Government

State & Local Government Updates 2017_08

Minneapolis and St. Paul Sick and Safe Time Ordinances Minneapolis – http://sicktimeinfo.minneapolismn.gov – The website has both employee and employer resources regarding the ordinance. There are some frequently asked questions that are answered on the main page of the site. Employers may contact the Department of Civil Rights for further information on this ordinance at (612) 673-3000 or via e-mail to sicktimeinfo@minneapolismn.gov. St. Paul – https://www.stpaul.gov/departments/human-rights-equal-economic-opportunity/contract-compliance-business-development/earned – Employee and employer resources regarding the ordinances can be found on this site. Employees that feel their rights have been improperly denied can fill out a complaint form on this site. The website includes a m...

IRS News: 2017_08

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES August 2017  ►UPCOMING WEBINARS  See Webinars for Small Businesses for upcoming National and Local Webinars  Click HERE for videos recently posted to the IRS Video Portal.  ►NEWS IRS Website Provides Tools to Help Small Businesses Understand Employment Taxes The IRS offers small businesses many free products to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov. PLEASE CHECK OUT THIS PAGE for more information on Social Security and Medicare Taxes, Federal Unemployment (FUTA) Tax, Depositing Employment Taxes, and Reporting Employment Taxes. Tips on How to Handle an IRS Letter or Notice The IRS mails millions ...

MN/WI Reciprocity Coming Back?

Minnesota law opens door to reinstatement of reciprocal agreement with Wisconsin Recently enacted HF1 opens the door to a possible reinstatement of the reciprocal agreement between Minnesota and Wisconsin which lapsed in 2009. Effective for tax year 2017, HF1 modifies the credit for income taxes paid by Minnesota residents working in Wisconsin to provide that in years that the states do not have a reciprocal agreement, affected individuals are allowed the same tax treatment as they would receive if there had been a reciprocal agreement between the two states. Effective in tax year 2018, the Minnesota Commissioner of Revenue is authorized to enter into an income tax reciprocity agreement with the Wisconsin Secretary of Revenue. The law requires that the state having a net revenue loss must ...

Government Update: Illinois & NYC/CA

Illinois Income Tax Rate Increase – The withholding tax rate for the state of Illinois has increased from 3.75% to 4.95% effective July 1, 2017. Starting immediately, employers should be withholding income tax at the rate of 4.95% of taxable wages. The law was passed on July 6, 2017, retroactive back to the July 1, 2017 effective date. A call to a representative with the state of Illinois has confirmed that the rate has increased and should be updated immediately. Additional business tax changes have also been made. More information can be found here. Fair Workweek Requirements – Two more cities have enacted “Fair Workweek” ordinances regarding scheduling requirements for employers in certain industries in the cities of New York City and Emeryville, CA. In both cities, the ordinances are f...

IRS Update: ITIN – Expiration and Renewal Process Updates

ITIN – Expiration and Renewal Process Updates (Please click each heading for more information) Individual Taxpayer Identification Number Your ITIN may expire before you file a tax return in 2018. All ITINs not used on a federal tax return at least once in the last three years will expire on December 31, 2017. How do I apply for an ITIN? How and where do you apply for an ITIN? Fact Sheet – Expiring ITINs IRS has made changes to the Individual Taxpayer Identification Number (ITIN) program as a result of the Protecting Americans from Tax Hikes (PATH) Act. Locate a Taxpayer Assistance Center Make an appointment at a designated IRS Taxpayer Assistance Center. This will also prevent you from having to mail your proof of identity and foreign status document. Form W-7 – Application for...

IRS News 2017_05

IRS NEWS FOR PAYROLL AND HUMAN RESOURCES May 2017  ►UPCOMING WEBINARS  *Closed captioning offered for afternoon web conferences ONLY.Understanding Form 8300 – 75 minutes (Report of Cash Payments Over $10,000 Received in a Trade or Business) June 15, 2017 – 10 am Central; 9 am Mountain Register & Attend: https://www.webcaster4.com/Webcast/Page/1148/20341 June 15, 2017 – 1 pm Central; 12 pm Mountain; * Register & Attend:  https://www.webcaster4.com/Webcast/Page/1148/20342 Continuing Education: All participants who qualify will receive a Certificate of Completion.  See Webinars for Small Businesses for upcoming National and Local Webinars  Click HERE for videos recently posted to the IRS Video Portal.    ►NEWS Private Collection of Some Overdue Federal Taxes Starts in April; Thos...

[MN UPDATE] Happy National Small Business Week: April 30 – May 6

News release: Minnesota Department of Revenue debuts centralized online Business Center during Small Business Week Minnesota Department of Revenue sent this bulletin at 05/02/2017 12:39 PM CDT Minnesota Department of Revenue debuts centralized online Business Center during Small Business Week ST. PAUL, Minn. – The first week of May is National Small Business Week. To mark the week, the Minnesota Department of Revenue is highlighting the online resources it offers businesses by launching a new online Business Center. Businesses and organizations of all sizes and types can now find business tax information and resources — including fact sheets, industry guides, forms, and training information — in one central location on the department’s website. “We strive to provide taxpayers w...

IRS Tax Security Awareness Week

Tax Security Awareness Week Resources (Please click each heading for more information) IRS, Security Summit Partners Announce “National Tax Security Awareness Week” beginning Dec. 5 As part of the Security Summit effort, the IRS, the states and the tax community will share a variety of information throughout next week to educate taxpayers on steps they should take to protect themselves from identity theft and tax scams, as well as protect their valuable financial data in advance of the upcoming filing season. Taxes. Security. Together. Our “Taxes. Security. Together” awareness campaign is an effort to better inform you about the need to protect your personal, tax and financial data online and at home. Protect Your Clients; Protect Yourself Tax professionals are being targeted b...

Federal Judge Blocks New FLSA Overtime Rule

A federal judge in Texas has blocked the new FLSA rule set to begin on December 1st. U.S. District Judge Amos Mazzant ruled that the Labor Department exceeded its authority in setting the new guidelines. 21 states and many business groups requested the injunction in federal courts. The judge agreed with the request, stating that the Department of Labor exceeded its authority by creating this rule. The new rule would have extended mandatory overtime requirements to about 4 million Americans. By blocking this rule, the mandatory salary threshold for receiving overtime will stay at $455 a week ($23,660 a year). This new rule would have meant that those Americans earning less than $913 a week ($47,476 a year) would have been eligible for mandatory overtime. You can read more about this change ...

New Jersey will Maintain Reciprocal Agreement with Pennsylvania

After stating that he would end the New Jersey/Pennsylvania reciprocity agreement, New Jersey Governor Chris Christie (R) on Tuesday, November 22nd reversed his decision. New legislation that allows for the saving of $200 million in health care costs for New Jersey taxpayers allowed for the agreement to continue. You can read more about this change at the NJ.com website.   SHARE

BREAKING NEWS | IRS extends 2016 Affordable Care Act reporting deadlines

On November 18, 2016, the Internal Revenue Service (IRS) issued Notice 2016-70 which extends the due date for certain 2016 information reporting requirements under the Affordable Care Act (ACA). The Notice provides an automatic extension of the deadline for furnishing applicable ACA forms to individuals. The relief applies to: Applicable Large Employers required to furnish employees with information and file information with the IRS under the Internal Revenue Code (Code) Section 6056 Health insurers Employers that sponsor self-insured health plans Other providers of Minimum Essential Coverage that are required to furnish individuals with information and file information with the IRS under Code Section 6055 Specifically, the Notice extends the deadline for furnishing to individuals the 2016...

Government Update: 2016_11

Changes to Indiana County Income Tax There will soon be a change to county withholding taxes in the state of Indiana. Effective January 1, 2017, county income tax rates will be identical for residents and nonresidents subject to a local income tax. Under the previous withholding rules, a different rate was imposed on residents of the county and those that lived outside of the particular county. There are no changes to the rules regarding the determination of which county tax must be withheld from an individual. All county taxes are determined based upon an individual’s resident or workplace county as of January 1st of the taxing year. County withholding guidelines will remain the same as follows: Residents of an Indiana county on January 1st – Withhold based upon the rate of the county in ...

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