IRS issues 2015 Pubs. 15 and 15-A

The IRS has issued IRS Pub. 15, (Circular E), Employer’s Tax Guide, and Pub 15-A, Employer’s Supplemental Tax Guide (Supplement to Publication 15 (Circular E), Employer’s Tax Guide). Among other things, the publications include all of the 2015 withholding tables. All the withholding tables are reproduced in the CCH Payroll Management Guide beginning at ¶11. Some new items include:

COBRA premium assistance credit

Effective for tax periods beginning after December 31, 2013, the credit for COBRA premium assistance payments cannot be claimed on Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return). Instead, after filing your Form 941 (or Form 944), file Form 941-X, Adjusted Employer’s QUARTERLY Federal Tax Return or Claim for Refund (or Form 944-X, Adjusted Employer’s ANNUAL Federal Tax Return or Claim for Refund) to claim the COBRA premium assistance credit. Filing a Form 941-X (or Form 944-X) before filing a Form 941 (or Form 944) for the return period may result in errors or delays in processing Form 941-X (or Form 944-X). For more information, see the Instructions for Form 941 (or the Instructions for Form 944) or visit IRS.gov and enter “COBRA” in the search box.

New Form 8922

New Form 8922 replaces the “Third-Party Sick Pay Recap” previously done on Form W-2, Wage and Tax Statement. For wages paid in 2014, new Form 8922, Third-Party Sick Pay Recap, is used to reconcile employment tax returns (for example, Form 941) with Forms W-2 when third-party sick pay is paid. Third party payers of sick pay (and in certain cases, employers) file Form 8922 with the IRS instead of filing a “Third-Party Sick Pay Recap” Form W-2 and ”Third-Party Sick Pay Recap” Form W-3, Transmittal of Wage and Tax Statements, with the SSA. (IRS Pubs. 15 and 15-A, effective January 1, 2015.)

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