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Articles by James Paille
Managing tax overpayments and repayments
Overpayments and repayments are two of the most common anomalies that could complicate year-end and W-2 processing. Now is a great time to sort out any potential difficulties. Jump to: What is an overpayment on taxes? In simple terms, an overpayment on taxes is paying more than what is owed.
How Accounting Pros Can Leverage Technology to Overcome the Biggest Struggles
Take the long-term approach There is no single quick fix to in the ongoing talent and technology issues within accounting, so it is critical to think with a long-term strategy. The accounting industry has been talking about the move to the cloud for over ten years and the impact of AI on the profession for over five years.
5 Themes Shaping the Future of Accounting
For accountants to fulfill their full potential in the coming years, they will need to prepare for the following five fundamental changes. Recruiting and retaining top employees will force firms to break the status quo IRIS Software Group surveyed its customers and found that 70% listed recruiting and retaining good employees as their firm’s top challenge in 2023. But this is not surprising as more than 300,000 U.S. accountants and auditors have left their jobs between 2021 and 2022.
How to Protect Your Payroll in the Aftermath of the Silicon Valley Bank Crisis
This month’s Silicon Valley Bank (SVB) crisis has quickly become the second-largest bank failure in US history. With business leaders having haunting flashbacks to the 2008 financial crisis, the collapse of SVB was undoubtedly alarming and confusing as everyone moved swiftly to try and control the outcome.
How to Grow Your Firm with Payroll Services
In 2021, reported they offered payroll services to their clients. Accounting firms today know offering client payroll services can lead to significant revenue growth for their practice. Offering payroll can lead to an immense value add for your clients while boosting revenue and profits for your firm. Deploying the right payroll solution can help firms drive efficiencies, minimize time-consuming manual data entry tasks, and improve accuracy.
What you need to know about NACHA and ACH payments
Today, let’s talk about NACHA (National Automated Clearing House Association). For those not familiar, NACHA has built the standards, rules and best practices surrounding money movement in the United States. Simply put, NACHA is the rule maker and enforcement for all electronic transactions (i.e. direct deposit for payroll companies).
Thomson Reuters Tax & Accounting
The pre-draft 2019 W-4 has been released, and it’s a major change from previous versions of the W-4. The new W-4 doesn’t have a way to number allowances — instead, four new boxes that instruct the taxpayer to predict income and deductions replace the old exemption numbers. The lines are as follows: Filing status: Line 3 is used to indicate the employee’s tax filing status.
State-by-State Listing of Paycards
There has been much talk and a lot of reports on the use of paycards. Every day, more workers insist on using paycards to receive their wages. I’m often asked if paycards are legal to use in various states. The simple answer is that all states allow paycards — many states, as well as the federal government, do not have any provisions for regulating paycards, thus making the use legal. As a payroll provider, you may want to gain a competitive edge by offering the service.
Payroll Filing Deadlines for 2018
Let’s review certain payroll filing deadlines for the new year. As you’re reading this, the deadline has passed for filing employer copies of federal W-2s (and most states) and 1099s that have box 7 data (non-employee compensation), as well as distribution of employee copies and recipients of 1099s with box 7 amounts. 1095-Cs to employees were extended to February 28.
Payroll Rates for 2018 - Thomson Reuters Tax & Accounting
It’s time once again to post the federal limits that payroll professionals need — this time, for 2018. We expect changes to be frequent, and this year may end up with very different results; however, this information is accurate as of the writing date of this article (January 2, 2018). Also, this year’s limits may change due to the recent passage of the Tax Cuts and Jobs Act — and, in fact, some current tax exempt items could become taxable.
New rates for 2018 - Thomson Reuters Tax & Accounting
With the new year comes new rates. The federal rates are already set, but many state rates — especially State Unemployment Insurance (SUI) — are still being updated. Due to a continuing low consumer price increase, many rates stay the same — however some, like 401(k)s, have had small increases. As of writing this report, the IRS has not extended 1095-C filing deadlines, which remains January 31, 2018 for the employee copies.
Minimum Wage Changes for 2018 - Thomson Reuters Tax & Accounting
Several states and localities have announced minimum wage changes for 2018. Twenty-seven states — plus Washington, D.C. — index their minimum wages to rise automatically with the cost of living. More states will index minimum wage increases annually, starting in the following years, like: Minnesota (2018), Michigan (2019) and Vermont (2019). The following charts show the state minimum wage changes and proposals for 2018.
Recharge your payroll skills on per diems - Thomson Reuters Tax & Accounting
Per diems are a great way to control travel and entertainment expenses — and both small and large companies take advantage of this program. The federal government and all states have three systems to compensate employees for per diems. Using per diems not to exceed federal rules are a worry-free, documentation-free way for employers to cover expenses while employees travel overnight for business.
EFTPS email system is live - Thomson Reuters Tax & Accounting
In 2012, the IRS initiated Rev. Proc. 2012-32. This ruling made it mandatory for all payroll service providers (PSP) to inform their clients — initially upon contract and at least every quarter — that they are filing returns and/or paying taxes on behalf of the clients. The PSP were supposed to encourage their clients to sign up for the Electronic Federal Tax Payment System (EFTPS) and check their deposits frequently. The PSP were also mandated to use EFTPS to make these payments.
Payroll Updates — New Email Options for EFTPS Users, Accelerated W-2s and 1099s - Thomson Reuters Tax & Accounting
Electronic Federal Tax Payment System (EFTPS) users now have the option to receive emails from the IRS about their electronic tax payments. You can sign up for payment status emails by visiting eftps.gov/eftps. EFTPS is the electronic funds transfer (EFT) system used by the Treasury Department to collect federal employment tax deposits (FTDs). Employers must make all FTDs by EFT. Payroll service bureaus make deposits via batch or bulk process — batch is the most common method.
The Trump Budget Proposal and the Year So Far - Thomson Reuters Tax & Accounting
It’s hard to believe that we’re already more than halfway through 2017. Calendar year 2017 began with high anticipation of a historic year of tax reform and changes. It is now July and there has been very little change, as of the time of this writing. Here’s what we do know: The original Affordable Care Act (ACA) has been repealed in the House only, without a concrete replacement. So as of this time, nothing changes — the ACA is still here, and 1094s and 1095s all stay in place.
Unemployment Rates and Important Due Dates - Thomson Reuters Tax & Accounting
This month, let’s discuss unemployment rates. Most states set unemployment rates using individual company fund balances, type of industry and experience. The following states also allow companies to “buy down” their individual unemployment rates for the next year by making a voluntary contribution. This calculation is available on the state websites (e.g. Massachusetts website).
Legislation Changes Impacting Payroll - Thomson Reuters Tax & Accounting
It’s springtime — also known as the perfect time to review legislative changes in the payroll arena! In what was expected to be a busy year with changes, due to the new Trump administration, the short-term results have been rather interesting.
Minimum Wage Updates for 2017 - Thomson Reuters Tax & Accounting
Let’s review minimum wage pay rates. There’s the federal minimum wage of $7.25, as well as state minimum wage, local minimum wage and tipped minimum wage rates. Below is a list of minimum wages by state, as well as tipped minimums. Please note that local rates can affect the states if the locals are higher. Twenty-seven states had minimum wage changes effective in 2017 — and you can expect more changes coming in the future. Want more resources?
Legislation Updates for 2017 - Thomson Reuters Tax & Accounting
Let’s take a look at what we can anticipate in the next few months with potential new legislation. Federal health reform — President Trump wants to replace the Affordable Care Act…what he’ll replace it with is anyone’s guess. What we know for now is that the ACA is here to stay for 2017 and possibly longer. Forms 1094 and 1095 will most likely survive for at least this year, so make sure to keep tracking.
Final Pay Information for Terminated Employees - Thomson Reuters Tax & Accounting
“When do I need to give an employee their final pay?” This question comes up frequently — even daily for some companies. Let’s say you’ve made the difficult decision to terminate an employee. The rules and timing of their final paycheck is determined by the state in which the employee works. For some states the final payment can be delivered on the next regular scheduled payday — however, certain states require the employer to accelerate the payout date.
Looking Forward: Payroll in 2017 - Thomson Reuters Tax & Accounting
As we prepare for a new administration, let’s take a look at what we know, what will change and what 2017 may bring. What we know and what will change: One thing is certain—the 2018 Trump budget proposal, which will come out in early spring 2017, will be eye-opening. Make sure to watch for my upcoming reports on payroll impact. No matter which way you lean politically, fasten your seatbelts! 2017 will be an interesting year.
Payroll Compliance Information: New Rates in 2017 - Thomson Reuters Tax & Accounting
2017 brings new state and federal rates, accelerated W-2 filings and ACA reporting requirements. Due to a low consumer price increase this year, many rates stay the same with a glaring exception—the 2017 Federal Insurance Contributions Act (FICA) wage base. And remember, January 2017 brings Affordable Care Act reporting for applicable large employers (ALEs)—all ALEs will have to provide every employee with a Form 1095-C by March 2, 2017.
Minimum Wage Changes for 2017 - Thomson Reuters Tax & Accounting
Several states and localities have announced minimum wage changes for 2017. Twenty-five states, plus the District of Columbia, index their minimum wages to rise automatically with the cost of living. Four more states, also including the District of Columbia, will index minimum wage increases annually beginning in future years: Alaska (2017), Washington, D.C. (2017), Minnesota (2018), Michigan (2019) and Vermont (2019).
State-by-State Reciprocity Agreements - Thomson Reuters Tax & Accounting
Reciprocity agreements mean that two states allow its residents to only pay tax on where they live—instead of where they work. For instance, this is particularly important to higher wage earners who live in Pennsylvania and work in New Jersey. Pennsylvania’s top rate is 3.07%, while New Jersey’s top rate is 8.97%. The following states have reciprocal agreements: *After nearly forty years, the reciprocity agreement between New Jersey and Pennsylvania will end on December 31, 2016.
Same Day ACH is Almost Here - Thomson Reuters Tax & Accounting
On September 23, 2016, Same Day ACH becomes a reality. Let’s take a few minutes for a refresher. The Electronic Payments Association (NACHA, previously the National Automated Clearing House Association) has adopted a rule to move payments faster by enabling same day processing for ACH payments. Currently, NACHA moves money between financial institutions with a guarantee of 48-hour transactions. In the past, in order to move money faster, an expensive wire transfer was required.
5 Hiring Trends to Watch in 2016
The new year rings in new minimum wage rates, as well as new ACA reporting requirements. Keep in mind that January 2016 brings ACA reporting for ALEs-therefore, all ALE employers will have to provide every employee with a Form 1095-C by January 31...
How to Grow Your Payroll Business by Asking Your Clients for Referrals
4 Reasons Employees Leave One of the most sinking feelings a manager gets is when a good, solid performer utters these words: "I'm going to... Minimum Wage Changes to Hit Several States in 2016 Fifteen states, plus the District of Columbia, index their minimum wages to rise automatically with the cost of living. Ten states currently index minimum wage increases each year: Arizona, Colorado, Florida, Missouri, Montana, Nevada, New Jersey...
What's Ahead for Affordable Care Act Compliance in 2016?
What's Ahead for Affordable Care Act Compliance in 2016?
IRS Not Doing Enough to Fight Business Tax ID Theft
Now Is the Time to Use Flex Spending Accounts or Roll Over $500 The Internal Revenue Service is reminding eligible employees that now is the time to begin planning to take full... When scanning to an iOS or Android mobile device with the "ScanSnap Connect" app or launching ScanSnap Organizer on... The report offers tax planning tips that highlight the opportunities and challenges faced by taxpayers in today’s...
State by State Due Dates for Form W-2
Recession Hangover: Most Americans Still Experiencing Financial Difficulty, Says Survey The number of employees living paycheck to paycheck has increased from last year, according to the 2015 "Getting... Intuit Turns to Wind Power for its Offices The maker of small business accounting and tax tools will be switching its Plano, Texas (Dallas) technology... CPAs in Illinois Reach Out for Community Action More than 1,200 Certified Public Accountants in Illinois got out of their offices on Sept.
Trump Says Some Wealthy Should Pay Higher Taxes, Including Himself
There was once a time when - if the employee turned in a W-4 with more than 10 exemptions - the W-4 needed to be sent to the federal government for verification. This requirement no longer exists, except for California state withholdings.
Health Savings Accounts (HSAs): A Win-Win-Win
HSAs were implemented in 2004 in the United States to provide a medical savings account for individuals who were...
IRS Data Breach Was Much Worse Than Initially Thought
Now is the perfect time to look at the fringe benefits you provide to your employees. This specific taxation is a main focus of the IRS right now, and they recently conducted several free webinars to review the taxability of fringe benefits.
5 Tips for Using Social Media for Employee Recruiting
Ultimately, each person must be his or her own best financial advocate. It may take a team of professionals in... Which U.S. Cities are the Most and Least Educated? In states with the least schooled workforces, the median wage is $15 an hour compared with $19 to $20 an hour in... Farmland near Corcoran in the southern San Joaquin Valley sank 13 inches in just eight months last year. To the...
Tips to Get the Most Tax Benefit From Car Donations to Charity
There was once a time when - if the employee turned in a W-4 with more than 10 exemptions - the W-4 needed to be sent to the federal government for verification. This requirement no longer exists, except for California state withholdings.
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