January - 2016

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Information Returns

Information Returns

The recently enacted Consolidated Appropriations Act, 2016 amended Internal Revenue Code Sec. 6051 to require employers to include an “identifying number” for each employee, rather than an employee’s social security number (SSN), on Form W-2, Wage and Tax Statement. The change, which will permit the Treasury Department to issue regulations requiring or permitting a truncated SSN, is noted in the Quick Answers at ¶17,707 in the Benefits category under the “Social Security” top

Payroll Tax Withholding

Information in the Compensation category under the “Payroll Taxes and Withholding” topic has been revised as follows: Discussions of employee withholding allowances were updated to reflect the 2016 value of a personal exemption ($4,050), phaseout amounts for the personal exemption, 2016 standard deduction amounts, and revised figures for determining income tax withholding for nonresident aliens. See the Quick Answers at ¶25,352 and ¶25,354 , as well as the Analysis and Guidan

Health Care Reform - Extended Due Dates

The IRS has extended the due dates for 2015 health care information returns — a change affecting insurers, self-insured employers, other coverage providers, and applicable large employers. The deadline for furnishing to individuals the 2015 Form 1095-B, Health Coverage, and the 2015 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, was extended from February 1, 2016, to March 31, 2016. The deadline for filing with the IRS the 2015 Form 1094-B, Transmittal of