The tax law passed by Congress and signed by President Obama on December 18 contains some payroll tax provisions that are of interest to employers. Here are four changes in the Protecting Americans from Tax Hikes Act of 2015 (PATH Act).
Nov. 27, 2015
By Tonya Layman
Atlanta Business Chronicle
'Tis the season for shopping, eating, merriment and enjoying friends, coworkers and family. Notice slacking off at work doesn't make the list. So while the things on the to do list may be longer than Santa's nice list, some local CEOs say it is not OK to let work duties slide.
CertiPay is proud to be mentioned on Florida Trend's exclusive list of the state's largest privately-held companies for 5 years in a row. Although CertiPay is well-established in our industry, we continue to grow due to our dedication to superior client service. This year, we add an online Benefit Enrollment System to our customized Payroll and Human Resources Solutions.
From providing outstanding client service to developing market leading technology, we strive to give our clients the best experience possible.
Your company's payroll, employee benefits and HR functions need to work hand-in-hand to meet the reporting requirements of the Affordable Care Act, the IRS warns. That's because the information necessary for filing Forms 1094 and 1095 is generally housed in different departments. With the filing deadline looming in early 2016, employers must ensure they can compile the data in time.
Except for in very small companies, payroll, human resources and employee benefits are generally handled by separate offices. However, compliance with the Affordable Care Act (ACA) and the need to file certain forms may make it necessary for the three functions to cross over, to some degree.
"Regardless of which department is ultimately tasked with the responsibility for completing the forms, it is clear that they will have to work together because each department will probably control the system housing some of the data that must be reported," states the IRS in its publication SSA/IRS Reporter.
The federal government is always on the lookout for businesses that improperly classify workers as independent contractors rather than employees. But the heat was recently turned up even more.
The issue of worker classification has many tax and benefit implications. And it continues to be problematic for employers.
The ACA has added numerous requirements for employers and individuals. Your company may have to gather information from various computer systems in order to comply with the law. Even worse, you could be assessed steep penalties if you don't follow all of the complex rules. We can assist with these requirements in many ways.