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Payroll

Plan ahead now for W-2 health care reporting

05/10/2012
By the end of June, the U.S. Supreme Court is expected to let us know whether some or all of the Affordable Care Act health care reform law will stand—or be struck down. The highly anticipated decision notwithstanding, it’s a good idea to get your W-2 reporting ducks in a row now.

TIGTA: Employers not taking the health care credit

05/07/2012
Few eligible small employers are claiming the health care tax credit, despite the IRS’ numerous public relations efforts, according to the Treasury Inspector General for Tax Administration. Among the reasons given for the low take-up rate: It took too long and it was too hard to claim the credit.

Happy campers, happy parents

05/02/2012
Employees looking for a place to park their youngsters during the summer should consider day camp, including speciality camps. Tax break: Parents may defray day camp expenses through the company’s dependent care assistance program, up to the $5,000 annual limit.

Brother, can you spare $3,400: Can Payroll help close tax gap?

05/01/2012

$3,400: That’s how much the tax gap—the difference between what’s owed and what’s paid—costs every single taxpayer in extra taxes. And the figure is only growing. Proposals to close the tax gap were raised at a recent congressional hearing.

Moving your business? Be sure to tell the IRS

05/01/2012
Not ­getting your tax notices forwarded to your new address can be a deadly oversight. To separate out notifications from individuals and businesses, the IRS has created new Form 8822-B.

Fee for service: Who pays?

04/30/2012
Q. Some of our Illinois employees have taken out payday loans and now expect the Payroll department to set up a payroll deduction to repay the loans … We’d like to discourage this behavior by charging these employees a fee for servicing these loans. Can we?

Case dismissed: Employer withholding under tax levy stands

04/28/2012
A federal appeals court has ruled that an employee whose wages were subject to a federal tax levy can’t sue his employer for violations of his Fourth and Fifth Amendment rights or for theft of money under state law.

Love’s labor lost: When newlyweds forget Social Security

04/27/2012
Employees who get married but forget to update their Social Security cards with their married names will lose out, because the Social Security Administration won’t be able to credit their earnings to their benefits accounts. Remind newlyweds to get replacement Social Security cards showing their new names.

Deposits can’t be directed to payroll or corporate accounts

04/27/2012
The IRS keeps track of your company’s tax liabilities as separate modules in its Business Master File. If, say, your corporate income tax module is short, the IRS can offset that shortfall with an overdeposit from your payroll module. Worse: The IRS can make these offsets without telling you.

Throw a bucket of ice water on summer payroll problems

04/27/2012
As you gear up for employees’ summer vacation requests, remember that the FLSA has a lot to say about working hours, calculating overtime when employees take a day off during the week, and uniform policies. Here’s help navigating these choppy waters.