Under the Affordable Care Act (ACA) and starting next year (for filing in 2016), large employers are required to provide information statements to employees and information returns to the IRS that contain details about employees’ health coverage benefits.
This new information reporting effort is substantial in scope and requires a coordinated effort between payroll departments, benefits enrollment and insurance plan administrators. On the other hand, the reporting infrastructure necessary to produce employee statements and IRS returns is similar to the annual filing of federal Forms W-2. Consequently, while payroll departments will be dependent on data from other internal and external systems to meet the reporting requirements, they will likely be integral in the compliance effort.
In this publication we explain the returns that will be required and the data they will contain.
Ernst & Young LLP and the Institute for Professionals in Taxation (IPT) are pleased to present an affordable webcast on August 20, 2014 that explains the payroll tax considerations when hiring a new employee.
Participants are eligible for 1.0 RCH or CPE credits
Registration is available with IPT at:
IPT registration fee:
$50 for IPT members
$65 for individuals who personally do not hold IPT membership
Details concerning the program is included below.
So you hired an employee? Let’s talk employment tax
August 20, 2014: 1:00 –2:00 p.m. E.S.T.
Once a worker is hired a number of essential employment tax decisions and processes are triggered. Gaps in this critical component of the employment life cycle can present a personal risk to owners and officers and to the business as a whole. In this session we will provide participants with information about the critical tax steps in the employee onboarding process and shine an important light on where oversights and errors frequently occur.
- Recognize the key differences between employees and independent contractors and how their onboarding requirements differ
- Know the differences in the onboarding requirements for US and nonresident alien employees
- Identify the federal and state tax forms employees must submit and how to implement them
- Know what steps to take to head off notices about invalid Social Security Numbers
- Reduce employment tax risk through proactive identification of state and local taxing jurisdictions and compliance with their registration and tax filing requirements
- Avoid common employment tax pitfalls in employee hiring agreements that provide for fringe benefits such as cars, cell phones, sign on bonuses, relocation reimbursement, loans, etc.
- Consider some leading practices in managing employment tax