Year-End Reporting

As the New Year begins, it can mean only one thing; tax time is here again. With the onset of a new year, all businesses must disclose employee wage and vendor payments for the prior year through W-2 and 1099-Misc. forms. As you look to prepare these forms there are a number of things to keep in mind.

W-2 Reporting

This year, W-2 forms will include the additional .9 percent Medicare surtax and possibly health insurance premium reporting. Employees who had wages over $200,000, which resulted in the additional .9 percent Medicare surtax being withheld from their paychecks, will have that amount reported with their normal Medicare withholding in box 6 of the W-2. 

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Treasury Delays 2015 Employer Payments

Treasury Delays 2015 Employer Payments under Affordable Care Act for Certain Employers

On February 10, 2014, the Treasury Department issued final regulations on the Employer Shared Responsibility provisions of the Affordable Care Act. As part of these regulations, the Treasury provided certain employers with transition relief for the 2015 plan year. Under these rules, certain employers with less than 100 employees will not be subject to the Employer Shared Responsibility provisions for the 2015 plan year. In addition, other employers not excluded from the Employer Shared Responsibility provisions for 2015 will be eligible for reduced payments (penalties).

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