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Total Articles: 12

Everything Old Is New Again: Sharing Economy Companies Start Hiring W-2 Employees Instead Of Contractors

Gig companies – at least some – are discovering the upside to hiring W-2 employees.

It's W-2 Phishing Season: How to Stop, and Respond to, Tax-Related Identity Fraud Aimed at Your Organization's Employees

HR and payroll professionals nationwide have been, and will continue to be, targeted with e-mails apparently sent by a senior executive but actually sent by scammers who ask for a prompt reply with the 2016 W-2s for all of the organization’s employees. While reliable statistics are not yet available for the current tax season, the IRS revealed in 2016 that it had received more than 1,000 reports of tax-related phishing scams in January 2016 alone and that, in just the first half of last year’s tax season, it had already experienced a 400% year-over-year increase in these scams. In February 2017, the IRS issued an “urgent alert to all employers,” warning that the W-2 phishing scams have “evolved beyond the corporate world and [are] spreading to other sectors, including school districts, tribal organizations and nonprofits.”

Form W-2 Scams Targeting HR and Payroll Resurface, IRS Warns

The IRS has issued a warning to HR and payroll professionals about an email scam that falsely uses the name of an actual corporate officer within their own organization to request employees' Forms W-2 containing their personal identifying information, including names, Social Security numbers (SSNs) and income information.

IRS Provides Guidance on Safe Harbor for De Minimis Errors Made on Forms W-2, 1099

The IRS has issued Notice 2017-09, which provides for a safe harbor for filers that have made de minimis errors on certain IRS forms.

Payroll’s Guide to 2016 Form W-2 Year-End Processing

Even though tax year 2016 did not see major legislative changes related to payroll processing, the significant effects of the Protecting Americans from Tax Hikes (PATH) Act of 2015 is undoubtedly on the minds of all payroll professionals.

Form W-2 Cybercriminals Target HR and Payroll

HR and payroll professionals are falling prey to a current phishing scheme that lures them to respond to emails purportedly sent by company executives requesting private employee information, the IRS warned today. The scam tricks those in HR and payroll into emailing private employee data, such as Forms W-2 containing employees' Social Security Numbers (SSNs) and other personally identifiable information, to cybercriminals.

Accelerated Form W-2 Filing Deadlines Top-of-Mind For 2016

At this time of year, HR and payroll professionals are currently busy filing their usual year-end employment tax returns and making system changes for 2016. But on top of that, employers in some states will have to deal with the additional burden of having to file Forms W-2, Wage and Tax Statement, even earlier. This emerging trend is part of an overall state and federal government effort to prevent tax refund fraud.

IRS Launches Early Interaction Initiative

The IRS has launched an Early Interaction Initiative, aimed at helping employers understand and meet their payroll tax responsibilities. The initiative, which is geared toward small businesses and the self-employed, may help reduce employment tax delinquencies, along with interest and penalties, which may accrue as a result of an employer missing required payments.

New IRS Rules Eliminate Automatic Form W-2 Filing Extension

The IRS has issued a set of final, temporary and proposed regulations that remove the automatic extension of time to file information returns on the W-2, Wage and Tax Statement, series of forms (except Form W-2G, Certain Gambling Winnings). The temporary regulation allows only a single 30-day nonautomatic extension of time to file Forms W-2. The IRS says it is implementing these changes to accelerate the filing of W-2 series forms so they are available earlier in the filing season for use in the IRS's identity theft and refund fraud detection processes. Comments are requested on the proposed rules.

Credit Monitoring Services Following Data Breach NOT Taxable Income to Employees, IRS Announces

When an employer is responding to a breach of their employees’ personal information, one of the last things they may think about is whether the value of the credit monitoring or other identity protection services they make available to affected employees should be considered taxable to the employees and reported as such. In Announcement 2015-22, the Internal Revenue Service clarified that it will not consider the value of such services provided by the employer to employees to be gross income or wages to the employees. The IRS also stated it will not take the position that the employees should include the value of such services as gross income on their personal income tax returns.

IRS Issues Interim Guidance on Abatement of Failure to Deposit Penalty For 'Unbanked' Business Taxpayers

The IRS has issued a memorandum (#SBSE-04-0615-0045) providing interim guidance on abatement of the failure to deposit penalty under Internal Revenue Code (IRC) § 6656. The guidance applies to businesses that are unable to get a bank account (the unbanked) or make other arrangements for making federal tax deposits of corporate income, employment (Social Security and Medicare) and excise taxes using the Electronic Federal Tax Payment System (EFTPS), as required by IRC rules.

Untangling Healthcare Reform Form W-2 Reporting Requirements for PEOs

Executive Summary: With the re-election of President Obama and the Supreme Court's recent decision upholding portions of the Affordable Care Act (the "ACA"), health care reform is here to stay for the foreseeable future. Though limited challenges to the law are still pending, employers must prepare to comply with the many ACA requirements of 2013 and beyond.