As we celebrate the upcoming Thanksgiving holiday, we reflect back over this year and want to extend Thanks to all of our clients, friends and partners! Caring and sharing is one of our priorities in providing top notch service. Payce has been able to give back this year to many businesses and charitable organizations. Our employees have joined in for our year end giving campaign as well, and will receive certificates reflecting their donated amount along with our Employer Match Campaign.
“Perhaps your business will consider a charitable organization that your employees will embrace?” Payce can help set up the monthly or per pay amounts to make this an easy effort in giving back.
Have a wonderful Thanksgiving holiday, from your friends at Payce!
The IRS just released the 2015 Form W-4, Employee’s Withholding Allowance Certificate Employees who have claimed “Exempt” from taxes on form W-4, must complete a new Form W-4 in 2015 so employers can withhold the correct federal income tax from compensation. The new regulation stipulates that individuals cannot claim exemption from withholding in 2015 if their income exceeds $1,050 and includes more than $350 in unearned income. All new hires must also complete this form at their start of employment.
The IRS has announced some cost of living adjustments for year 2015 on the following items:
It’s almost W-2 time! While we are working hard preparing your W2 statements for January there has been a push to accelerate the W2 filing deadline in an effort to minimize fraud. Similar proposals were also in President Obama’s proposed fiscal year 2015 budget. Fraud is a major concern for many! The US Government Accountability office conducted a report in September addressing theft refund fraud. The report suggested that the IRS should investigate the possibility of accelerating filing dates to reduce this type fo fraud. To date, there has been no announcement of the new deadline for filing W2’s or 1099-MISC forms.
In association with tax refund and combating fraud through identity theft, the IRS has new procedures effective January 2015 to limit the number of refunds electronically deposited into a single financial account or prepaid debit card to three. Any subsequent refunds automatically convert to a paper refund check and will be mailed to the taxpayer. This limit is imposed to prevent criminals from easily obtaining multiple refunds. Most will not be affected by this new procedure and are encouraged to continue using direct deposit for prompt and safe refunds.
The IRS has seen an increase in business identity theft. Unfortunately, stolen business entity is used to file fraudulent individual tax returns and obtain the tax refunds of their victims. As a result the IRS is keeping track of business accounts that have been victims of stolen identity.
Thursday, November 27th, 2014 – Payce and Banks are closed
Thursday, December 25th, 2014 – Payce and Banks are closed
Thursday, January 1st, 2015 – Payce and Banks are closed