IRS grants more relief to Hurricane Michael and Florence victims

More Hurricane Michael and Florence victims get tax relief from the IRS. The IRS is offering this relief to any area designated by FEMA as qualifying for individual assistance. Currently, the Michael and Florence disaster areas includes parts of: Florida, Georgia, North Carolina, South Carolina, and Virginia. The current list of eligible localities available on […]

Florida’s minimum wage increases to $8.46 on Jan. 1

The minimum wage in Florida will increase to $8.46 per hour, effective January 1, 2019, according to the Florida Department of Economic Opportunity in an October 15 Notice. Florida law requires the Department to calculate a minimum wage rate each year, based on the percentage increase in the federal Consumer Price Index for Urban Wage […]

CMS announces 2019 Medicare Parts A & B amounts

The Centers for Medicare & Medicaid Services (CMS) announced the 2019 premiums, deductibles, and coinsurance amounts for Medicare Parts A and B. Medicare Part B Premiums/Deductibles The standard monthly premium for Medicare Part B enrollees will be $135.50 for 2019, a slight increase from $134 in 2018. An estimated 2 million Medicare beneficiaries (about 3.5 […]

IRS issues proposed rules on De Minimis error safe harbors

The Treasury Department and the IRS have proposed regulations on the penalties for failure to file correct information returns under Code Sec. 6721 and failure to furnish correct payee statements under Code Sec. 6722. The proposed regulations: contain safe harbor rules that generally treat as correct payee statements or corresponding information returns that contain errors […]

IRS pulls back 2019 Form W-4 changes

The IRS will not be making major changes to the 2019 version of Form W-4, Employee’s Withholding Allowance Certificate, after all, according to the newly released draft version. The 2019 version of Form W-4 will be similar to the 2018 version. Earlier this year, the IRS released a draft version of the 2019 Form W-4—along […]

South Carolina updates Code conformity

South Carolina has updated its Internal Revenue Code conformity date from December 31, 2016, to February 9, 2018. This incorporates federal changes from the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018. (H.B. 5341, Laws 2018, effective October 3, 2018, applicable to tax years beginning after 2017.) Visit our […]

Delaware makes no changes in 2018 W-2 and 1099 filing requirement

The Delaware Division of Revenue has issued its answers to frequently asked questions (FAQs) on W-2 and 1099 personal income tax withholding requirements. The division clarified that no changes have been made to procedure and file format for the 2019 reporting period. All employers are encouraged to submit annual W-2 and 1099 reports online. An […]

New Jersey’s minimum wage increases to $8.85 per hour on Jan. 1

The minimum wage rate in New Jersey will increase from $8.60 per hour to $8.85 per hour on January 1, 2019. The Department of Labor and Workforce Development has requested, and the Office of Administrative Law has agreed to permit, an administrative change to New Jersey Administrative Code 12:56-3.1(a), to reflect the new wage rate […]

2019 OASDI tax and earnings base increases to $132,900; COLA is 2.8%

Social Security beneficiaries will see an increase in their monthly checks in 2019—2.8%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,461 for all retired workers in 2019, $39 a month more than in 2018. The COLA increase will be applied to this coming year’s benefits, beginning with benefits for […]

Indiana announces changes to local income tax rates

The Indiana Department of Revenue has issued a new release listing changes in some county income tax rates. The supplemental wage rate remains 3.23%. The notice will be reproduced in the Payroll Management Guide at ¶6218 in a future release. Some of the county rates have changed since the previous notice. The rate for DeKalb […]