2013 Annual Year-End Payroll & Tax Information 5656 E. Grant Rd., Suite 200 Tucson, Arizona

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1 2013 Annual Year-End Payrll & Tax Infrmatin 5656 E. Grant Rd., Suite 200 Tucsn, Arizna Special Reprting fr Emplyer-paid Insurance Benefits S-CORPORATIONS: The fllwing insurance items need t be included in an S crpratin sharehlder s W-2: Health insurance, including Medicare premiums, paid directly by an S crpratin, r reimbursed t the sharehlder by December 31 st, fr a 2% r mre sharehlder wh is als an emplyee. It is NOT subject t scial security, Medicare r unemplyment taxes. If yu are a sharehlder that pays fr health insurance utside f the cmpany, please have the cmpany reimburse yu fr the expense BEFORE DECEMBER 31 st s the business can take the deductin. If yu have 20 r mre full-time equivalent emplyees (FTEs) Medicare premiums cannt be paid directly r reimbursed by the cmpany. Please cntact ur ffice if yu have questins related t calculating yur FTEs r reimbursement f Medicare premiums. If the cmpany funds a Health Savings Accunt fr a sharehlder, the amunt funded is included in the emplyee s W-2 and is treated the same as health insurance. All amunts shuld be reprted separately in Bx 14 f the W-2 as well. All grup-term life insurance paid fr a 2% r mre sharehlder must be included in grss cmpensatin and is subject t all taxes except unemplyment tax. Any life insurance payments made by the cmpany where the beneficiary is nt the cmpany. This is subject t all applicable taxes. Any disability insurance payments made by the cmpany. This is subject t all applicable taxes. Any lng-term care insurance paid by the cmpany. This is treated the same as health insurance. If the cmpany prvides a Sectin 125 Cafeteria Plan fr its emplyees, a 2% r mre sharehlder may NOT participate in the plan. If ALL EMPLOYERS: The fllwing insurance items need t be included fr emplyees, including C crpratin sharehlders: Health insurance paid by an S crpratin fr the spuse, children, grandchildren and/r parents f a 2% r mre sharehlder wh are als emplyees. This is nt subject t scial security, Medicare r unemplyment taxes. Medicare premiums cannt be paid directly r reimbursed by the cmpany fr emplyers with 20 r mre full-time equivalent emplyees (FTEs). Grup-term life insurance with cverage in excess f $50,000 paid by the cmpany must be included in grss cmpensatin and is subject t all taxes except unemplyment tax. The amunt t be included is based n IRS tables. Any Health Savings Accunt amunt funded by the emplyer fr the emplyee s benefit up t $3,250 $3,150 fr selfnly cverage and $6,300 $6,450 fr family cverage is included in Bx 12, Cde W. If yu are using a third-party payrll service prvider, it is yur respnsibility t make sure yu prvide the insurance infrmatin that must be included in the W-2. Mre imprtantly, it s critical that the prvider accunts fr the insurance payments prperly. If the insurance amunts are nt included, r if they are nt treated crrectly, the reprts will need t be amended. The typical cst f amending the payrll reprts is $100 per frm. Like us n Facebk! the S crpratin health insurance is nt included n the W-2, the entire expense will nt be deductible n the incme tax return fr the business r the individual.

2 2 Infrmatin fr Payrll Tax Depsits/Payments Emplyers are classified by the IRS as being either mnthly r semi-weekly depsitrs. Each Nvember, the IRS mails ut ntificatins t emplyers f their depsit status fr the cming year. It is, hwever, the emplyer s respnsibility t determine the prper payment methd. Relying n the IRS letter withut persnally verifying it culd cause prblems. The requirement fr depsiting payrll taxes, mnthly vs. semiweekly, is calculated using a lk back perid. Fr calendar year 2014, the lk back perid is July 1, 2012 thrugh June 30, T calculate, add up the ttal payrll tax liability fr that perid (taxes withheld and the emplyer prtin f FICA). If this ttal is $50,000 r less, the depsits shuld be made using the mnthly methd. The tax liability fr each calendar mnth will be due n r befre the 15th day f the fllwing mnth. If the ttal is mre than $50,000, the depsits must be made using the semi-weekly methd. The tax liability fr each pay date will be due as fllws: If yur pay date is n Wednesday, Thursday r Friday, yur tax depsit is due by the fllwing Wednesday. If yur pay date is n Saturday, Sunday, Mnday r Tuesday, yur tax depsit is due by the fllwing Friday. Exceptins t this rule are: (1) if yur taxes are less than $2,500 fr the entire quarter, then n depsits are necessary and the taxes may be paid with Frm 941 when filed; r (2) if yur tax liability is $100,000 r mre fr any day during a Using a Third-Party Payrll Prvider The decisin t utsurce payrll prcessing t a third-party service, such as ADP r Paychex, can save businesses time and mney. Hwever, these prviders d nt always handle all aspects f the payrll cycle. The ultimate respnsibility fr the accuracy, cmpleteness, and timeliness f reprting and paying wages and taxes remains with the emplyer. Sme f the mre cmmn miscnceptins abut prviders services include: 1. E-verify Mst d nt perfrm r ffer this service. E-verify is currently required in 17 states, including Arizna, fr all new emplyees, and in sme circumstances fr re-hires. 2. New Hire Reprting Sme d nt autmatically handle but ffer this as an additinal service, typically with an additinal fee attached. New Hire Reprting is required in all 50 states. 3. Wrkers Cmpensatin Cverage This is ffered by mst prviders, but is nt part f the basic service package and des carry an additinal fee. Mst states require wrkers cmpensatin cverage even fr emplyers with just ne emplyee. 4. Taxable Fringe Benefits Emplyers shuld educate themselves abut the tax effects f all benefits ffered t emplyees t ensure benefits are prperly reprted t the payrll prvider fr inclusin in the annual reprting, including Frm W-2. Many benefits are nt permitted by the IRS t be prvided tax free; see IRS Publicatin 15-B at fr mre infrmatin. 5. Obtaining Tax Identificatin Numbers and State Tax Registratins Thugh sme prviders will ffer t handle this n behalf f new emplyers, it is best t request ur guidance. Payrll prviders will cmplete nly the frms necessary fr payrll registratin, but many states have ther registratin requirements as well. Emplyers shuld read their payrll service cntracts carefully t verify that all expected and necessary services are cvered. depsit perid, the depsit is due by the next banking day. Under this rule, if the depsitr is a mnthly depsitr, they immediately becme a semiweekly depsitr fr the remainder f the calendar year and fr the next year. The Arizna Department f Revenue measures depsit frequency using the average Arizna withhlding tax fr the preceding fur quarters (r number f quarters in business if less than fur). When the average tax fr the preceding fur quarters is less than $1,500 per quarter, Arizna withhlding is due n a quarterly basis with Frm A1-QRT. Remittances shuld be pstmarked n later than the last day f the mnth succeeding the end f the quarter. When the average tax fr the preceding fur quarters is mre than $1,500 per quarter, Arizna payments are due n the same due dates as the federal tax depsits and are remitted with Frm A1-WP. If yu are an emplyer in a state ther than Arizna, check with that state fr their regulatins, r HBL CPAs, P.C. can research it fr yu upn request.

3 Reasnable Cmpensatin As part f its business expenses, a crpratin can pay its wners/fficers a reasnable amunt fr salaries and ther cmpensatin fr persnal services perfrmed n behalf f the crpratin. Just what cnstitutes a reasnable amunt has prbably resulted in mre disagreements between taxpayers and representatives f the IRS than any ther questin affecting the deductin, and in each instance the taxpayer has the burden f vercming the IRS s determinatin as t what is a reasnable amunt. A general rule f thumb, as it applies t reasnable cmpensatin, is the amunt f salary and benefits that a crpratin wuld have t pay t an unrelated emplyee t perfrm the same functins that are currently being perfrmed by the wner/fficer, wuld be cnsidered reasnable cmpensatin fr the wner/fficer. We encurage yu t call us with any questins yu may have regarding the infrmatin in this newsletter r any ther matter. Any items in red are new fr this year. Withhlding n Pensin Distributins Internal Revenue Service rules require a mandatry 20% federal tax withhlding n distributins frm pensin and prfitsharing plans f a participant s entire accunt balance f $200 r mre if the payment is made directly t the participant. Yu must reprt this tax n Frm 945. Substantial penalties will be assessed fr the failure t withhld taxes and the failure t file this return. If yur plan made any distributins during 2013, Frm R must be prvided t the recipients. DOL has Tl fr Calculating Overtime Pay The U.S. Department f Labr prvides the FLSA Overtime Calculatr Advisr, which helps emplyers and wrkers understand and calculate vertime pay. This Advisr cmputes the amunt f vertime pay based n infrmatin it gathers frm the user. The Overtime Calculatr Advisr can be accessed n the internet at Chse FLSA Overtime Calculatr Advisr under the All elaws Advisrs menu in the lwer left crner. Filing Due Dates BY 1/31/14 Mail/distribute W-2s, cpies B, C and 2 t emplyees Mail/distribute Frm 1099, cpy B t recipients File Frms 941 r 944, 940, Arizna quarterly withhlding and unemplyment tax reprts File Frm 945 (Pensin tax depsits and 1099 backup withhlding) BY 2/28/14 File Frm W-3 alng with cpy A f the W-2s with the Scial Security Administratin File Frm 1096, alng with cpy A f the 1099s with the Internal Revenue Service (Please nte, yu must file a separate 1096 fr each different type f Frm 1099 submitted.) File Frm A1-R, alng with cpy 1 f the W-2s with the Arizna Department f Revenue (fr W-2s with Arizna wages) BY 3/31/14 File Frms W-2, W-3, 1099 and 1096 nly if yu file electrnically Due dates may vary with ther states; please check with thse particular states fr filing deadlines and frm requirements. Payrll Nexus As an emplyer, if yu have emplyees traveling ut f state fr business purpses, yu need t be aware f any nexus (presence) issues that may arise. Fr example, if yur emplyee travels t Califrnia t visit a custmer, Califrnia views that as business ccurring within their state. They will require yu t withhld Califrnia incme tax frm yur emplyee and remit it t them, as well as file Califrnia payrll tax and business incme tax returns. 3

4 Q & A Our Mst Frequently Asked Questins Every year we receive calls cncerning year-end events. The fllwing are thse questins that are regularly asked and the answers t them: Q: Our pay perid ends n December 31 st, but we wn t be paying ur emplyees until January 2, D we include these wages in the 2013 W-2s? A: N, the W-2s shuld include nly the wages paid in The IRS cnsiders the pay date, nt the pay perid in determining when wages are reprtable. Q: We wuld like t give ur emplyees nminal bnuses fr Christmas. D we have t include this in ur emplyees wages and is it subject t taxes? A: Yes, yu d need t include this bnus in the emplyees wages and withhld taxes n it. The IRS cnsiders gifts, including gift cards, t be cmpensatin. Q: Smene tld me that I dn t have t send a W-2 frm t an emplyee if I paid them less than $600. Is this true? A: N, regardless f the amunt paid, yu must send a W-2 t any emplyee where any amunt f scial security, Medicare and/r incme taxes were withheld. Q: Is it permissible t hand-write Frms W-2 r 1099? A: While it is nt required that yu type either f these frms, the IRS des encurage yu t type them and asks that they be legible, in black ink and that yu d nt use dllar signs, cmmas, ampersands r ther symbls, whether they are typed r hand-written. Q: We sent a Frm W-2 t an ex-emplyee and it came back. What shuld we d? A: If yu are unable t deliver a Frm W-2, yu are required t retain the frm fr fur years. Q: D I send my federal cpies f the W-2s t the IRS? A: N. Federal cpies f the W-2s shuld be sent t: Scial Security Administratin Data Operatins Center Wilkes-Barre, PA If yu are sending the W-2s by certified mail, change the zip cde t Wrkers Cmpensatin Insurance This article is a representatin f the laws and statutes f the State f Arizna. If yu are an Arizna emplyer and wuld like mre infrmatin n pints presented in this article please g t If yu are an emplyer in anther state, prvides links t wrkers cmpensatin law fr all fifty states. In virtually every state, wrkers cmpensatin insurance is mandatry n businesses fr at least sme classificatin f emplyee. In Arizna, fines fr failing t maintain insurance can reach $10,000, and the Industrial Cmmissin f Arizna has the right t clse the business until insurance is established. Assets f the emplyer may be at risk if a judgment is brught against a business that did nt carry prper cverage. In additin t emplyees, independent cntractrs may als require cverage. If yu are a public r private emplyer in Arizna with at least ne emplyee yu must carry wrkers cmpensatin insurance; exceptins are dmestic servants, wrking partners and sle prprietrs. Fr these classes f wrkers, cverage is ptinal. All premiums must be paid entirely by the emplyer; the law prhibits the cst being deducted frm emplyees wages. There are special rules fr crprate fficers (including minimum and maximum wage limitatins), partners and sle prprietrs wh are actively wrking in the business. These grups are cvered autmatically as emplyees under the law unless they chse t reject cverage. The decisin t reject cverage must be made freely and vluntarily as rejectrs frfeit their rights t receive benefits prvided by the law in the event f injury r death by accident arising ut f and in the curse f emplyment. What happens if an emplyer desn t have cverage and an emplyee gets hurt? Wrkers cmpensatin prvides benefits t the injured party by paying fr medical expenses, disability, rehabilitatin and, in the case f death, payments t survivrs. If an emplyee is injured and the emplyer desn t have cverage, the emplyer wuld be liable fr all f the applicable payments. Additinally, if a part-time emplyee is injured, the emplyer wuld als be liable fr any lst wages frm the emplyees ther jb(s). If emplyees travel ut f state, the wrkers cmpensatin plicy needs t specify the necessary states. Otherwise, the insurance carrier may nt prvide the applicable benefit payments if the emplyee were t becme injured while in anther state. Please keep in mind that a wrkers cmpensatin plicy is separate frm an emplyer s liability plicy. Check with yur insurance prvider t make sure that yu are cvered. 4

5 Frm W-2: Yur Emplyees Year-End Wage and Tax Statements Each year, the IRS publishes the General Instructins fr Frms W-2 and W-3. This bklet includes specific, line-byline instructins fr the preparatin f these frms. T access the entire 2013 publicatin, g t: The fllwing hints may assist yu: It is very imprtant that yur emplyee s wages are reprted under the crrect name and taxpayer identificatin number. The name n the W-2 shuld match the emplyee s name as it appears n their scial security card t ensure that wages are credited t them. Bx 3, Scial Security Wages includes wages and fringe benefits subject t scial security withhlding, but nt mre than the maximum wage base fr 2013 f $113,700. Bx 10, Dependent Care Benefits shuld include the ttal amunt f dependent care benefits under Sectin 129 paid r incurred by yu fr an emplyee. Include the ttal value f emplyer-prvided r emplyer-spnsred day care facilities and amunts paid r incurred under a Sectin 125 plan. Any amunt exceeding $5,000 must be included in bxes 1, 3, 5 and 16. Bx 12 reprting: A number f items are required t be reprted in bx 12. Each item must be referenced with a cde letter as prvided in the instructins. Please refer t the instructins fr all f the cdes that apply. Sme f the mre cmmn items t be reprted in bx 12 are: Cde C The taxable cst f grup-term life insurance prvided t yur emplyee fr cverage ver $50,000. This is ften referred t as excess grup-term life insurance cverage. There are tables based n age t determine the dllar amunt that must be included in the emplyee s wages fr this benefit. Please cntact us if yu need this infrmatin. Cde D The elective deferral t a sectin 401(k) plan r a deferral under a SIMPLE retirement accunt that is part f a sectin 401(k) arrangement. Cde F The elective deferral t a sectin 408(k)(6) salary reductin SEP. Cde P Excludable mving expense reimbursements paid directly t emplyee. Cde S Emplyee salary reductin cntributins t a sectin 408(p) SIMPLE retirement accunt. Cde DD The cst f emplyer-spnsred health care cverage, this amunt is nt taxable. Reprting this amunt is ptinal fr emplyers wh filed less than 250 W-2s in the preceding calendar year; r fr W-2s prvided t emplyees wh are terminated befre the end f the calendar year (and request, in writing, their W-2 befre the end f the year). Reprting will remain ptinal until the IRS issues additinal guidance. Bx 13 The Retirement Plan bx shuld be checked if the emplyee was an active participant (fr any part f the year) in a qualified pensin, prfit-sharing, SIMPLE, SEP r stck bnus plan. Bx 13 The Statutry Emplyee bx shuld be checked fr an emplyee whse earnings are subject t scial security tax but nt subject t federal incme tax withhlding. Cntact us fr mre infrmatin regarding statutry emplyees. Bx 14, Other: This is designated fr certain items included in wages, which can include persnal use f a business autmbile and sharehlder health insurance. Emplyee s Use f a Cmpany- Owned Vehicle = W-2 Wages If an emplyee uses a cmpany vehicle fr persnal use, which includes cmmuting t and frm wrk, the emplyer must include an amunt fr persnal use in the emplyee s W-2 at year-end. If HBL CPAs, P.C. prepares yur payrll reprts, please include the autmbile infrmatin needed t calculate persnal use with yur year-end payrll infrmatin. If yu wish t cmpute the additinal cmpensatin resulting frm the persnal use f a cmpany vehicle, please cntact ur ffice, and we will be happy t prvide yu with the spreadsheet t calculate. Please nte: If yu are reimbursing emplyees fr business use f a persnal vehicle fr either actual expenses submitted r up t the federal standard mileage rate fr 2013 f 56.5 cents per mile, then NO reprting f that reimbursement is required. Cash Payments Received Any persn in a trade r business wh receives mre than $10,000 cash in a single transactin (r in related transactins) must file Frm 8300 with the Internal Revenue Service within 15 days after receiving the cash, and be sure t keep a cpy f the frm fr at least five years frm the date f filing. Related transactins are any transactin between a buyer (r an agent f the buyer) and a seller that ccur within a 24-hur perid. Yu must treat these transactins as ne transactin and reprt the payments n Frm In additin, if the transactins ccur mre than 24 hurs apart and yu knw, r have reasn t knw, that each ne is in a series f cnnected transactins, this als must be reprted n Frm The $10,000 cash is nt limited t currency alne. The term cash als includes certain cashier s checks, bank drafts, traveler s checks and mney rders that yu receive in yur trade r business. There is a minimum penalty f up t $25,000 fr the willful failure t file Frm

6 With the ecnmy still n the mend, business wners are cntinuing t lk fr ways t cut csts. While this makes perfect sense, cutting sme csts tday culd end up csting mre in the future. Treating an individual as an independent cntractr rather than an emplyee may seem like a gd idea, since it wuld eliminate the payrll tax burden assciated with an emplyee. Hwever, if an individual is treated as an independent cntractr and it is later discvered that they shuld have been treated as an emplyee, the emplyer will mst likely be the party respnsible fr paying all f the payrll taxes. The IRS has tw frms that may be filed t make a determinatin f independent cntractr r emplyee status. These can wrk against a business if a wrker has been classified incrrectly. Frm SS-8, Determinatin f Wrker Status fr Purpses f Federal Emplyment Taxes and Incme Tax Withhlding, can be filed by a business prir t hiring smene t determine if the wrker wuld qualify t be classified as an independent cntractr. The frm can als be filed by the individual when they feel that they shuld be treated as an emplyee rather than an independent cntractr. This frm allws the business and/ r the individual t present the factrs and reasning behind the decisin t treat an individual as an independent cntractr, and the IRS makes a determinatin f status based n the infrmatin presented. Frm 8919, Uncllected Scial Security and Medicare Tax n Wages, is a frm the individual can file with their persnal incme tax return, either after filing r in cnjunctin with filing Frm SS-8. An individual wh believes they were incrrectly classified as an independent cntractr and files bth f these frms may be excused frm paying self-emplyment taxes by the IRS. Further, the IRS may lk t the business t pay thse taxes fr the individual. Are there any prblems with treating smene as an independent cntractr? Yes. If an individual is treated as an independent cntractr and elects t file the tw frms mentined abve, it culd ptentially cst the emplyer mre mney t crrect the situatin than if the individual had been treated as an emplyee frm the beginning. The ptential csts include respnsibility fr bth the emplyer and emplyee share f scial security and Medicare taxes, federal withhlding, unemplyment taxes, preparatin fees t accuntants, penalties and interest. Als, if the IRS determines that the independent cntractr shuld have been treated as an emplyee, the IRS culd take a clser lk at the emplyer s relatinship with ther independent cntractrs. The IRS created a Vluntary Classificatin Settlement Prgram that allws emplyers t vluntarily reclassify independent cntractrs as emplyees. The benefit is that this applies t future tax perids with limited federal emplyment tax liability fr past nn-emplyee treatment. Certain eligibility requirements apply; please cntact ur ffice fr mre infrmatin. 6 Independent Cntractrs vs. Emplyees Hw can I prevent this frm happening? 1. Cnsult yur attrney regarding a written cntract that states the terms f the wrk t be dne and that the cntractr will nt be treated as an emplyee. This may help prtect emplyers shuld any cnflicts arise. Additinally, if it is determined that the individual is an independent cntractr, have them cmplete Frm W File Frm SS-8 with the IRS t determine hw an individual shuld be classified. What s the difference between an emplyee and an independent cntractr? Emplyers need t be aware f the type f relatinship that will exist with the individuals they hire. Crrectly classifying independent cntractrs and/r emplyees is ne f the keys t aviding unfreseen expenses. The IRS uses certain criteria t determine whether a persn shuld be classified as an emplyee r an independent cntractr; fr example, the Cmmn Law Rules : 1. Behaviral Cntrl - Des the cmpany cntrl r have the right t cntrl what the wrker des and hw the wrker des his r her jb? 2. Financial Cntrl - Are the business aspects f the wrker s jb cntrlled by the payer? (This includes hw the wrker is paid, whether expenses are reimbursed, wh prvides tls/supplies, etc.) 3. Type f Relatinship - Are there written cntracts r emplyee type benefits (i.e. pensin plan, insurance, vacatin pay, etc.)? Will the relatinship cntinue and is the wrk perfrmed a key aspect f the business? In additin, the IRS utilizes a list f questins t aid in the determinatin. This list can be btained by perfrming an internet search fr Revenue Ruling If yu find that a wrker is indeed an independent cntractr, ALWAYS have them fill ut Frm W-9 befre any payment is remitted. Sectin 530 Relief Sectin 530 relieves emplyers frm paying emplyment taxes n wrkers wh were previusly cnsidered independent cntractrs when the IRS has determined they are emplyees. This relief is available if: 1. The emplyer had a reasnable basis fr nt treating the wrker as an emplyee. 2. The emplyer was cnsistent in treating similar wrkers as independent cntractrs. 3. The emplyer filed Frm 1099 fr the wrker in the applicable years. Fr mre infrmatin, see Publicatins 15-A and 1779 n the IRS website at

7 2014 Scial Security and Medicare Taxes The rates fr scial security and Medicare taxes will remain at 6.2% and 1.45%, respectively; additinally, the limit fr scial security wages will increase t $117,000, fr a maximum tax liability f $7, fr bth the emplyee and the emplyer. There is n limit n Medicare wages. The Additinal Medicare Tax withhlding f 0.9%, fr a ttal Medicare withhlding rate f 2.35%, n wages paid in excess f $200,000 will remain in effect. This additinal tax is impsed nly n the emplyee, the emplyer is nt required t match this additinal amunt. FUTA Rate Change Emplyers wh pay their state unemplyment tax timely and in full receive a 5.4% credit against the FUTA rate f 6.0%, resulting in a net FUTA rate f 0.6%. Hwever, the Scial Security Act requires a reductin in the FUTA tax credit when a state has utstanding federal lans fr tw cnsecutive Januarys. The reductin in the FUTA tax credit is 0.3% fr the first year and an additinal 0.3% fr each succeeding year until the lan is repaid. States with utstanding federal lans that riginated in 2011 r earlier are subject t the credit reductin in T see if yur state is ne f the 18 (including the Virgin Islands) subject t a credit reductin in 2013, g t If yur state is subject t the credit reductin, yu must include Schedule A with Frm 940 when submitting t the IRS. This is the secnd year that Arizna will be subject t the credit reductin, making the credit reductin 0.6% fr Standard Mileage Rate The IRS has nt released this infrmatin as f yet. Please cntact ur ffice. Other Imprtant Infrmatin Arizna Sales Tax Imprtant Reminder If yur sales tax liability is greater than $100,000 annually, yu are required t make an estimated tax payment fr June. The payment must be either 50% f the May liability r the actual liability fr June 1st thrugh 15th. The payment must be made with Frm TPT-ES and is due June 20th f each year. Limitatins t Sectin 125 Plans Fr tax years beginning after December 31, 2012, a Flexible Spending Accunt (FSA) that is part f a Sectin 125 plan must have a maximum cntributin limit f $2,500 in rder fr it t be cnsidered a qualified benefit. If the plan des nt have this limit, then an emplyee wh has withhlding reductins in excess f $2,500 will be subject t tax n distributins taken frm the plan. Arizna Minimum Wage Effective January 1, 2014, the minimum wage is $7.90 fr nn-tipped emplyees and $4.90 fr tipped emplyees. Frms that need t be cmpleted by new and rehired emplyees in Arizna Frm W-4 federal withhlding, t be cmpleted by the emplyee State withhlding, if applicable t be cmpleted by the emplyee (Frm A-4 in Arizna) Frm I-9 used by the emplyer fr E-Verify, t be cmpleted by the emplyee New Hire Reprting Frm t be cmpleted and submitted by the emplyer E-Verify E-Verify is a system spnsred by the US Dept. f Hmeland Security that allws emplyers t determine the eligibility f new emplyees t wrk in the United States. This system is accessed via the internet, and in many cases the use f E-Verify is vluntary. Emplyers in Arizna, hwever, are required t determine eligibility f emplyees under a law that went int effect January 1, Additinally, effective September 8, 2009, emplyers with federal cntracts r subcntracts that cntain the Federal Acquisitin Regulatin (FAR) E-Verify clause are required t use E-Verify t determine eligibility fr emplyment. Fr mre infrmatin regarding E-Verify, please visit the website at Federal and State New Hire and Rehire Reprting Federal and state laws require emplyers t reprt new hire and re-hires. This infrmatin must be reprted within 20 days after the emplyee is hired. Sme states may allw emplyers t prvide a cpy f the persn s legible W-4 frm fr reprting purpses (be sure t write the emplyee s hire date and the emplyer s name, address and EIN in an available blank space). New and rehire reprting is required in all 50 states, as well as Washingtn DC and varius US territries. Fr mre infrmatin, g t new-hire-reprting-yur-state. In Arizna, this infrmatin is submitted t the Arizna Department f Ecnmic Security (DES). 7

8 8 Obamacare/Affrdable Care Act (ACA) Highlights Individuals are required t have health insurance cverage beginning in If they chse nt t get cverage, an excise tax may be assessed thrugh their persnal tax return if they d nt qualify fr an exemptin. T help with the cst f premiums, sme individuals may qualify fr a credit n their persnal tax return. All emplyees (either full-time r part-time) must receive a ntice frm emplyers within 14 days f hire in rder t infrm them f the ptin f purchasing cverage thrugh the Health Insurance Marketplace. Whether r nt emplyers ffer health insurance t their emplyees, beginning Octber 1, 2013, all emplyers were required t prvide this ntice t current and future emplyees. Large emplyers must ffer an eligible plan t full-time emplyees r pay a NONDEDUCTIBLE excise tax. Wh is cnsidered a Large emplyer? A business having an average f 50 r mre full-time (FT) and/r full-time equivalent (FTE) emplyees during the preceding calendar year. The FT and FTE figures are calculated by mnth and then used t determine the average fr the year. Fr mre infrmatin n the ACA, g t the Resurces tab f ur website at Online Service Prvided by the IRS TIN (Taxpayer Identificatin Number) Matching this free service allws payers and/r authrized agents t verify TIN and name cmbinatins prir t filing Frm 1099 (versin B, DIV, INT, MISC, OID and PATR). This can alleviate sme f the headache and wrry when yu receive a ntice frm the IRS stating that Frm 1099-MISC was filled ut incrrectly. T get started, g t and search fr e-services. Please nte this service wuld be mst beneficial t large business (ver 250 infrmatin returns) as the applicatin prcess can be cumbersme. Online Service Prvided by the Scial Security Administratin (SSA) BSO (Business Services Online) Suite f Services this free service allws emplyers t electrnically file their W-2s with the SSA. Additinally, it allws emplyers t view any errrs related t their W-2 submissins. Fr mre infrmatin, g t scialsecurity.gv/bs/services.htm Health Insurance Credit fr Small Businesses The health insurance credit available t eligible small emplyers is still in effect fr the 2013 tax year. Eligible emplyers must maintain a qualifying health insurance arrangement and must have fewer than 25 full-time equivalent emplyees with an average annual wage f less than $50,000. The credit is equal t 35% f either the qualifying health insurance premiums paid by the emplyer during the taxable year OR the premium payments the emplyer wuld have made in their State per the IRS rulings. NOTE: If the emplyer is paying fr the emplyee s prtin, that amunt wuld nt be subject t the 35% credit. Beginning in 2014, the qualified health plan must be ffered thrugh a Small Business Health Optins Prgram (SHOP) Marketplace. The maximum credit will increase t 50%. IRS Telephne Numbers (800) Questins n filing Frms 940 and 941 (800) EFTPS Htline (800) Emplyer Identificatin Number Requests (866) Infrmatin Return Reprting Prgram Custmer Service (800) Scial Security Tax Questins On the Web There is a wealth f infrmatin and frms available n the internet. The fllwing websites are very helpful: Visit ur website: Internal Revenue Service: Arizna Department f Revenue: Scial Security Administratin: U.S. Department f Labr: E-Verify by U.S. Department f Hmeland Security: Arizna Department f Ecnmic Security: City f Tucsn: State Cmpensatin Fund f Arizna: Out f State Wrkers Cmpensatin A search engine fr gvernment services with links t all states:

9 Deductins fr Travel, Meals and Entertainment 100% Deductible 50% Deductible Nt Deductible Business Trips, Cnventins and Meetings within the U.S.: (Nte: Special rules apply t freign travel) Htel ldging and transprtatin expenses Cleaning and laundry Cst f meeting rms Registratin fees Tips (ther than fr meals and entertainment) Meals and entertainment Tips fr meals and entertainment Business lunchens at a club Lavish r extravagant expenses Luxury water travel Custmer Entertainment: Cst f travel t entertainment events Entertainment and meals expenses billed t custmer, if recrd prvided t custmer Hliday cards and decratins Fd prvided t the general public (in nature f advertising) Business gifts csting less than $25 per persn per year Restaurant meals a member f yur business must be present Night clubs, scial events, sprting trips, etc. Fds at the abve events Tips fr meals and entertainment Nte: all entertainment requires active business discussin either befre, during r after the event Business gifts in excess f $25 per persn per year Lavish r extravagant expenses Cst f entertainment facilities Facility perating csts Skybxes cst in excess f regular nn-luxury bx seat Dues: Prfessinal rganizatins Business leagues Trade assciatins and bards f trade Chambers f cmmerce Real estate bards Specific business entertainment expenses at clubs (such as the cst f business entertainment meals with custmers)` Cuntry Clubs Athletic Clubs Business Lunchen Clubs Scial Clubs Civic rganizatins Public service rganizatins Emplyer/Emplyee Expenses: Meals and entertainment included in emplyee s cmpensatin Meals and entertainment included in Frm 1099 issued t nn-emplyees Meals prvided t emplyees n business premises (exceptin fr certain emplyer- maintained cafeterias) Recreatinal expenses fr nn-highly cmpensatin emplyees Emplyees hliday parties, annual picnic, and athletic teams and expenses Cash gifts t emplyees required t be included in cmpensatin Nn-cash gifts t emplyees value in excess f $25 must be included in cmpensatin 9

10 Are yu ready fr year-end reprting? What s Inside Insurance Infrmatin 1 Payrll Infrmatin and Filing Due Dates 2-3 Q & A, Wrkers Cmpensatin and W-2 Infrmatin 4-5 Independent Cntactrs vs. Emplyees 6 Other Infrmatin 7 Resurces and Affrdable Care Act 8 Deductin fr Travel, Meals & Entertainment 9 PRSRT STD US POSTAGE PAID TUCSON, AZ PERMIT NO E. Grant Rd., Suite 200 Tucsn, Arizna Address Service Requested

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