Suzanne G. OdomBlog Posts
A Quick Form W-4 Form Reminder for Employers: May 10, 2019 Deadline for UpdatesThe Tax Cuts and Jobs Act (the “Tax Act”) significantly changed the federal income tax rules. Several of these changes impact income tax withholding, including changes to the tax rates and brackets, increasing the standard deduction, and eliminating personal exemptions. Normally, employees must provide their employers with an updated Form W-4 within 10 days of...… Continue ReadingApril 26, 2019 |
The IRS is on the Case – “Expansion of the Gig Economy Warrants Focus on Improving Self-Employment Tax Compliance”The nature of work is changing with more and more individuals choosing to be “gig” workers rather than employees. This change fundamentally alters the availability of employee benefits, as well as the applicable taxation reporting and withholding requirements. It is no surprise to us that the Treasury Department has found that the underreporting of self-employment...… Continue ReadingFebruary 21, 2019 |
Interim IRS Guidance Addressing Taxation Impact of Transportation and Parking Fringe Benefits Creates Planning Opportunities for EmployersIn Notice 2018-99, the Internal Revenue Service sets forth interim guidance for taxpayers to determine parking expenses for qualified transportation fringes (QTFs) that are nondeductible and for tax-exempt organizations to determine the increase in unrelated business taxable income (UBTI) attributable to nondeductible parking expenses. The Tax Cuts and Jobs Act (Act) amended these tax provisions...… Continue ReadingFebruary 4, 2019 |
New Interim Guidance for Tax-Exempt Organizations Paying Excess Executive CompensationAs we previously reported, under the Tax Cuts and Jobs Act, starting in 2018, tax-exempt organizations are subject to a 21% excise tax on (i) remuneration exceeding $1 million paid to a “covered employee” in a tax year, and (ii) any “excess parachute payment” paid to a covered employee. The IRS has recently published Notice...… Continue ReadingJanuary 24, 2019 |
Important Guidance and Relief for 403(B) Plan Sponsors Who Exclude Part-Time EmployeesIn the spirit of the holidays, the Internal Revenue Service gave a gift to sponsors of 403(b) tax-deferred annuity plans on December 4, 2018, by issuing IRS Notice 2018-95. For plan sponsors that exclude part-time employees from their 403(b) plans, this gift provides a 10-year nod on their historical plan administration, despite noncompliance with the...… Continue ReadingDecember 17, 2018 |
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