January | Volume #102
The 2013 Comprehensive Annual
Financial Reports (CAFR) for the PERS and
TRS are now available
online. To request hard copies, email
Vera Thomas or call (907) 465-5711. The actuarial valuations reports and
financial statements are also available.
Did you miss the Employer Training Workshop in December or do you want to refer to a specific resource? Review the course materials, including presentation and handouts from the Division of Retirement and Benefits, Internal Revenue Service (IRS), and Social Security Administration (SSA).
Do you employ contractors or temporary, seasonal, or per-diem workers? Improper classification of any employee can lead to stiff penalties. Now, these penalties can include not only retroactive Federal Insurance Contributions Act (FICA) taxes but also penalties associated with the minimum essential healthcare coverage required by the Patient Protection and Affordable Care Act. Read more...
2014-7 advises taxpayers that certain payments received by an individual
care provider under state Medicaid Home and Community-Based Services
Waiver programs are difficulty of care payments that are excludable from gross income. Please be aware that this could affect how you prepare information
returns due to recipients by January 31, 2014. Read more...
The Division would like to confirm the retirement of Mr.
Gary Petersen. An employee of the IRS, Gary worked with the State of Alaska for over 23 year to assure that the State and
other government entities had the most current information available when
reporting to both the IRS and the SSA.
Congratulations on your retirement Gary, and we hope you see you visiting this
‘great land’ in the future.
Tom Mansell is replacing Mr. Petersen as the new IRS contact with the State of Alaska.
Tom can be reached at Thomas.Mansell@irs.gov.
State and local government entities are generally subject to the same information reporting requirements and must file information returns for each calendar year with respect to applicable payments made during the year in the course of its trade or business. Learn more about which forms government entities must issue for specific types of payments.
Government entities are subject to rules that require income tax withholding of 28% from certain payments if the payee is not exempt from backup withholding and fails to furnish correct taxpayer identification number (TIN). Read more about which payments are subject to backup withholding and processes related to missing or incorrect TINs.
Firefighters are generally treated by the Internal Revenue Service in the same way as most other common-law employees in terms of income tax, social security tax, and Medicare tax. However, many firefighters receive fringe benefits that may qualify to be excluded from taxable income. Learn more about these benefits and other issues for firefighters.