New Jersey issues specifications for reporting W-2s via electronic filing

The New Jersey Department of Treasury issued a press release informing corporate and personal income taxpayers about specifications for reporting W-2 information via electronic filing. While reporting W-2 information via electronic filing, taxpayers must also complete and mail the submitter form, Form NJ-EFW2-S, together with the associated Employer Reconciliation(s) (Form NJ-W-3). The entire package is […]

CRS issues report with resources to answer ACA questions

The Congressional Research Service (CRS) has issued a report with resources for frequently asked questions on the Patient Protect and Affordable Care Act (ACA). The ACA has numerous provisions affecting private health insurance and public health coverage programs. The report provides resources to help congressional staff respond to constituents’ frequently asked questions (FAQs) about the […]

Daylight Saving time to end Sunday

This year, Sunday, November 5 marks the return to standard time, when clocks will be moved back one hour at 2:00 a.m. Shift workers on duty at that time who normally work an eight-hour shift will actually work an extra hour, for a total of nine hours of work on that day. Employees must be […]

Montana DOR addresses 2018 withholding

The Montana Department of Revenue has announced that the existing personal income tax wage withholding tables will remain in effect for 2018. (Montana Department of Revenue, Tax News You Can Use, October 12, 2017.) Visit our News Library to read more news stories.

Connecticut explains new pension withholding for 2018

The Connecticut Department of Revenue Services (DRS) has issued a special notice that explains newly enacted personal income tax withholding requirements for pension and annuity payments (see Payroll Management Guide Report Letter No. 1497, dated July 18, 2017). The requirements take effect on January 1, 2018. Before the new withholding requirement, a payer of pensions […]

2018 OASDI bases increase to $128,700; COLA is 2.0%

Social Security beneficiaries will see a small increase in their monthly checks in 2018-2.0%. This cost-of-living adjustment, or COLA, will produce an estimated average monthly benefit of $1,404 for all retired workers in 2018, $27 a month more than in 2017. The COLA increase will be applied to this coming year’s benefits, beginning with benefits […]

IRS issues 2018 COLAs on dollar limitations on pension plans

The Internal Revenue Service has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Many of the pension plan limitations will change for 2018 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged because the […]

IRS issues 2018 inflation adjustments

The IRS has released some inflation-adjusted figures for 2018. Standard deductions The 2018 standard deduction will increase to $6,500 for single taxpayers. For married joint filers, the standard deduction will increase to $13,000. For heads of household, the standard deduction will increase to $9,550. The additional standard deduction for the blind and aged will increase […]

California updates 2018 computer overtime exemptions

The Department of Industrial Relations, in accordance with Labor Code Sec. 515.5(a)(4), has adjusted the computer software employee’s minimum hourly rate of pay exemption from $42.35 to $43.58, the minimum monthly salary exemption from $7,352.62 to $7,565.85, and the minimum annual salary exemption from $88,231.36 to $90,790.07, effective January 1, 2018, reflecting a 2.9% increase […]

Alaska’s minimum wage will increase to $9.84 in 2018

The minimum wage in Alaska will rise from $9.80 to $9.84 effective January 1, 2018. Pursuant to Alaska Statute 23.10.065, the Alaska minimum wage is to be adjusted annually for inflation based on the Consumer Price Index for all urban consumers for the Anchorage metropolitan area (Anchorage CPI-U) for the proceeding January-December calendar year. The […]