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Plan Ahead for Holiday Payrolls!

SIMA will be closed on Tuesday, December 25 and Tuesday, January 1 in observance of Christmas Day and New Year’s Day. Your payroll must be processed a day earlier than normal by 12:00 pm to ensure timely processing. Is your pay date on Tuesday, December 25 or Tuesday, January 1? There will be no direct deposits allowed on Tuesday, December 25 and Tuesday, January 1 due to holiday bank closures. If your pay date is on this day, please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date to Monday or Wednesday. Please...

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Form 1099 must be filed and distributed by January 31 for all independent contractors earning $600+

If you pay an individual (who is not an employee) or partnership for “services” rendered and the amount paid for the year is $600 or more, you must file an information return, Form 1099-MISC, with the IRS and provide a copy to the individual. Form 1099s are required to be filed and distributed by January 31. There is a penalty for failure to file by the date or failure to provide the correct identification number. The IRS may charge a $100 penalty for each incorrect identification number. If you do not plan to enter your independent contractor(s) payments in your payroll system...

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Year-End Checklist

It’s that time of year! With year-end quickly approaching we wanted to provide you with a year-end checklist to ensure you have a smooth year-end. Please make sure to review each item listed below and whether it applies to your specific payroll needs. Verify Employee W-2 Information It is important that all employee data is reviewed and updated for changes that may have occurred throughout the year. You will need to continue to maintain all changes after verifying the employee W-2s through January 1st to ensure that any new updates are reflected correctly on the W-2. Please confirm the following information for...

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Market Update from Ashley Vice, Portfolio Manager

After an incredibly muted 2017, volatility has returned to the markets.  This year, the US equity market (using the S&P 500 as a proxy) has experienced two separate “corrections”.   A correction is defined as a temporary decline of 10% or more.  The market got off to a great start in January and hit all-time highs in September, but has given most of that back over the past few weeks.  With dividends, the S&P 500 is up slightly for the year. In times of uncertainty, historical perspective can be a wonderful ally.  To that point, corrections are a normal part of the...

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401(k) Contribution Limit Increased to $19,000

The IRS has announced that the amounts employees can contribute to 401(k)s and IRAs will increase in 2019. In particular: The employee contribution limit for 401(k) plans will be $19,000, up from $18,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $6,000. The employee contribution limit for IRAs will be $6,000, up from $5,500 in 2018. The catch-up contribution limit for employees aged 50 and over remains unchanged at $1,000. The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans will be $13,000, up from $12,500 in 2018. The catch-up contribution limit for employees aged...

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“Significant” Tax Incentives for Investment in “Opportunity Zones”

The IRS and Treasury have released proposed regulations and guidance for the Opportunity Zone program introduced as part of the 2017 Tax Act.  The Opportunity Zone program offers significant tax incentives (including gain deferral and partial exclusion) to investors who make qualified investments of capital gains in Opportunity Zones — i.e., the low-income urban and rural communities that were designated as Opportunity Zones earlier this year. The program encourages long-term, patient private capital to invest in eligible low-income rural and urban communities, called Opportunity Zones, all across the United States - including right here in Richmond and throughout the state. ...

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FBI Warns About Phishing Emails for Employees’ Payroll Information

The FBI issued a public service announcement (PSA) encouraging employers to remind employees not to respond to phishing emails from cybercriminals who want access to employees’ payroll information [FBI, Alert No. I-091818-PSA, 9-18-18]. How the Scam Works The FBI said that cybercriminals are targeting employees through phishing emails designed to capture an employee’s login credentials to his or her employer’s self-service application. Once they obtain the login credentials, cybercriminals can change the bank account information to which the employee’s paycheck is deposited. The cybercriminals also change the alert settings so employees are not informed of the direct deposit changes. How Employers Can Help The...

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