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Payroll

$36,500 excise tax per employee! What’s that all about?

12/12/2014

The IRS made quite a splash when it concluded in an Affordable Care Act FAQ that all employers, regardless of size, that didn’t have a group health plan, and that instead reimbursed employees for their costs to buy health insurance either on or off the individual health exchange, would be liable for $36,500 in self-assessed excise taxes. We’ve taken some time to sort this all out.

Worksheet for 2014 Forms W-3/941

12/10/2014
Use this worksheet to reconcile your four quarterly 941s and W-2s, so the amounts you report to the SSA and the IRS match.

W-2s this year: What a difference a day makes

12/09/2014
You have an extra weekend to ensure that employees’ W-2s are correct. Since Jan. 31 is a Saturday, employees must receive their W-2s by Monday, Feb. 2, 2015. The IRS must receive your fourth-quarter Form 941, and annual Forms 940, 944 and 945 by that date, too. Here’s what you need to do now.

SSNVS monkey wrench: No more SSN printouts

12/09/2014
A best practice is to verify all employees’ names/Social Security numbers  by using the Social Security Admin­­is­­tra­­tion’s Social Secu­­rity Number Verification Ser­­vice.

How should we pay nonexempt telecommuter?

12/08/2014
Q. I recently allowed one of my hourly employees to telecommute full time. What actions must I take to ensure proper payment of her wages?

Can we make worker pay for broken merchandise?

12/08/2014
Q. One of our employees dropped a case of expensive merchandise while stocking the shelves of our store. It caused a loss of several hundred dollars. Can we deduct the cost of the merchandise from his paycheck?

Let it snow! But make sure you know how to pay employees

12/08/2014
Parts of New York were inundated with feet of snow well before Thanksgiving. Buffalo businesses have dug out from under the lake effect by now, but they may still be dealing with lingering pay issues. Will you be similarly affected—and are your pay policies ready?

Final regs clarify excepted benefits for ACA purposes

12/04/2014

So-called excepted benefits—limited-scope dental and vision benefits—are exempt from the Affordable Care Act’s requirements to provide affordable group coverage that provides minimum value. Final ACA regulations modify those benefits, and add long-term care benefits and certain employee assistance plans into the excepted benefits category.

December 2014: Employer’s business tax calendar

11/28/2014
This is your monthly guide to critical payroll due dates.

The ‘Ghosts of W-2s Past’ need haunt you no longer

11/27/2014

It’s officially Payroll crunch time. The Social Security Administration is cracking down on employers that submit W-2/W-3 forms with errors … but you already have everything organized and ready to go, right?