS

BOLES METZGER BROSIUS & WALBORN PC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS BOLES METZGER BROSIUS & WALBORN PC CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS 3601 N. FRONT STREET HARRISBURG, PA 17110 PHONE: (717) 238-0446 FAX: (717) 238-3960 www.bmbwcpa.com WILLIAM B. BOLES, CPA/ABV,

More information

2017 Year-End Tax Memo

2017 Year-End Tax Memo 2017 Year-End Tax Memo An Annual Publication of Large & Gilbert, Inc. January 2018 Large & Gilbert, Inc., is a full service CPA firm specializing in Accounting, Tax, Consulting, Business Advisory, Wealth

More information

JANUARY 2014 UPDATE ON PAYROLL, EMPLOYMENT TAXES AND INFORMATION RETURNS

JANUARY 2014 UPDATE ON PAYROLL, EMPLOYMENT TAXES AND INFORMATION RETURNS JANUARY 2014 UPDATE ON PAYROLL, EMPLOYMENT TAXES AND INFORMATION RETURNS This letter sets forth employee payroll tax withholding rates, employer payroll tax rates in effect for 2014 and some pertinent

More information

Year End Tax Reporting

Year End Tax Reporting Year End Tax Reporting TO: FROM: All Clients Nathan Wechsler & Company Professional Association DATE: December 1, 2017 Another year is coming to an end. We want to take this opportunity to remind you of

More information

Withholding, Estimated Payments & Payroll Taxes

Withholding, Estimated Payments & Payroll Taxes CHAPTER 9 Withholding, Estimated Payments & Payroll Taxes Compute income tax withholding from employee wages Determine taxpayers quarterly estimated payments Understand FICA, federal deposit system and

More information

SECTION 8: Depositing and Reporting Withheld Taxes

SECTION 8: Depositing and Reporting Withheld Taxes SECTION 8: Depositing and Reporting Withheld Taxes 1 Employer Identification Numbers (EIN) All employers are assigned an Employer Identification Number (EIN) The EIN is a nine-digit number, expressed as

More information

2019 Tax Calendar This day 2019 Tax Return Due Dates Jan. 15th Estimated Tax. Jan. 31st Employers' Taxes. Withholding. Individuals.

2019 Tax Calendar This day 2019 Tax Return Due Dates Jan. 15th Estimated Tax. Jan. 31st Employers' Taxes. Withholding. Individuals. 2019 Tax Calendar This day 2019 Tax Return Due Dates Jan. 15th Jan. 31st Estimated Tax. Final installment of 2018 estimated tax ( Form 1040-ES) by individuals unless income tax return is filed with final

More information

LIST OF SUBSTANTIVE CHANGES AND ADDITIONS. 16th Edition (March 2015)

LIST OF SUBSTANTIVE CHANGES AND ADDITIONS. 16th Edition (March 2015) Route To: Partners Managers Staff File LIST OF SUBSTANTIVE CHANGES AND ADDITIONS PPC's Guide to Compensation and Benefits 16th Edition (March 2015) Highlights of this Edition The following are some of

More information

Archdiocese of Baltimore- Federal, State, & Other Filing Requirements January 13, 2005

Archdiocese of Baltimore- Federal, State, & Other Filing Requirements January 13, 2005 Archdiocese of Baltimore- Federal, State, & Other Filing Requirements January 13, 2005 Agenda 1. Federal Payroll Filings a. Payroll Related Forms b. Proper Completion of Federal Forms c. Federal Payroll

More information

ANNUAL INFORMATION RETURNS NEWSLETTER

ANNUAL INFORMATION RETURNS NEWSLETTER ANNUAL INFORMATION RETURNS NEWSLETTER J A N U A R Y 2 0 1 9 INSIDE THIS ISSUE: F O R M W - 2 Form W-2 1 Foreign Bank Account Reporting Foreign Bank Account Reporting Household Employee (Nanny Tax) Form

More information

10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 24% 82, ,500 24% 84, ,725

10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 24% 82, ,500 24% 84, ,725 INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,525 10% $0 9,700 12% 9,526 38,700 12% 9,701 39,475 22% 38,701 82,500 22% 39,476 84,200 Single 24% 82,501 157,500 24% 84,201 160,725 32%

More information

Most of the provisions discussed below apply beginning in 2018, and many terminate after 2025.

Most of the provisions discussed below apply beginning in 2018, and many terminate after 2025. January 26, 2018 To the Clients and Friends of Nathan Wechsler & Company Congress delivered the much-anticipated tax reform bill just before the end of the year. Just as they kept us in suspense as to

More information

BOTTOMLINE IN THIS ISSUE: Annual Update on Expense Payroll Wage Bases and Tax Rates 2017 YEAR-END REPORTING

BOTTOMLINE IN THIS ISSUE: Annual Update on Expense Payroll Wage Bases and Tax Rates 2017 YEAR-END REPORTING Annual Update on Expense Reporting and Per Diem Rates Accountable Plans An accountable plan allowance is an arrangement whereby the employer pays an employee a fixed amount or a formulabased amount of

More information

10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 28% 91, ,650 24% 82, ,500

10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 28% 91, ,650 24% 82, ,500 INDIVIDUAL TAX RATES Status Rate* Bracket Rate* Bracket 10% $0 9,325 10% $0 9,525 15% 9,326 37,950 12% 9,526 38,700 25% 37,951 91,900 22% 38,701 82,500 Single 28% 91,901 191,650 24% 82,501 157,500 33%

More information

Client Newsletter 2018 TAX HIGHLIGHTS WITH COMPLIMENTS FROM:

Client Newsletter 2018 TAX HIGHLIGHTS WITH COMPLIMENTS FROM: Client Newsletter 2018 TAX HIGHLIGHTS WITH COMPLIMENTS FROM: A publication of the Minnesota Association of Public Accountants The Minnesota Association of Public Accountants has prepared this newsletter.

More information

2017 YEAR-END CHECKLIST. YEO & YEO CPAs & BUSINESS CONSULTANTS YEO & YEO. yeoandyeo.com

2017 YEAR-END CHECKLIST. YEO & YEO CPAs & BUSINESS CONSULTANTS YEO & YEO. yeoandyeo.com 2017 YEAR-END YEO & YEO TAX CPAs & BUSINESS PLANNING CONSULTANTS CHECKLIST YEO & YEO CPAs & BUSINESS CONSULTANTS yeoandyeo.com As the end of the year approaches, it is a good time to think of planning

More information

January 7, Medicare Rate 1.45% [.0145]* 1.45% [.0145] Maximum wage NO MAXIMUM NO MAXIMUM Maximum withholding NO MAXIMUM NO MAXIMUM

January 7, Medicare Rate 1.45% [.0145]* 1.45% [.0145] Maximum wage NO MAXIMUM NO MAXIMUM Maximum withholding NO MAXIMUM NO MAXIMUM January 7, 2019 Dear Client: We want to take this opportunity to thank you for your continued support of our firm. As we move forward to 2019, we want to update you on relevant changes to payroll and general

More information

January 20, Congress Extends Payroll Tax Holiday through February 29, 2012

January 20, Congress Extends Payroll Tax Holiday through February 29, 2012 January 20, 2012 Re: 2012 Accountants Memorandum Update Congress Extends Payroll Tax Holiday through February 29, 2012 Late in 2011 Congress voted to extend for two months the reduced payroll tax rate

More information

January 3, Medicare Rate 1.45% [.0145]* 1.45% [.0145] Maximum wage NO MAXIMUM NO MAXIMUM Maximum withholding NO MAXIMUM NO MAXIMUM

January 3, Medicare Rate 1.45% [.0145]* 1.45% [.0145] Maximum wage NO MAXIMUM NO MAXIMUM Maximum withholding NO MAXIMUM NO MAXIMUM January 3, 2017 Dear Client: We want to take this opportunity to thank you for your continued support of our firm. As we move forward to 2017, we want to update you on relevant changes to payroll and general

More information

Client Newsletter. 551 West 78th Street, Ste. 204, P.O. Box 254 Chanhassen, MN Office: Fax:

Client Newsletter. 551 West 78th Street, Ste. 204, P.O. Box 254 Chanhassen, MN Office: Fax: Client Newsletter 2015 TAX HIGHLIGHTS WITH COMPLIMENTS FROM: RODENZ ACCOUNTING & TAX SERVICE LLC Accounting Business Consulting Tax Preparation Payroll Services Darrell E. Rodenz Certified Public Accountant

More information

General Information for 401k Plan Sponsor

General Information for 401k Plan Sponsor General Information for 401k Plan Sponsor Welcome to our 401k Guide for the Plan Sponsor! The information contained on this site was designed and developed by various governmental agencies, and compiled

More information

Robert A Cowen Certified Public Accountant year end Tax planning for individuals

Robert A Cowen Certified Public Accountant year end Tax planning for individuals Robert A Cowen Certified Public Accountant 2017 year end Tax planning for individuals The end of the year is just a month away. It is good time to start to think about year-end planning. If you have been

More information

GENERAL INSTRUCTIONS FOR PREPARING 2017 CITY OF XENIA INDIVIDUAL RETURNS *

GENERAL INSTRUCTIONS FOR PREPARING 2017 CITY OF XENIA INDIVIDUAL RETURNS * Who must file? It is mandatory that you file an annual City of Xenia tax return EVEN IF NO TAX IS DUE: All Xenia residents and partial year residents between the ages of 18 and 65. All Xenia residents

More information

Achieving the Goal of Compliance with the Government Tax Laws

Achieving the Goal of Compliance with the Government Tax Laws Achieving the Goal of Compliance with the Government Tax Laws How to Achieve the Goal Athlete Program: Schedule Practice Diet / Sleep Finance Officer Identify and Prioritize Issues Plan: Win Local Establish

More information

Depositing and Reporting Withheld Taxes Section 8

Depositing and Reporting Withheld Taxes Section 8 Depositing and Reporting Withheld Taxes Section 8 Table of Contents Introduction... 2 FYI Topics from Content Outline... 2 Employer Identification Numbers... 2 Depositing Withheld Income and Employment

More information

SECTION 8: Employer Identification Numbers (EIN) Employer Identification Number (EIN) Cont

SECTION 8: Employer Identification Numbers (EIN) Employer Identification Number (EIN) Cont SECTION 8: Depositing and Reporting Withheld Taxes 1 Employer Identification Numbers (EIN) All employers are assigned an Employer Identification Number (EIN) to ensure that all payments are credited to

More information

SAMPLE FEDERAL REPORTING REQUIREMENTS. for Churches. Richard R. Hammar, J.D., LL.M., CPA Senior Editor, Church Law & Tax Report

SAMPLE FEDERAL REPORTING REQUIREMENTS. for Churches. Richard R. Hammar, J.D., LL.M., CPA Senior Editor, Church Law & Tax Report Attachment 1. Computation of expenses, allocable to tax-free ministerial income, that are nondeductible. % of Nondeductible Expenses Parsonage allowance: Taxable Tax-Free Total M inisterial retirement

More information

Payroll Reference Manual

Payroll Reference Manual Payroll Reference Manual 2018-2019 2018-2019 Payroll Reference Manual Table of Contents Section I - Year End Preparation Year End Checklist 6 Year End Balancing/Reconciliations 8 Annual Reconciliation

More information

TAX CATEGORIES AND TOPICS TAX YEAR 2018

TAX CATEGORIES AND TOPICS TAX YEAR 2018 Change in marital status Change in household members Change of address, email, phone Change of job Did you retire Change of primary bank / checking account Dependents / Children with income Household Employees

More information

Development of year-end work plan Create the year-end team (e.g., Payroll, HR, IT, and Accounting) and focus on the following tasks:

Development of year-end work plan Create the year-end team (e.g., Payroll, HR, IT, and Accounting) and focus on the following tasks: Presentation topics > Development of year-end work plan > Management and completion of year-end tasks > Form W-4 compliance > Social Security number (SSN) verification > Form W-2 reporting > IRS Publication

More information

GENERAL INSTRUCTIONS FOR PREPARING 2015 CITY OF XENIA INDIVIDUAL RETURNS *

GENERAL INSTRUCTIONS FOR PREPARING 2015 CITY OF XENIA INDIVIDUAL RETURNS * Who must file? It is mandatory that you file an annual City of Xenia tax return EVEN IF NO TAX IS DUE: All Xenia residents and partial year residents between the ages of 18 and 65. All Xenia residents

More information

DeLeon & Stang, CPAs and Advisors

DeLeon & Stang, CPAs and Advisors Dear Clients and Friends: This year-end tax planning letter is intended only to serve as a general guideline. Of course, your personal circumstances may require in-depth examination. We would be glad to

More information

NOACSC Tax Hot Topics. September 21, 2018 Christopher E. Axene, CPA

NOACSC Tax Hot Topics. September 21, 2018 Christopher E. Axene, CPA NOACSC Tax Hot Topics September 21, 2018 Christopher E. Axene, CPA Fringe Benefits - The Good (?) First rule of thumb cash (or its equivalent) paid to employees is always taxable unless it is a reimbursement

More information

INCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS

INCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS INCOME TAX CONSIDERATIONS FOR 2014 INCOME TAX RETURNS Following are income tax items that could affect your return for 2014. Please review and make sure you have alerted your tax consultant for all of

More information

PAYROLL SOURCE TABLE OF CONTENTS

PAYROLL SOURCE TABLE OF CONTENTS PAYROLL SOURCE TABLE OF CONTENTS SECTION 1: THE EMPLOYER-EMPLOYEE RELATIONSHIP 1.1 Importance of the Determination... 1-2 1.2 Employee vs. Independent Contractor... 1-2 1.2-1 Common Law Test... 1-3 1.2-2

More information

YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format

YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS Short Format UPDATED November 2, 2017 www.cordascocpa.com 2017 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this

More information

Federal Reporting. The Pension Boards United Church of Christ, Inc.

Federal Reporting. The Pension Boards United Church of Christ, Inc. The Pension Boards United Church of Christ, Inc. 2019 Federal Reporting Requirements for Churches Prepared by Church Law & Tax Report Published by The Pension Boards United Church of Christ, Inc. Click

More information

2011 Tax Guide. What You Need to Know About the New Rules

2011 Tax Guide. What You Need to Know About the New Rules 2011 Tax Guide What You Need to Know About the New Rules Tax Guide 2011 This guide is not intended to be tax advice and should not be treated as such. Each individual s tax situation is different. You

More information

Federal Reporting Requirements for Churches

Federal Reporting Requirements for Churches Federal Reporting Requirements for Churches Prepared by Richard R. Hammar, J.D., LL.M., CPA Senior Editor, CHURCH LAW & TAX REPORT Copyright 2013 Christianity Today International. Federal Reporting Requirements

More information

2017 Year-End Tax Planning for Individuals

2017 Year-End Tax Planning for Individuals 2017 Year-End Tax Planning for Individuals As 2017 draws to a close, there is still time to reduce your 2017 tax bill and plan ahead for 2018. This letter highlights several potential tax-saving opportunities

More information

Federal Reporting. The Pension Boards United Church of Christ, Inc.

Federal Reporting. The Pension Boards United Church of Christ, Inc. The Pension Boards United Church of Christ, Inc. 2015 Federal Reporting Requirements for Churches Prepared by Church Law & Tax Report Published by The Pension Boards United Church of Christ, Inc. Federal

More information

Tax Changes for 2016: A Checklist

Tax Changes for 2016: A Checklist Tax Changes for 2016: A Checklist Welcome, 2016! As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2016 is no different. From health savings accounts

More information

North Carolina. Includes Forms: NC - 30 Web Income Tax Withholding Tables and Instructions for Employers

North Carolina.   Includes Forms: NC - 30 Web Income Tax Withholding Tables and Instructions for Employers North Carolina www.dornc.com NC - 30 Web Income Tax Withholding Tables and Instructions for Employers (Revised 11/11) You can file your return and pay your tax online at www.dornc.com. Click on Electronic

More information

T a x D u e D a t e s

T a x D u e D a t e s T a x D u e D a t e s December 2017 December 10 November, report them to your employer. You can use Form 4070. December 15 Corporations - Deposit the fourth installment of estimated income tax for. A worksheet,

More information

Personal Legal Plans Client Organizer 2018

Personal Legal Plans Client Organizer 2018 TAXPAYER NAME SOCIAL SECURITY NUMBER OCCUPATION DATE OF BIRTH EMAIL ADDRESS CELL PHONE SPOUSE Address: Home Phone: City: State: Zip: County: DEPENDENT CHILDREN & OTHER DEPENDENTS NAME SOCIAL SECURITY NUMBER

More information

2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS

2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION 2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS As the end of 2013 approaches, it s time to consider planning moves that could reduce your 2013 taxes. Year-end planning is particularly important

More information

This is a list of items you should gather for the Income Tax Preparation

This is a list of items you should gather for the Income Tax Preparation This is a list of items you should gather for the Income Tax Preparation 1. Social Security Card(s) - Your Social Security number, which is your taxpayer identification number, is printed on your Social

More information

End-of-Year Payroll Processing

End-of-Year Payroll Processing DECEMBER 2014 CHECKLIST OF TO-DO ITEMS Register for EFTPS (for new employers not yet registered). Order Forms W-2, W-3, 1099 and 1096. Order payroll tax update programs for computerized payroll systems.

More information

Dear Client: Basic Numbers You Need to Know

Dear Client: Basic Numbers You Need to Know Dear Client: As 2013 draws to a close, there is still time to reduce your 2013 tax bill and plan ahead for 2014. This letter highlights several potential tax-saving opportunities for you to consider. I

More information

THE AGENDA YEAR END TAX PLANNING

THE AGENDA YEAR END TAX PLANNING YEAR END TAX PLANNING TUESDAY, DECEMBER 8, 2015 PRESENTED BY: JOE CAWLEY, CPA, PRINCIPAL-JOECAWLEY@BSSF.COM JOHN WEIDMAN, CPA, PRINCIPAL-JOHNWEIDMAN@BSSF.COM PHONE NUMBER-(717)761-7171 1 THE AGENDA Part

More information

1099 LETTER REPEAL OF NEW INFORMATION REPORTING REQUIREMENTS INSIDE THIS ISSUE:

1099 LETTER REPEAL OF NEW INFORMATION REPORTING REQUIREMENTS INSIDE THIS ISSUE: DECEMBER 2011 INSIDE THIS ISSUE: Repeal of New Information Reporting Requirements IRS Voluntary Classification Settlement Program California s New Penalties for Misclassifying Employees as Independent

More information

Below are the following 2017 Tax Return filing due dates for calendar year filers (December 31 st year end):

Below are the following 2017 Tax Return filing due dates for calendar year filers (December 31 st year end): Important 2017 Year End Tax Information Dear Clients and Friends: We know you are very busy, but please take a few moments to read this email to determine which portions apply to you or your business.

More information

2014 YEAR-END TAX PLANNING

2014 YEAR-END TAX PLANNING Page 1 of 5 2014 YEAR-END TAX PLANNING Year-end tax planning is especially challenging this year because Congress has yet to act on a host of tax breaks which expired at the end of 2013. Some of these

More information

The Small Business Employment Tax Guide

The Small Business Employment Tax Guide The Small Business Employment Tax Guide Roanoke Regional Small Business Development Center 210 S. Jefferson Street, Roanoke, Virginia 24011 www.roanokesmallbusiness.org Roanoke Small Business Development

More information

2018 Year-End Tax Planning for Individuals

2018 Year-End Tax Planning for Individuals 2018 Year-End Tax Planning for Individuals There is still time to reduce your 2018 tax bill and plan ahead for 2019 if you act soon. This letter highlights several potential tax-saving opportunities for

More information

2007 Instructions for Forms 1099-R and 5498

2007 Instructions for Forms 1099-R and 5498 2007 Instructions for Forms 1099-R and 5498 Section references are to the Internal Revenue Code unless otherwise noted. What s New Form 1099-R Certain qualified distributions. A TIP has been added on page

More information

Section 6 Withholding Taxes (Student Guide) Table of Contents Introduction

Section 6 Withholding Taxes (Student Guide) Table of Contents Introduction Section 6 Withholding Taxes (Student Guide) Table of Contents Introduction... - 2 - Topics from Content Outline... - 2 - The Principle of Actual or Constructive Payment... - 2 - Social Security Numbers...

More information

Peering Into the Government Tax Law

Peering Into the Government Tax Law Peering Into the Government Tax Law PROGRAM GOALS Peer Into the Telescope to Get the Big Picture Regarding Government Tax Issues Peer Into the Microscope to Learn the Detailed Tax Laws, Rules and

More information

YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS

YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS UPDATED NOVEMBER 1, 2007 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION Time again to begin formulating your year-end tax strategies. As in the past,

More information

Income. Taxwise Online. IRS Training Workbook

Income. Taxwise Online. IRS Training Workbook Income Taxwise Online IRS Training Workbook I N C O ME IRS Training Workbook 2012 CCH Small Firm Services. All rights reserved. 225 Chastain Meadows Court NW Suite 200 Kennesaw, Georgia 30144 Information

More information

Martin A. Darocha, CPA PAYROLL TAX TOOLKIT January 2018

Martin A. Darocha, CPA PAYROLL TAX TOOLKIT January 2018 , CPA Tax and accounting services for individuals and their businesses, estates and trusts. 2018 PAYROLL TAX TOOLKIT January 2018 Following is a brief summary of payroll tax information for 2018. If you

More information

Comprehensive W-2 Review Presented by: Jacob Franklin, CPA

Comprehensive W-2 Review Presented by: Jacob Franklin, CPA Comprehensive W-2 Review Presented by: Jacob Franklin, CPA Presenter Information Jacob Franklin, CPA Senior Tax Manager Grand Forks, ND Overview 1. Tying Out Year-End Payroll Reports 2. W-2 Example 3.

More information

WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro

WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro WHAT S NEW IN TAXES FOR 2016 by Robert D Flach, the internet s Wandering Tax Pro Here is the inflation-adjusted and COLA numbers for tax year 2016. Many items have not changed from 2015 - THE STANDARD

More information

2018 Payroll Withholding and Payroll Tax Changes

2018 Payroll Withholding and Payroll Tax Changes Below is our annual summary of specific provisions relating to payroll and information reporting. The provisions will be effective January 1, 2018. Please review this information carefully and share it

More information

Federal Reporting Requirements for Churches

Federal Reporting Requirements for Churches Federal Reporting Requirements for Churches Prepared by Richard R. Hammar, J.D., LL.M., CPA Senior Editor, Church Law & Tax Report Copyright 2014 Christianity Today International. Federal Reporting Requirements

More information

S U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan

S U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan S U M M A R Y P L A N D E S C R I P T I O N Marvell Semiconductor 401(k) Retirement Plan This information is not intended to be a substitute for specific individualized tax, legal, or investment planning

More information

TAX ORGANIZER Page 3

TAX ORGANIZER Page 3 TAX ORGANIZER Page Basic Taxpayer Information Taxpayer Spouse Taxpayer Spouse First Name Initial Last Name Social Security No. Check if Date of Occupation Dependent Presidential Birth Disabled Blind of

More information

What Are We Covering Today?

What Are We Covering Today? Individual & Business Tax Planning Update November 9, 2011 HMWC CPAs & Business Advisors What Are We Covering Today? 2011 Legislation Update Individuals Business Tax Planning Strategies Individuals Business

More information

PLEASE PROVIDE A COPY OF THE FOLLOWING ITEMS: LAST YEAR'S TAX RETURNS (ONLY IF YOU ARE A NEW CLIENT) ALL FORMS W-2, 1098, 1099, 1099-SSA, ETC

PLEASE PROVIDE A COPY OF THE FOLLOWING ITEMS: LAST YEAR'S TAX RETURNS (ONLY IF YOU ARE A NEW CLIENT) ALL FORMS W-2, 1098, 1099, 1099-SSA, ETC 81 Makawao Avenue, Suite 202, Makawao HI 96768; 808/572-6454; Fax: 808/572-1788 TAX ORGANIZER FOR YEAR: READ THIS FIRST: This tax organizer is designed to help you maximize your deductions and minimize

More information

LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR Presented by: James J. Holtzman, CFP, CPA

LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR Presented by: James J. Holtzman, CFP, CPA LAST MINUTE TAX PLANNING TIPS AND SURPRISES FOR 2015 Presented by: James J. Holtzman, CFP, CPA JAMES J. HOLTZMAN, CFP, CPA James J. Holtzman, CFP, CPA is a Wealth Advisor and Shareholder with Legend Financial

More information

Chapter 4 Employee Compensation

Chapter 4 Employee Compensation Chapter 4 Employee Compensation Key Concepts Most forms of employee compensation are fully taxable to the employee as income and fully deductible by the employer as a business expense. Fringe benefits

More information

Chapter 13 Payroll Accounting, Taxes, and Reports

Chapter 13 Payroll Accounting, Taxes, and Reports Chapter 13 Payroll Accounting, Taxes, and Reports -- The payroll register and employee earnings records provide all the payroll information needed to prepare a payroll and payroll tax reports. Journal

More information

Tax Preparation Checklist - Form 1040

Tax Preparation Checklist - Form 1040 Tax Preparation Checklist - Form 1040 Note: This organizer will help us to better serve you as a client by providing the information we will need in order to prepare your return. I. Personal Information

More information

TEAMHEALTH 401(K) PLAN SUMMARY PLAN DESCRIPTION

TEAMHEALTH 401(K) PLAN SUMMARY PLAN DESCRIPTION TEAMHEALTH 401(K) PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1 ARTICLE I PARTICIPATION IN THE

More information

Individual Income Tax Planning

Individual Income Tax Planning 18401 Murdock Circle Suite B Port Charlotte, FL 33948 941-627-4774 linda.cross@raymondjames.com www.raymondjames.com/sommervillegroup 2012 Key Numbers June 2012 Individual Income Tax Planning Adoption

More information

Campus Fellow Summary Chart

Campus Fellow Summary Chart Campus Fellow Summary Chart Line Description Taxpayer s Forms Directions Instructions and Special Notes 1-5 Filing Status Social Security Cards (or SSA-1099, SS letter, ITIN) Choose filing status in interview

More information

The Tax Cuts and Jobs Act of 2017

The Tax Cuts and Jobs Act of 2017 The Tax Cuts and Jobs Act of 2017 is the most comprehensive revision to the Internal Revenue Code Since 1986. This new Tax Act reduces tax rates for individuals and corporations, repeals exemptions, eliminates

More information

All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan. Annual Notice of Safe Harbor Status for the 2018 Plan Year

All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan. Annual Notice of Safe Harbor Status for the 2018 Plan Year To: From: All Employees Eligible to Participate in the ARRIS Technology, Inc. Employee Savings Plan ARRIS Benefits Department Date: November 2017 Subject: Annual Notice of Safe Harbor Status for the 2018

More information

You may wish to carefully examine your records to determine if you may be missing any of these deductions.

You may wish to carefully examine your records to determine if you may be missing any of these deductions. 2018 tax planning and tax changes Re: Planning 2018: Tax Consequences for Self-Employed Individuals Dear Client: Owning your own business can be very rewarding, both personally and financially. Being the

More information

TAX QUESTIONS

TAX QUESTIONS This Questionnaire is one of the FIVE Minimum Tax Packet Items Page 1 of 7 Taxpayer Names This short questionnaire covers most of the tax reporting areas that I need to know about to prepare accurate tax

More information

GUIDE TO IRC CONTRIBUTION LIMITS 2018

GUIDE TO IRC CONTRIBUTION LIMITS 2018 GUIDE TO IRC CONTRIBUTION LIMITS 2018 UNIVERSITY OF MICHIGAN BASIC RETIREMENT PLAN AND 403(B) SUPPLEMENTAL RETIREMENT ACCOUNT For new hires, voluntary participants in the Basic Retirement Plan and compulsory

More information

Tax Law 2001 Pension and Benefits. proof

Tax Law 2001 Pension and Benefits. proof Tax Law 2001 Pension and Benefits Increased contribution limits. Make-up contributions for older individuals. Increased portability of benefits. New tax credits. Reduced regulatory burdens. These are just

More information

December 2, Re: 2014 Accountants Memorandum. Happy Holidays from Miller Kaplan Arase LLP!

December 2, Re: 2014 Accountants Memorandum. Happy Holidays from Miller Kaplan Arase LLP! December 2, 2013 Re: 2014 Accountants Memorandum Happy Holidays from Miller Kaplan Arase LLP! The implementation of the Affordable Care Act, gridlock in Washington, the court decision invalidating the

More information

2018 Payroll Update Reference Guide

2018 Payroll Update Reference Guide 2018 Payroll Update Reference Guide Jones & Roth is providing this Payroll Update as a reference guide for you. It is not meant to be all-inclusive. If there is a payroll item that you have questions about,

More information

2018 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS

2018 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS 2018 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS INTRODUCTION With year-end approaching, this is the time of year we normally suggest possible year-end tax strategies for our clients. However, from a

More information

Individual Tax Changes in the Tax Cuts and Jobs Act Ken Bagner, CPA, MST

Individual Tax Changes in the Tax Cuts and Jobs Act Ken Bagner, CPA, MST Individual Tax Changes in the Tax Cuts and Jobs Act Ken Bagner, CPA, MST Kenneth.Bagner@SobelCoLLC.com 973-994-9494 December 27, 2017 Agenda Today s presentation will provide a basic overview of some of

More information

Federal Reporting Requirements for Churches*

Federal Reporting Requirements for Churches* Federal Reporting Requirements for Churches* Richard R. Hammar, J.D., LL.M., CPA Senior Editor, Church Law & Tax Report Copyright 2016 Christianity Today International. Federal Reporting Requirements by

More information

SAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP

SAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP SAVE 2016 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS Presented by: James J. Holtzman, CFP JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is a Wealth Advisor and Shareholder with Legend Financial Advisors,

More information

Here are the numbers for :

Here are the numbers for : Page 1 of 7 Here are the numbers for 2017-2018: 1) FICA & Self Employment taxes are comprised of two components: a) Social Security (OASDI) Maximum Earnings Subject $ 127,200 $ 128,400 Tax Rate (Employee)

More information

Taxation of Unemployment Benefits

Taxation of Unemployment Benefits Cornell University ILR School DigitalCommons@ILR Federal Publications Key Workplace Documents 9-13-2012 Taxation of Unemployment Benefits Julie M. Whittaker Congressional Research Service Follow this and

More information

KELC 401(K) SAVINGS PLAN SUMMARY PLAN DESCRIPTION

KELC 401(K) SAVINGS PLAN SUMMARY PLAN DESCRIPTION KELC 401(K) SAVINGS PLAN SUMMARY PLAN DESCRIPTION TABLE OF CONTENTS INTRODUCTION TO YOUR PLAN What kind of Plan is this?... 1 What information does this Summary provide?... 1 ARTICLE I PARTICIPATION IN

More information

Individual Retirement Accounts Roth & Traditional. IRAs Guidebook

Individual Retirement Accounts Roth & Traditional. IRAs Guidebook Individual Retirement Accounts Roth & Traditional IRAs Guidebook 2016 IRA Roth & Traditional Individual Retirement Accounts At-a-Glance Eligibility Contents IRAs At-a-Glance... 1 Roth IRA... 2... 3 Roth

More information

2017 Year-End Income Tax Planning for Individuals December 2017

2017 Year-End Income Tax Planning for Individuals December 2017 2017 Year-End Income Tax Planning for Individuals December 2017 9605 S. Kingston Ct., Suite 200 Englewood, CO 80112 T: 303 721 6131 www.richeymay.com Introduction With year-end approaching, this is the

More information

Chapter 1: Payroll Fundamentals Challenges Concepts

Chapter 1: Payroll Fundamentals Challenges Concepts Table of Chapter 1: Payroll Fundamentals.... 1-1 1.1 Challenges... 1-1 1.2 Concepts.... 1-2 1.2.1 Employees vs. Independent Contractors...1-3 1.2.2 Common Law and Reasonable Basis Tests...1-4 1.2.3 Temporary

More information

Simplifying the complexities of payroll taxes and year-end planning November 7, 2013

Simplifying the complexities of payroll taxes and year-end planning November 7, 2013 Simplifying the complexities of payroll taxes and year-end planning November 7, 2013 Baker Tilly refers to Baker Tilly Virchow Krause, LLP, an independently owned and managed member of Baker Tilly International.

More information

IMPORTANT INFORMATION ABOUT NEW FORM NC-4 NRA

IMPORTANT INFORMATION ABOUT NEW FORM NC-4 NRA IMPORTANT INFORMATION ABOUT NEW FORM NC-4 NRA The following information supplements information in NC-30, 2015 Withholding Tables and Instructions for Employers, Form NC-4 NRA, Nonresident Alien Employee

More information

SAVE 2018 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP

SAVE 2018 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS. Presented by: James J. Holtzman, CFP SAVE 2018 INCOME TAXES! LAST MINUTE TAX PLANNING TIPS Presented by: James J. Holtzman, CFP JAMES J. HOLTZMAN, CFP James J. Holtzman, CFP, is a Wealth Advisor and Shareholder with Legend Financial Advisors,

More information

PLEASE PROVIDE A COPY OF THE FOLLOWING ITEMS: LAST YEAR'S TAX RETURNS (ONLY IF YOU ARE A NEW CLIENT) ALL FORMS W-2, 1098, 1099, 1099-SSA, ETC

PLEASE PROVIDE A COPY OF THE FOLLOWING ITEMS: LAST YEAR'S TAX RETURNS (ONLY IF YOU ARE A NEW CLIENT) ALL FORMS W-2, 1098, 1099, 1099-SSA, ETC 81 Makawao Avenue, Suite 202, Makawao HI 96768; 808/572-6454; Fax: 808/572-1788 TAX ORGANIZER FOR YEAR: READ THIS FT: This tax organizer is designed to help you maximize your deductions and minimize problems

More information

HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS

HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS HASHEM and SIMMS, PLLC CERTIFIED PUBLIC ACCOUNTANTS George K. Hashem, CPA Tyler W. Simms, CPA December 2, 2014 Dear Client: As 2014 draws to a close, there is still time to reduce your 2014 tax bill and

More information