Special Post: ACA Penalty Letters –What to do?

Read your ACA Penalty Letter Carefully and Respond Immediately The Internal Revenue Service (IRS) has announced that it will begin mailing employers letters informing them of their potential liability (Employer Shared Responsibility Payment) for a “pay or play” penalty for the 2015 calendar year in late 2017.  Before any penalty is assessed and payment demanded, … Read more

Overdue Federal Taxes may be sent to Private Collection Agencies

Starting this month, the IRS will begin sending letters to taxpayers with overdue federal tax accounts being assigned to private-sector collection agencies. The new program enables these private agencies to collect unpaid tax debts on the government’s behalf, all of which are several years old. Those with overdue taxes will always receive multiple notifications, letters … Read more

IRS Warns of New W-2 Email Scam

The IRS renewed a warning about an e-mail scam that uses a corporate officer’s name to request employee Forms W-2, Wage and Tax Statement, from company payroll or human resources departments, the agency said January 25 in a news release. In the scam, cybercriminals tricked payroll and human resource officials into disclosing employee names, Social Security … Read more

IRS Releases 2017 W-4

The IRS has released Form W-4, Employee’s Withholding Allowance Certificate, for use by employees and employers in 2017. Form W-4, released Dec. 23, must be completed by employees to ensure that employers withhold the correct federal income tax from their pay. A new W-4 should be renewed annually and after an employee experiences changes in personal … Read more

IRS Announces 2017 Plan Limits

On October 27th, the IRS announced cost of living adjustments affecting dollar limitations for pension plans for the 2017 tax year. Most of the pension plan limits remain unchanged from 2016 to 2017.   Listed below are the maximum benefit and contribution limits for 2016 and 2017:   Type of Limitation 2016 2017 401(k) / … Read more

IRS Asked to Reconsider

Recently, a law firm asked the IRS to reconsider a ban on partners also serving as employees of a company as the practice becomes more common. “The government has a problem in that dual status is de facto at this point,” said Leigh Griffith, a partner at Waller Lansden Dortch & Davis LLP, adding that … Read more