Current News about Payroll Services
IRS Alerts Payroll and HR Dept. Professionals to Phishing Scheme Involving W-2s Copied from the official IRS News Release 3/1/16 IR-2016-34, March 1, 2016 WASHINGTON – The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives [...]
Good news for Tennessee employers! The Tennessee Department of Labor and Workforce Development announced on Jan. 25 that effective Jan 1, 2016, the state's unemployment-taxable wage base was reduced from is $9,000 to $8,000, This decrease indicates an increase in the balance of the state's unemployment trust fund on Dec. 31, 2015, ranging from $900 [...]
Now that W-2 season is upon us, it is important that you notify certain employees about their eligibility to the Earned Income Credit. As per the IRS: Employers "must notify employees who have no federal income tax withheld that they may be able to claim a tax refund because of the EIC. Although you don't have [...]
After consulting with key stakeholders, Treasury and IRS officials have determined that additional time is needed for employers, insurers and other providers of minimum essential coverage to adapt and prepare their systems and procedures to gather, analyze, and report information about the health coverage they offer and provide and thus announced extensions of the due [...]
The Internal Revenue Service announced that most pension plan amounts, including the deferral limit for Section 401(k)-type plans and other retirement-related programs, will remain unchanged for 2016. The IRS noted that because the increase in the third-quarter 2015 cost-of-living index did not meet the statutory thresholds that trigger adjustments, the deferred compensation plan limits will generally [...]
As part of the new budget deal just signed into law, the IRS and Social Security Administration will now require all businesses to submit the employer copies of the W-2 and the W-3 to the SSA by Jan. 31. While the employee copy still needs to be issued by Jan. 31, previous required procedures allowed [...]
Time & Pay's Holiday Hours Christmas, Friday, Dec 25: We will be closed on Christmas day. All banks will be closed on Christmas day. If you pay via Direct Deposit, and want to make sure employees are paid that week, your check date will be changed to Dec 24 and payroll needs to be processed [...]
Dec. 17, 2015 The IRS announced today that the standard business mileage rate for vehicular transportation or travel expenses will be reduced to 54 cents a mile in 2016. It was 57.5 cents a mile in 2015. The rate for medical care or the use of an automobile as part of a move for which [...]
The Labor Dept is now looking at July 2016 to implement their new rules regarding the pay threshold for those employees who will be subject to Overtime. The current rule states that any salary employee who is part of management and is paid more than $23,660 per year is exempt from OT pay. President Obama, [...]
We get many questions regarding employer’s responsibilities in terminating an employee and the Tennessee Separation Notice requirements. As the Notice states, employers are required to provide the terminated employee with the Separation Notice within 24 hours of termination. The easiest way to do this is to give the individual the Notice when they are going out [...]