As you’re getting ready for next year, don’t miss these state unemployment insurance (SUI) tax updates. Several states have announced a new taxable wage base – in some cases, it’s been lowered. Use this list to find out which states have made changes and which ones will require the same wage base for SUI tax […]
Your Payroll pros may be distracted this year-end because IRS still hasn’t committed to dropping the mandatory threshold for e-filing information returns in 2023, there’s a new e-filing option for 1099s being rolled out in January, and Forms W-2, 1099 and 1095 will be subject to increased scrutiny by the Service. However, the fact is […]
If you can uncover and correct any mistakes before you run Forms W-2 for Tax Year 2022, you’ll save yourself some time. Plus, employees will thank you (well, maybe not, but at least you can head off some complaints). Best bet is to pore over year-to-date data before your last payroll of 2022. That’ll help […]
Here’s a checklist of the 2023 legal and banking holidays. As for Veterans Day, Payroll pros in some states have additional considerations. First, the checklist: It’ll help Payroll get a plan in place for 2023, making adjustments to schedules as needed. For example, some IRS tax deposits may be due on different days than you […]
Legislative changes have been rolling out of California, one after another, in the last few months. If you have any employees who work in the state, you can’t afford to miss the new requirements. Here’s a closer look at six laws, so you can keep your business in compliance: Law #1: Salary information SB 1162 […]
A top priority for your Payroll and A/P teams at the start of 2023 will be processing 1099 forms and getting them into the hands of vendors by the January 31 deadline (the deadline’s Feb. 15, 2023 for Form 1099-MISCs that have data in boxes 8 or 10). As you know, not sending your 1099 […]
Some employers will owe more FUTA tax than expected when it’s time to send Form 940 to IRS and make tax deposits for the fourth quarter of 2022. As always at year-end, it’ll be important to know the states where employees worked during the year. You’ll need that information to complete the Employer’s Annual Federal […]
Heads up to Payroll and everybody in your organization making retirement plan contributions: the maximum amount that can be put toward 401(k)s will rise to $22,500 for 2023, according to IRS Notice 2022-55. It’s a significant 9.8% increase from the current $20,500. IRS is also applying that $22,500 retirement plan contribution limit to employees who […]
New numbers from IRS will let businesses get rolling with updates for 2023. Cost-of-living adjustments for many items, such as fringe benefits, and tax information for 2023 are included in IRS Revenue Procedure 2022-38. Here are the details: How inflation will impact benefits Currently, an employee can ask Payroll to deduct up to $2,850 per […]
