Tax & Accounting Blog

Looking Forward: Payroll in 2017

Looking Forward: Payroll in 2017

Payroll January 12, 2017

As we prepare for a new administration, let’s take a look at what we know, what will change and what 2017 may bring. What we know and what will change: Affordable Care Act—Forms 1094-B and 1094-C and Forms 1095-B and 1095-C to employees—the disbursement date has been extended to March 2, 2017. The date for … Read More

Electrify Your Payroll with Ancillary Services!

Electrify Your Payroll with Ancillary Services!

For many practitioners, payroll services are a welcome jolt of energy—and profitability—for their firms. Even if you already have a respectable payroll base and are pleased overall with your payroll operations, there’s always an opportunity to improve profitability. And while the actual processing is likely to remain your principal source of revenue, payroll can also … Read More

Payroll Compliance Information: New Rates in 2017

Payroll Compliance Information: New Rates in 2017

2017 brings new state and federal rates, accelerated W-2 filings and ACA reporting requirements. Due to a low consumer price increase this year, many rates stay the same with a glaring exception—the 2017 Federal Insurance Contributions Act (FICA) wage base. And remember, January 2017 brings Affordable Care Act reporting for applicable large employers (ALEs)—all ALEs … Read More

Minimum Wage Changes for 2017

Minimum Wage Changes for 2017

Several states and localities have announced minimum wage changes for 2017. Twenty-five states, plus the District of Columbia, index their minimum wages to rise automatically with the cost of living. Four more states, also including the District of Columbia, will index minimum wage increases annually beginning in future years: Alaska (2017), Washington, D.C. (2017), Minnesota … Read More

State-by-State Reciprocity Agreements

State-by-State Reciprocity Agreements

Let’s talk reciprocals. Reciprocity agreements mean that two states allow its residents to only pay tax on where they live—instead of where they work. For instance, this is particularly important to higher wage earners who live in Pennsylvania and work in New Jersey. Pennsylvania’s top rate is 3.07%, while New Jersey’s top rate is 8.97%. … Read More

Same Day ACH is Almost Here

Same Day ACH is Almost Here

On September 23, 2016, Same Day ACH becomes a reality. Let’s take a few minutes for a refresher. The Electronic Payments Association (NACHA, previously the National Automated Clearing House Association) has adopted a rule to move payments faster by enabling same day processing for ACH payments. Currently, NACHA moves money between financial institutions with … Read More