IRS e-News for Payroll Professionals

Useful Links:

IRS.gov

Payroll Professionals
Tax Center

Employment Taxes

Reporting Agents File

Employment Tax Forms

Employment Tax Publications

Online Ordering

SSA/IRS Reporter

SSA - Employer Web Page

Taxpayer Advocate Service

Back to top

Issue Number:  2015-1

Inside This Issue

1. New on IRS.gov
2. 2015 Pension Plan Limitations
3. Form 8922, Third-Party Sick Pay Recap
4. Employers in 2014 FUTA Credit Reduction States Must Adjust their Unemployment Tax Liability on their Form 940
5. Technical Guidance

2014 Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return  
2014 Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips  
2014 Form 940 (Schedule R), Allocation Schedule for Aggregate Form 940 Filers 2014 Form 940 (Schedule A), Multi-State Employer and Credit Reduction Information  
2014 Instructions Form 940, Instructions for Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return  
2014 Form 940 (PR) (Schedule A), Multi-State Employer and Credit Reduction Information (Puerto Rican Version)  
Form 940 (PR), Planilla Para La Declaracion Federal Anual Del Patrono de la Contribcion Federal Para El Desempleo (FUTA)   
2014 Form W-2VI, U.S. Virgin Islands Wage and Tax Statement (info copy only) 
2014 Form W-2GU, Guam Wage and Tax Statement (info copy only)  
2014 Form W-2AS,  American Samoa Wage and Tax Statement (info copy only)  
2015 Form W-4, Employee's Withholding Allowance Certificate  
Pub. 1220, Specifications for Filing Forms 1097, 1098, 1099, 3921, 3922, 5498, 8935, and W-2G Electronically  
2014 Form 8965, Health Coverage Exemptions  
2014 Form 8962, Premium Tax Credit  
2014 Form 8889, Health Savings Accounts (HSAs)  
Pub. 1223, General Rules and Specifications for Substitute Forms W-2c and W-3c  

Draft Forms

2015 Instructions for Form 941, Employer's Quarterly Federal Tax Return (Rev. October 2015)
2014 Form 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Return (Rev. October 2014)
2014 Form 1095-B, Health Coverage (Rev. October 2014)
2014 Form 1095-C, Employer Provided Health Insurance Offer and Coverage (Rev. October 2014)
Form 943-A, Agricultural Employer's Record of Federal Tax Liability (Rev. October 2014)
2014 Form 8959, Additional Medicare Tax (Rev. October 2014)

Back to Top

IRS Announces 2015 Pension Plan Limitations; Taxpayers May Contribute up to $18,000 to their 401(k) plans in 2015

Back to Top

Beginning with tax year 2014 (processing year 2015) taxpayers will file 2014 Form 8922 with IRS. For tax year 2014 a paper Form 8922 is required. This form replaces the Third-Party Sick Pay Recaps that were filed on Form W-2 and Form W-3 with the Social Security Administration. The reporting of third-party sick pay recaps to the SSA ends after tax year 2013. Other reporting requirements for third party sick pay remain unchanged.

The purpose of filing Form 8922 is to reconcile employment tax returns (for example, Form 941) with Forms W-2 when third-party sick pay is paid by a party other than the employer and when the liability for Federal Insurance Contributions Act (FICA) taxes is split between the third party and the employer for which services are normally performed.

Click here to view the full article on page 5 in the fall edition of the SSA/IRS Reporter.

Back to Top

Credit reduction states are states that did not repay money they borrowed from the federal government to pay unemployment benefits. The reduction in the usual credit against the full FUTA tax rate means that employers located in these credit reduction states who are paying wages subject to state unemployment tax in those states will owe a greater amount of tax.

Back to Top

Notice 1036, Early Release Copies of the 2015 Percentage Method Tables for Income Tax Withholding 

Notice 2014-79 provides the optional standard mileage rates for substantiating the amount of deductible expenses for using an automobile for business, moving, medical, or charitable purposes. 
  
Revenue Procedure 2014-61 provides details on inflation adjustments for tax year 2015, on more than 40 tax provisions, including the tax rate schedules, and other tax changes.

Back to Top