IRS issues 2019 draft Form W-4

The IRS has issued a 2019 draft of Form W-4 plus instructions. Early release drafts are at, and may remain there even after the final release is posted at Comments can be submitted to The 2019 Form W-4 has new lines and withholding is calculated in a different way from previous Forms […]

Pension & Benefits NetNews – June 12, 2018

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Proposed regulations modify electronic filing requirement for information returns

The IRS has proposed regulations that would change the rules for determining whether a person must file information returns electronically. Under the new rules, all information returns, regardless of type, must be taken into account to determine whether a person meets the 250-return threshold for the electronic filing requirement. Further, electronic filing of corrected information […]

IRS addresses claims for adjustments made after calendar year

An employer may file a Form 941-X, Adjusted Employer’s Quarterly Federal Tax Return or Claim for Refund, after the calendar year end depending on whether the employer discovered the withholding error and repaid or reimbursed the employee prior to the end of the calendar year. While there may be varied scenarios of when and how […]

Self-insured group health plans covered approximately 34 million participants, DOL annual report finds

The Department of Labor (DOL) has released to Congress its eighth annual report on self-insured group health plans with data from Form 5500, Annual Return/Report of Employee Benefit Plan, as well as data from certain financial filings of self-insured employers. Approximately 54,500 health plans filed a Form 5500 for 2015 (the most recent complete data […]

New Mexico issues revised 2018 withholding tables

New Mexico has issued withholding tables for wages paid on and after January 1, 2018. The tables were revised due to the changes in federal tax law. State income tax liability was not reduced based on the number of personal exemptions claimed by a taxpayer. Although the standard deduction amount was increased for all taxpayers, […]

Spencer’s Benefits NetNews – June 8, 2018

  About this Newsletter The Spencer’s Benefits Reports is a summary of the week’s news items posted in the WHAT’S NEW pages of Spencer’s Benefits Reports Online. For questions regarding this email service, contact Customer Service at (800)449-9525. NetNews Subscription Want to receive these Newsletters via E-mail? Sign Up / Unsubscribe Resources Online Store […]

Biggest chunk of the health care dollar goes to prescription drugs

The greatest percentage of the health care dollar goes to prescription drugs, at 23.2 cents, according to research from America’s Health Insurance Plans (AHIP) and Milliman. The survey examined commercial health plan data from 2014 to 2016. The analysis found: 23.2 cents goes to pay for prescription drugs; 22.2 cents goes to pay for doctors; […]

Iowa Governor signs tax reform bill

Iowa Governor Kim Reynolds signed a tax reform bill into law on May 30. 2018 personal income tax changes. Changes that affect the 2018 tax year include: the earned income tax credit would be tied to the Internal Revenue Code (Code) as in effect on January 1, 2016; changes made by the federal Tax Cuts […]

Standard mileage rates updated to reflect elimination of miscellaneous itemized deductions

In Notice 2018-42, the IRS has updated Notice 2018-3, to reflect changes to the tax law made by the Tax Cuts and Jobs Act (TCJA; P.L. 115-97). Changes impacting Notice 2018-3 include: the suspension of the deduction for un-reimbursed employee expenses; the suspension of the deduction for move related expenses; and the increase of depreciation […]