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The Affordable Care Act brought about many significant changes for employers, one of them being how we classify part-time workers.  Beginning back in January, 2014 companies started facing the decision on whether they would “play or pay”.  Play would mean adhering to the ACA guidelines in tracking variable employee hours to determine if they meet ... Variable Hour Tracking Under the Affordable Care Act

The new reporting requirements that come with the Affordable Care Act are more than some employers would like to deal with alone and in-house.  This upcoming filing year will be the first reporting year where it is mandatory to file the 1095 form series so being prepared and getting a solution in place should be ... ACA Reporting and Compliance – getting ready.

The Affordable Care Act (ACA) signaled the biggest change in health insurance policy in 20 years and inevitably had big impacts on the employers it targeted. In the eyes of many people the law seems to be an issue that would mainly impact HR and employee benefits. However, the unforseen side effects that have arisen ... ACA Externalities to Employers

With Affordable Care Act requirements becoming a reality the importance of how a worker is defined as an employee or independent contractor is vital.  The responsibilities that come with having employees is federal and state tax withholding, anti-discrimination, health care, pension, worker’s compensation and unemployment insurance.  By categorizing them as independent contractors employers can legally avoid ... How do we differentiate an employee from an independent contractor?

On November 7, 2014 the IRS released a new form W-9 draft which is designated for Request for Taxpayer Identification Number and Certification.  See http://www.irs.gov/pub/irs-dft/fw9–dft.pdf for the early release instructions for this draft form. Make sure you understand that this is only a draft and until it is officially released as final continue to use ... IRS Releases New Draft of form W-9

The IRS has published a long Q&A dialogue concerning the ACA reporting rules that apply to employers that meet the federal mandate. This information that can be found on the IRS website  was released at the end of November.  Although, it was released before the 2014 tax year the information required under section 6056 is ... IRS Finalizes ACA Reporting Rules for 2015

Each year the IRS updates Publication 1220 as an instructional document for rules and regulations regarding forms: 1097, 1098, 1099, 3921, 3922, 5498, and W-2G.  In addition the document gives guidance to state reporting requirements involving the Combined Federal/State Filing Program (CF/SF). For tax year 2014 here are some of the adjustments that tax filers ... IRS Releases Publication 1220 for Tax Year 2014

In late August the Internal Revenue Service released a second consumer alert to remind taxpayers of instances of continued phone scamming. A common trick these scammers are using is the approach that they need some private information or money sent in order to release your tax refund.  Not only are these calls particularly aggressive but ... IRS Phone Scammers steal an estimated $5 million since 2013

Since FATCA has gone into place it has garnered a large amount of opposition and created some unforeseen externalities. However, international financial institutions are still readily signing up to report to the IRS via an online portal. The update named Rev. Proc.2014-38 supersedes 2017-13 is available, here. Rev. Proc. 2014-38 also provides guidance to FFIs ... Updated FFI Agreement Released

Some natural disasters are more common in the summer. But major events like hurricanes, tornadoes and fires can strike any time. It’s a good idea to plan for what to do in case of a disaster. You can help make your recovery easier by keeping your tax and financial records safe. Here are some basic ... Keep Your Records Safe

1. If a payer reports the information that a payee provides and after the return is filed, the payee presents new information and requests a corrected return, the payer is not required to file a correction. However, depending on the customer service relationship the payer has with the payee, the payer may choose to file the correction.   2. A payee may present ... 5 FAST FACTS: WHEN NOT TO FILE A 1099 CORRECTION

The IRS renewed its Oct. 2013 warning about a pervasive phone scam that continues to target people across the nation, including recent immigrants. The Treasury Inspector General for Tax Administration called it the largest scam of its kind. As of March 20, TIGTA reported that it has received reports of over 20,000 contacts related to this ... IRS WARNS AGAINST PERVASIVE PHONE SCAM