With the end of the year fast approaching, we have compiled some payroll and other tax-related information to help you plan for 2016. Here are a couple of items to note:
- There will be additional federal unemployment due for the following credit reduction states: CA, CT, OH and VI. This added tax is reported on the 2015 Form 940.
- Employers are required to report the cost of employer provided health insurance on employee W-2s for 2015, if 250 or more W-2s were filed for 2014. This reporting is informational only and does not impact the normal taxation rules for employer provided health insurance. The IRS has issued a health insurance chart to provide guidance on what should be reported for 2015.
We have also included for your convenience a summary of the 1099 reporting requirements for 2015 and an easy-to-use worksheet for preparing your 1099s. Your RKL team is always happy to help you with these filings. Please don’t hesitate to contact us with any questions.
2016 Payroll Requirements
2015 1099 Requirements