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Featured This Week

Payroll Management Guide
  • North Carolina victims of Hurricane Florence granted tax relief
  • WK projects annual inflation amounts for 2019
  • Ohio issues 2018 Form W-2 electronic filing specifications
  • Interest rates remain the same in the fourth quarter of 2018
Unemployment Insurance Reports with Social Security
  • SSA announces new matching program with the Fiscal Service
  • SSA announces updated schedule of standardized administrative fees


Payroll Management Guide

North Carolina victims of Hurricane Florence granted tax relief

The president has declared a federal disaster area in North Carolina. The disaster is due to Hurricane Florence, which began on September 7, 2018. The disaster area includes the following counties: Beaufort, Bladen, Brunswick, Carteret, Columbus, Craven, Cumberland, Duplin, Harnett, Lenoir, Jones, New Hanover, Onslow, Pamlico, Pender, Robeson, Sampson, and Wayne. Thus, taxpayers who live or have a business in the disaster area may qualify for tax relief.

        (Read Intelliconnect) »

WK projects annual inflation amounts for 2019

Annual inflation-adjusted amounts for tax year 2019 are projected by Wolters Kluwer. The projected amounts include 2019 tax brackets, the standard deduction, alternative minimum tax amounts, among others. The projected amounts are based upon Consumer Price Index figures released by the U.S. Department of Labor on September 12, 2018. The Tax Cuts and Jobs Act of 2017 (TCJA) (P.L. 115-97) mandated a change from the Consumer Price Index for All Urban Consumers (CPI-U) to the Chained Consumer Price Index for All Urban Consumers (C-CPI-U). Official amounts for 2019 should be released by the IRS later in 2018.

        (Read Intelliconnect) »

Ohio issues 2018 Form W-2 electronic filing specifications

The W-2 specifications for tax year 2018, that are submitted in calendar year 2019 (due date January 31, 2019), are now available on the website www.tax.ohio.gov. The Ohio Department of Taxation follows the EFW2 layout required by the Social Security Administration for the federal W-2 and the specifications outlined in IRS Publication 1220 for the federal 1099-R. Employers that issue 250 or more W-2 forms and/or 1099-R forms must send this information to us on magnetic media using the approved format. Employers that issue fewer than 250 W-2 forms and/or 1099-R forms are also encouraged to send this information to us on magnetic media. Some important points to remember when submitting 2018 W-2.

        (Read Intelliconnect) »

Interest rates remain the same in the fourth quarter of 2018

The IRS has announced that interest rates will remain the same for the calendar quarter beginning October 1, 2018. The interest rates will be 5% for overpayments (4% in the case of a corporation) and underpayments, 7% for large corporate underpayments and 2.5% for the portion of a corporate overpayment exceeding $10,000. The interest rates are computed by using the federal short-term rate based on daily compounding determined during July 2018. The rate of interest is determined on a quarterly basis. (Rev. Rul. 2018-25, IR-2018-181, IRB 2018-39, September 24, 2018.)

        (Read Intelliconnect) »

Unemployment Insurance Reports with Social Security

SSA announces new matching program with the Fiscal Service

In accordance with the provisions of the Privacy Act, the SSA has issued a notice announcing a new matching program with the Bureau of the Fiscal Service, Department of the Treasury (Fiscal Service).The agreement sets forth the terms, conditions, and safeguards under which the Fiscal Service will disclose ownership of Savings Securities data to the SSA. This disclosure will provide the SSA with information necessary to verify an individual's self-certification of his or her financial status to determine eligibility for low-income subsidy assistance (Extra Help) in the Medicare Part D prescription drug benefit program established under the Medicare Prescription Drug, Improvement, and Modernization Act of 2003.

        (Read Intelliconnect) »

SSA announces updated schedule of standardized administrative fees

The Social Security Administration charges standardized fees for various nonprogram-related information requests. The agency originally charged for this information on a case-by-case basis, but the process was "unwieldy and inefficient." Standardized fees provide consistency and ensure that the agency recovers the full cost of supplying information when it receives a request for a purpose not directly related to the administration of a program under the Social Security Act. The agency is authorized under Social Security Act §1106 to charge for providing information.

        (Read Intelliconnect) »




Payroll Resources from Wolters Kluwer
About this Newsletter

Payroll and Unemployment Insurance NetNews is a current summary of federal and state employment laws and regulations, compliance issues, and other topics related to proper handling of day to day workplace matters. This timely information comes from the Payroll Management Guide and Unemployment Insurance Reporter with Social Security.

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