Special Updates: Same-sex couples, legally married in jurisdictions that recognize their marriages,will be treated as married for all federal tax purposes (including employee benefits). More specific IRS guidance includes: Agency guidance released by the U.S. Treasury Department and the IRS addresses the recognition of same-same marriage in the wake of the U.S. Supreme Court ruling […]
Employers should note that a new IRS Form replaces the “Third-Party Sick Pay Recap” previously reported on Form W-2, Wage and Tax Statement. For wages paid in 2014, new Form 8922, Third-Party Sick Pay Recap, is used to reconcile employment tax returns with Forms W-2 when third-party sick pay is paid. Background Third-party sick pay […]
If you decided to skip health insurance this year, consider this: Unless you can prove you have a valid excuse, you will be liable for a penalty during the coming tax season — and the time to start making your case is now. That’s not all. People who bought subsidized insurance through one of the […]
If you got health coverage through President Barack Obama’s law this year, you’ll need a new form from your insurance exchange before you can file your tax return next spring. Some tax professionals are worried that federal and state insurance marketplaces won’t be able to get those forms out in time, creating the risk of […]