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Payroll

Paying a contractor $600? Remember to backup withhold

12/20/2023
Payments to independent contractors are free from withholding. An IRS Program Manager Technical Advice memo, however, reminds payers to backup withhold if a contractor didn’t provide you with their Social Security number prior to your first payment or you receive a Notice CP2100/2100A from the IRS.

W-2, Code DD reporting is as clear as mud

12/20/2023
Where does the new e-filing threshold leave Code DD reporting?

Jan. 31: Your W-2 date with infamy

12/20/2023
On Jan. 31, you must provide employees with their W-2s and file those forms with the Social Security Administration. The IRS must have your fourth-quarter 941 form and annual 940 and 945 forms by Jan. 31, too. It’s time to get working.

Stay out of the IRS’ penalty net this 1095-C filing season

12/20/2023
By Jan. 31, applicable large employers—those with at least 50 full-time employees—must furnish full-time employees with Form 1095-C, which reports offers of affordable group health insurance.

Pass the word: What employees need to know about W-2s

12/20/2023
You’re going to be extraordinarily busy this month. The best strategy is to head off employees’ W-2 questions now. Consider using this template to communicate basic information to employees about their W-2s.

Friday wrap: 2024 standard mileage rate, a new tax form, know your spouse and more

12/15/2023
2024 mileage rate, joint-employer rule, default letters and more as we crawl toward year-end.

SECURE 2.0 challenges, part 5: Long-term part-time employee regs

12/04/2023
While you were busy deciding what to do with your Thanksgiving leftovers, the IRS was busy releasing an almost indigestible set of proposed regulations on long-term part-time employees’ participation in your 401(k) plan. You may rely on these regs until the IRS issues final regs.

January 2024: Employer’s business tax calendar

11/30/2023
Here’s your monthly guide to critical payroll due dates.

Lawsuits question use of 401(k) plan forfeitures

11/21/2023
Earlier this year, the IRS issued proposed regulations giving 401(k) plan administrators discretion to determine how the plan uses forfeited contributions. The regs didn’t go out on a limb; plan administrators have been using this discretion for years. But maybe not for much longer, if plaintiffs in two lawsuits have their way.

In the Payroll Mailbag: December ’23

11/21/2023
How do we account for payments to salespersons? … Should we 1099 an employee if we buy materials from him?