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Monthly Archives: February, 2018

  • 2018 IRS Publication 15 Now Available

    Publication Explains Employer Tax Responsibilities

    The Internal Revenue Service (IRS) has released Publication 15 (Circular E), Employer’s Tax Guide, for use in 2018. This publication:

    • Details employers’ federal tax responsibilities;
    • Explains the federal requirements for withholding, depositing, reporting, paying, and correcting employment taxes;
    • Lists the forms employers must give to their employees, those that employees must give to the employer, and those that the employer must send to the IRS and Social Security Administration; and
    • Features the tax tables to figure the taxes to withhold from each employee.

    Publication Highlights
    Highlights of the 2018 publication include the following:

    • Social Security and Medicare Tax for 2018. The Social Security tax rate is 6.2% each for the employee and employer, unchanged from 2017. The Social Security wage base limit is $128,400. The Medicare tax rate is 1.45% each for the employee and employer, unchanged from 2017. There is no wage base limit for the Medicare tax.
    • 2018 Withholding Tables. The publication includes the 2018 Percentage Method Tables and Wage Bracket Tables for Income Tax Withholding.
    • Withholding Allowance. The 2018 amount for one withholding allowance on an annual basis is $4,150.

    Click here to access the 2018 IRS Publication 15.

    For additional tax information, please visit our section on Employer Tax Laws.


    HR News Alerts provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2018 HR 360, Inc., All rights reserved.

    Read more
  • IRS Releases Additional Guidance on Form W-4 Compliance for 2018

    Release of 2018 Form W-4 Forthcoming

    The Internal Revenue Service (IRS) has released additional guidance on Form W-4 compliance in response to the enactment of the Tax Cuts and Jobs Act, which was signed into law by President Trump in December 2017. Highlights of the guidance are as follows:

    • While the IRS is currently working to revise Form W-4 to reflect changes made by the Tax Cuts and Jobs Act, the 2018 Form W-4 may not be released until after February 15, 2018. However, the agency designed the 2018 withholding tables in IRS Notice 1036 to work with the Forms W-4 that employees have already furnished their employers.
    • New hires may continue to claim allowances by using the 2017 Form W-4 until 30 days after the 2018 Form W-4 is released.
    • Employees experiencing a change in status that causes a reduction in the number of withholding allowances are not required to furnish employers new withholding allowance certificates until 30 days after the 2018 Form W-4 is released.
    • Employees who have a reduction in the number of withholding allowances solely due to the changes made by the Tax Cuts and Jobs Act are not required to furnish employers new withholding allowance certificates during 2018.
    • Employees may update their withholding at any time in response to the Tax Cuts and Jobs Act. Employees who choose to update their withholding may use the 2017 Form W-4 instead of the 2018 Form W-4 to report changes in withholding allowances until 30 days after the 2018 Form W-4 is released.

    Click here to read the additional guidance in its entirety.

    For additional tax information, please visit our section on Employer Tax Laws.

     

    HR News Alerts provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2018 HR 360, Inc., All rights reserved.

    Read more
  • Medicare Part D Disclosure to CMS Due March 1, 2018 for Calendar Year Plans

    Online Form for Employers Offering Prescription Drug Coverage to Medicare Part D-Eligible Individuals

    The Medicare Modernization Act requires employers that provide prescription drug coverage to Medicare-eligible individuals to complete the Online Disclosure Form to the U.S. Centers for Medicare & Medicaid Services (CMS) to report whether such coverage is creditable prescription drug coverage. Creditable coverage means that the coverage is expected to pay, on average, as much as the standard Medicare prescription drug coverage.

    This disclosure is required annually, no later than 60 days from the beginning of a plan year-typically March 1st for calendar year plans-and at certain other times.

    Additional Disclosure Requirements
    Under the law, employers whose group health plans offer prescription drug coverage also must provide a written notice to all Medicare-eligible individuals disclosing whether such coverage is creditable. This disclosure must be provided annually prior to October 15th, and at various other times as required under the law. Click here for more information.

    Visit our section on Medicare for more information about how the law affects employer-provided group health plans.

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    HR News Alerts provided by:

    Team Nash
    2005 E 2700 St, Suite 140, Salt Lake City, UT 84109
    385-234-6754

    Please Note: The information and materials herein are provided for general information purposes only and are not intended to constitute legal or other advice or opinions on any specific matters and are not intended to replace the advice of a qualified attorney, plan provider or other professional advisor. This information has been taken from sources which we believe to be reliable, but there is no guarantee as to its accuracy. In accordance with IRS Circular 230, this communication is not intended or written to be used, and cannot be used as or considered a ‘covered opinion’ or other written tax advice and should not be relied upon for any purpose other than its intended purpose.

    The information provided herein is intended solely for the use of our clients and members. You may not display, reproduce, copy, modify, license, sell or disseminate in any manner any information included herein, without the express permission of the Publisher. Kindly read our Terms of Use and respect our Copyright.

    Copyright © 2018 HR 360, Inc., All rights reserved.

    Read more