If you received an email from "the boss" requesting a PDF of the 2016 W-2s and earnings summary of all staff for quick review, would you send it?
The Internal Revenue Service issued a News Release on January 25 warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll and human resources departments.
The IRS received notification that the scam, which first appeared in 2016, is making its way around the country again this year. The fraudulent email, which may contain the actual name of the CEO, requests employee W-2 information. Cybercriminals then file fraudulent returns for tax refunds.
For the IRS News Release about this alert, please check the Forms and Downloads page in the Customer Center.
If your company pays weekly or bi-weekly, will you have an extra check date this year? In other words, if your company pays weekly, will you pay your employees 52 times this year or 53? Likewise, if your company pays bi-weekly, will you pay your employees 26 times this year or 27? The 27th/53rd additional pay date occurs every 5 or 6 years if you pay weekly and every 11 years if you pay bi-weekly. The easiest way to understand why these additional pay dates occur is to review a calendar:
Combine the extra day left over year after year, coupled with the extra day from leap year every 4 years, and you have an issue to deal with every 5-6 years or every 11 years depending on your pay frequency.
Have you paid excess taxes on tip income?
Restaurant owners may be entitled to recover thousands of dollars in federal taxes each year. By claiming a credit against income taxes for excess Social Security and Medicare taxes paid on employee tip income, employers can recoup hundreds per employee each year. Employers can easily determine the credits using Corporate Payroll Services FICA Tip Credit Report highlighting how much credit can be claimed per pay period and on an annual basis.
Both Employers and Employees have Reporting Requirements
Owners of restaurants are required to ensure that their non-exempt employees earn the higher of the federal or their state minimum wage. That income calculation includes hourly wages (often lower than the federal hourly minimum), cash and credit tips, plus meals provided for the benefit of the employee
Are you hiring employees? Form I-9 is used to verify the identity and employment authorization of individuals seeking employment in the U.S. Employers are responsible for obtaining a completed form I-9 from each employee.
Starting Monday, January 22, 2017, U.S. Citizenship and Immigration Services (USCIS) will only accept the new version of Form I-9. Until then, you can use the 03/08/13 edition. (NOTE: An updated Form I-9 was issued on July 17, 2017, and must be used after September 18, 2017. Information about changes on the new form can be found here.)
The online version provides instructions, prompts, and drop down lists help ensure correct data entry. Changes include the following:
Monday, January 16, 2017 is a banking holiday!
Banks will be closed on Monday, January 16, 2017 in observance of the MLK Jr. Day holiday.
If you are a direct deposit or CPS Checks customer, please submit payroll at least one business day early by your branch's cutoff time to ensure proper funding of employee bank accounts.
MLK Jr. Day Direct Deposit Deadlines:
Checks Dated On: Submit Payroll By:
Friday, 01-13-2017 Wednesday, 01-11-2017
Tuesday, 01-17-2017 Thursday, 01-12-2017
Wednesday, 01-18-2017 Friday, 01-13-2017
Auto-run payrolls will be processed early to ensure timely funding of employee bank accounts.
If you have any questions, please contact your Payroll Specialist at your Branch Office.
A number of states are seeing minimum wage increases this year. The minimum wage rates in bold are updated effective January 1, 2017 unless otherwise noted. States with no change in minimum wage rates are not bolded.
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The Breakroom is the Corporate Payroll Services resource center for 'News You Can Use,' feature stories, holiday notices, regulatory updates, product announcements, commentary and more.