The due dates for providing the forms to the IRS (including the transmittal forms) has not been changed. The filing date for 2016 Forms 1094-B, 1095-B, 1094-C, or 1095-C with the IRS remains February 28, 2017, for those with 250 or fewer forms filing by paper, or March 31, 2017, if filing electronically.

With the new overtime rules coming into effect on December 1 now is a good time to review the general employer record keeping requirements.The following is a listing of the basic records that an employer must maintain: Employee’s full name and social security number. Address, including zip code. Birth date, if younger than 19. Sex and occupation. Time and day …

The FLSA ensures minimum wage and overtime pay protections for most employees covered by the Act. Some workers, including bona fide executive, administrative, and professional employees, are exempt from those protections. There are tests to determine which employees are EAP employees. But even if an employee meets the tests to be exempt they also must meet a minimum salary threshold. …

Cost-of-Living Adjustment (COLA): Based on the increase in the Consumer Price Index (CPI-W) from the third quarter of 2014 through the third quarter of 2016, Social Security and Supplemental Security Income (SSI) beneficiaries will receive a 0.3 percent cost of living adjustment for 2017. <p “=””>The 2017 tax rate for Social Security and Medicare Taxes remain unchanged at 7.65%. (Social …

Contribution Limits <p “=””>401K $18,000 for 2016 and 2017. The addition catch up amounts for individuals who are 50 or older before the end of the tax year is $6,000 for 2016 and 2017.<p “=””>IRA $5,500 for 2016 and 2017. The addition catch up amounts for individuals who are 50 or older before the end of the tax year is …

Revenue Procedure 2016-55 provides details about these annual adjustments. The tax year 2017 adjustments generally are used on tax returns filed in 2018. The standard deduction for married filing jointly rises to $12,700 for tax year 2017, up $100 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $6,350 in 2017, up from …

Although Oct. 17 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days after they leave the combat zone to both file returns and pay any taxes due.

North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal Revenue Service announced today. All workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization also qualify for …

Under the Protecting Americans from Tax Hikes (PATH) Act of 2015 passed by Congress and signed into law last year, any ITIN not used on a federal tax return at least once in the last three years will no longer be valid for use on a tax return as of Jan. 1, 2017. If a taxpayer has an ITIN that …

<p “=””>The IRS will give each taxpayer and their representative written notice that their account is being transferred to a private collection agency. The agency will then send a second, separate letter to the taxpayer and their representative confirming this transfer. <p “=””>These private collection agencies will work on accounts where taxpayers owe money, but the IRS is no longer actively working …