On September 24, 2019, the U.S. Department of Labor announced a final rule to make 1.3 million American workers newly eligible for overtime pay. The new base salary used as one measure of a white collar exemption from overtime will be raised from $455 to $684 per week.
The APA and IRS have partnered to create Publication 5330, "The New Tax Cut Law Will Impact Your 2018 Tax Return". Employers may use this to respond to employee questions during the tax filing season.
February 28, 2018 - IRS releases new form W-4 and updated the W-4 Withholding Calculator to help taxpayers determine what they should be having withheld for the remainder of the year.
IRS encourages ‘Paycheck Checkup’ for taxpayers to check their withholding; special week focuses on changes IRS.gov - March 28, 2018
Paycheck Calculator: https://www.irs.gov/individuals/irs-withholding-calculator
An updated Pub. 15, Employer's Tax Guide, is available for download (http://www.irs.gov/pub/irs-pdf/p15.pdf). It's highly recommended that all employers download and read this publication each year.
New Form I-9 Released
On Nov. 14, USCIS released a revised version of Form I-9, Employment Eligibility Verification. Employers may continue using Form I-9 with a revision date of 03/08/2013 N. through Jan. 21, 2017. By Jan. 22, 2017, employers must use the revised form. Employers should continue to follow existing storage and retentions rules for all of their previously completed Forms I-9. Read the USCIS News Release, and visit I-9 Central for more information.
On Tuesday, Nov. 22, 2016, a US District Court blocked the implementation of the new Dept. of Labor overtime rules. The new FLSA overtime rules will not go into effect December 1, 2016, as previously scheduled.
Tax refund related identity theft is on the rise. Victims are finding it frustrating going through the process of proving their identity to the IRS in order to receive, possibly years later, the tax refund they are due. The only surefire way to avoid this delay is to be certain your and your employee's W-4 and state withholding forms are filled out to your best advantage. If there isn't a large refund due at year end, it could eliminate the potential years of waiting due to identity theft. Go to the IRS W-4 Wizard to determine how to complete the federal form.
For employee questions regarding the Form I-9 Employment Eligibility Verification form, download the Employee Information Sheet.
Notices regarding your company's insurance plan, or lack thereof, must be provided to all new hires. The U.S. Dept. of Labor has provided sample letters that you can use, or your company can create its own using the guidelines provided. Read all about the regulations here...... http://www.dol.gov/ebsa/healthreform/index.html.
Companies with health insurance plans: http://www.dol.gov/ebsa/pdf/FLSAwithplans.pdf
Companies without health insurance plans: http://www.dol.gov/ebsa/pdf/FLSAwithoutplans.pdf
The Small Business Health Options Program (SHOP) is a new program that simplifies the process of buying health insurance for your small business. The SHOP Marketplace is open to employers with 50 or fewer full-time-eqivalent employees (FTEs). See if you qualify for a small business healthcare credit by checking out this website.
Join the thousands of business owners who participate in the e-Verify program. Make certain you are hiring legal workers and avoid many potential headaches down the road.
Have you thought about hiring a Veteran, but didn't know where to start? Check here for information on programs to help you find the most qualified workers.
See if you qualify for the federal Small Business Health Care Tax Credit...here.
View your Social Security statements on-line.... http://www.ssa.gov/mystatement/