The COVID-19 virus has caused many companies to abandon their workplaces and work from home or shut down temporarily. As the COVID-19 virus continues to majorly affect American workplaces, the government decided to make some changes.
Since the 2020 Federal Form W-4 was released, the elimination of withholding allowances has been a popular topic of discussion. Many states rely on federal allowances for tax withholding purposes. So, how will states react to the lack of federal allowances?
Some states have made changes to their taxable wage bases for 2020; however, others may announce their changes later this year or early in 2020.
Since withholding allowances may be a thing of the past, the IRS changed the name of the form from Employee's Withholding Allowance Certificate to Employee's Withholding Certificate. With the absence of allowances, this form uses your income, including income from multiple jobs and your spouse's income, to determine your withholding amount.
The Nebraska Department of Revenue is developing an employee Nebraska withholding allowance certificate form to determine the number of allowances for Nebraska income tax withholding purposes beginning with the year 2020. The new form will be similar to the federal Form W-4 that was in use immediately prior to the Tax Cuts and Jobs Act of 2017 (TCJA).
Cryptocurrency is a relatively new currency, so there is little guidance on how to handle this income. Any profits made on cryptocurrency are subject to a capital gains tax, and that percentage can reach to 37 percent of the profits.
The IRS has released a new draft of the 2020 Form W-4.
On Monday, May 13th, 2019, the Governor of Washington, Jay Inslee, signed a bill that creates a long-term care benefit.
If your tax return was rejected, you're not alone. Make sure you know what to do next to avoid more fees.
The winner of the Kentucky Derby receives a $2 million purse. Where does all of that money go? Also, bettors may need to pay pari-mutuel taxes depending on their odds.
The new Form W-4 is rumored to be ready soon. Symmetry Software is dedicated to providing updates to help you prepare.
Washington is launching a new online tool this spring delaying the reporting process to any time between July and August.
It’s no secret that taxes are complicated, confusing and even bizarre at times. There are many head-turning taxes out there including some in Hawaii, Kentucky and Nevada!
As 2019 is the last year that the Internal Revenue Service plans to use the system of allowances for federal income tax withholding, several states have already made changes to their withholding systems in advance of the scheduled 2020 federal changeover.
The Idaho State Tax Commission launched its first Idaho-specific W-4 form as well as an updated Withholding Tax Guide.
IRS Confirms Tax Filing Season Will Begin January 28 regardless of Government Shutdown
The Oregon Department of Revenue (DOR) is set to release a new state-specific Form W-4 in 2019.
Pennsylvania Act 32 streamlined local EIT collection, and Payroll Point is built to handle its provisions seamlessly.
Staying compliant with payroll can be complicated when strange laws come in to play.
Geocoding turns a non-exact description or addresses and normalizes it into a precise location.
There are over 130 payroll withholding forms - do you provide them all to your employees?
The 2018 W-4 eliminates personal and dependent exemptions the new law enhanced the pre-existing child tax credit.
Online local withholding forms are important in states and cities with complicated local taxes - having them on hand ensures proper tax withholding from the beginning of an employee's tenure.
Tax Increment Financing Taxes subsidize businesses for various community-improvement projects.
Building great payroll compliance habits can prevent audits and fines from government agencies.
JEDDs create a partnership between municipalities and townships to develop township land for commercial and industrial revenue, while JEDZ are alliances between local government and a township.
The Tax Cuts and Jobs Act signed into law late December 2017, dramatically shifted the tax code, altering rates, income brackets, and Form W-4.
In response to the Tax Cuts and Jobs Act, New York sued the federal government in early 2018.
Minnesota and Wisconsin had a withholding tax reciprocal agreement for over 40 years that ended in 2010 - and the debate is still going.
With minimum wage increases happening across the country, not all municipalities are ready to make the changes, like Cook County, Illinois, who has opted out of minimum wage increases.
When the Affordable Healthcare Act was passed, a strong mandate was given for employers with 50 or more full-time employees in the previous calendar year: provide insurance to all full-time employees, and prove it. If they don't, they will be penalized.
In September 2017, the President announced tax reform that ultimately would become the Tax Cuts and Jobs Act, transforming the tax bracket, and withholding forms process in America.
Kentucky has several unique programs to create jobs that come with taxes.
The Urban Growth Boundary of Oregon helps control urban expansion onto farm and forest lands, and ultimately deter an unsettling urban sprawl that could damage natural resources.
A PSD code stands for political subdivision codes. These are six digit numbers that identity municipalities (cities, boroughs, townships) in Pennsylvania.
Tax turtles are “itinerant workers" means a traveling worker with no real tax home - eliminating many potential tax breaks and creating complicated multi-state scenarios.
The Withholding Compliance Program analyzes wages and tax information on past W-2s to determine if individual taxpayers have had their taxes correctly withheld.
The first traces of a federal income tax occurred during the Civil War when President Lincoln signed the Revenue Act of 1861 into law.
The Fair Labor Standards Act (FLSA) regulates the following: basic wage standards, record-keeping, child labor, and equal pay.
Misclassifying an employee as an independent contractor comes with consequences from the IRS, including liability for the full amount of federal income tax and 100% of the employee and employer share of Social Security and Medicare taxes.
Employee misclassification occurs when an employer claims an employee is an independent contractor, thus removing the need to pay withholding taxes. The IRS has programs in place to detect this.
In September 2017, Form I - 9 was updated. Here's what it included.
Payroll professionals working and living in Pennsylvania are quite familiar with the state and local tax code - one of the most complicated in the country.
With the creation of online withholding forms, the number of errors (and headaches) for all involved in onboarding an employee has greatly reduced - so much so even employees recognize the benefits of an online form.
New employees need the proper employment withholding forms in order to stay compliant.
Certain minimum wage exceptions apply under specific circumstances to different categories of workers.
Federal minimum wage rate is the minimum wage applied by the federal government.
Minimum wage can cause stress for employers and It is important to know who is in charge of monitoring it.
This election year, increasing the minimum wage appeared in different legislative forms on state ballots across the country.
Tax evasion will land you behind bars and leave your employees questioning the company culture.
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