New IRS Resource helps Employers Understand the Health Care Law
The new ACA Information Center for Applicable Large Employers page on IRS.gov features information and resources for employers of all sizes on how the health care law may affect them if they fit the definition of an applicable large employer.
The web page includes the following sections:
- What’s Trending for ALEs,
- How to Determine if You are an ALE,
- Resources for Applicable Large Employers, and
- Outreach Materials.
Visitors to the new page will find links to:
- Detailed information about tax provisions including information reporting requirements for employers,
- Questions and answers, and
- Forms, instructions, publications, health care tax tips, flyers and videos.
Although the vast majority of employers will not be affected, you should determine if you are an applicable large employer. If you averaged at least 50 full-time employees, including full-time equivalent employees, during 2014, you are most likely an ALE for 2015. If you have fewer than 50 full-time employees, you may be considered an applicable large employer if you share a common ownership with other employers. As an applicable large employer, you should be taking steps now to prepare for the coming filing season.
In 2016, applicable large employers must file an annual information return – and provide a statement to each full-time employee – reporting whether they offered health insurance, and if so, what insurance they offered their employees.
If you will file 250 or more information returns for 2015, you must file the returns electronically through the ACA Information Reports system. You should review draft Publication 5165, Guide for Electronically Filing Affordable Care Act (ACA) Information Returns, now for information on the communication procedures, transmission formats, business rules and validation procedures for returns that you must transmit in 2016.
New IRS app available for making payments and checking refund status
The IRS recently released an app that allows taxpayers to make tax payments and check their refund status on their smartphones. You can learn more about the app in this YouTube video, or click here for more information from the IRS site.
IRS Announces New Payroll Tax Compliance Initiative
In an effort to combat delinquent payroll tax deposits, the IRS is launching an Early Interaction Initiative. This Initiative will alert the IRS if an employer’s payroll tax deposits have declined. When they do, the employer will receive a letter from the IRS requiring the employer to contact them to help them understand why the deposits have decreased. This could be a hassle for employers that simply decrease staffing, but in the alternative it could alert an employer that there are tax payment issues they may not be aware of.
If an employer has a history of delinquent payroll tax deposits, these alerts will be routed to Field Collections for more direct attention.
More can be read here.
Changes In Due Dates of Tax Returns For The 2016 Tax Year
Congress recently passed a bill that changes the due dates of certain tax returns effective with the 2016 tax year (returns due in 2017).
The individual tax return deadline remains unchanged at April 15, but returns for corporations, partnerships, trusts, estates, benefit plans and FinCEN reporting all experience some changes. The new due dates will make the filing deadlines more consistent and will allow longer extensions in some cases. A table of the changes can be read here and the language of the bill can be read here.
Back-To-School Sales Tax Holiday for Ohio Announced
Ohio has passed a sales tax holiday for Friday August 7th through Sunday August 9th. Retailers are not required to collect sales tax on applicable items during this holiday, including school supplies and certain articles of clothing. For more information, please read the FAQ here.
Ohio BWC Mails First Notices of Estimated Premiums
Ohio BWC’s transition to prospective billing has reached the implementation stage. The first round of Notices of Estimated Premiums arrived in the mail over the past week, informing us of the premiums employers will be required to pay for the coming year. The first actual invoice to pay will arrive in early August with the first payment due August 31. In July 2016, employers will file a true-up report, reconciling actual payroll paid with the estimates provided by BWC, with overages and shortages resulting in credits to the account or balances due. If the amounts estimated by BWC appear significantly different than what an employer expects to actually incur, a call to the Bureau is required to make any adjustments. More information is available here.
