January 20, 2016 TIGTA – 2016-01 Contact: Karen Kraushaar, Director of Communications Karen.Kraushaar@tigta.treas.gov (202) 622-6500 J. Russell George Urges Taxpayers to Remain on “High Alert” Expanded Outreach Effort Announced to Prevent More Losses to IRS Impersonators WASHINGTON — The Treasury Inspector General for Tax Administration (TIGTA) urged taxpayers to remain on “High Alert” and announced
I want to share the following updates under the FLSA. The New Overtime Rule went into effect on January 1, 2020, additional information can be found here https://www.dol.gov/agencies/whd/overtime/2019/index. The Regular Rate Final Rule went into effect on January 15, 2020. To gain guidance in determining the regular rate click here https://www.dol.gov/agencies/whd/overtime/2019-regular-rate. And
The DOL has released helpful information, through Fact Sheets & Presentations, on the regular rate of pay, bonuses, overtime and the white collar exemption. Please see the attached documents for details. FS#56a- Regular Rate FS#56c-Bonuses 2019Overtime 541 White Collar Exemptions
The IRS has issued the 2020 version of Publication 15-B (Employer’s Tax Guide to Fringe Benefits). The “What’s New” section of the publication includes information on the 2020 business mileage rate under the “cents-per-mile rule” (see Business Mileage Rate Decreasing in 2020, 1/02/2020), the monthly exclusion for qualified parking and commuter transportation benefits (see Payroll Guide ¶
In Dec. 16, 2019, the Department of Labor (DOL) published a final rule on fringe benefits that must be included in the regular rate of pay computation for overtime purposes . The DOL has also issued a fact sheet and FAQs to support the final rules. Here is some more detailed information on several fringe benefits that
Effective Jan. 1, 2020, the standard mileage rates for the use of a car (including vans, pickups, and panel trucks) are: 57.5¢ per mile for business miles driven (58¢ per mile in 2019); 17¢ per mile for medical or moving purposes (20¢ per mile in 2019); and 14¢ per mile for service to a charitable
IRS Publication 15-T (Federal Income Tax Withholding Methods) has been finalized. The publication includes 2020 percentage method and wage bracket withholding tables, withholding adjustments for nonresident alien computations, alternative methods for figuring withholding, and the tables for withholding on distributions of Indian gaming profits to tribal members. Withholding calculations are quite different than in previous years due
The IRS has issued some guidance to tax professionals on how to explain Form W-4 changes to clients [IRS e-News for Tax Professionals, Issue 2019-47, IRS Urges Careful Communication of Form W-4 Process, 12/20/19]. Form W-4 has been completely revised beginning with the 2020 tax year (see New 2020 Form W-4 Issued). The previous version of Form
The IRS has issued the 2020 versions of Publication 15 ((Circular E) Employer’s Tax Guide) and Publication 15-A (Employer’s Supplemental Tax Guide). Publication 15. This publication provides guidance on the requirements for withholding, depositing, reporting, paying, and correcting employment taxes. The publication also includes information on the forms that employers must give to employees and that employees must give to
During the December 5 IRS payroll community telephone conference call, a representative from the IRS addressed a topic creating some confusion in the payroll industry; namely, how to compute federal withholding in 2020 for a new employee who fails to submit a Form W-4 (Employee’s Withholding Certificate). Currently, if a new employee fails to submit a