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IRS Kicks Off 2019 Tax-Filing Season

IR-2019-07, January 28, 2019 WASHINGTON ― The Internal Revenue Service successfully opened the 2019 tax-filing season today as the agency started accepting and processing federal tax returns for tax year 2018. Despite the major tax law changes made by the Tax Cuts and Jobs Act, the IRS was able to open this year’s tax-filing season one day earlier than the 2018 tax-filing season. More than 150 million individual tax returns for the 2018 tax year are expected to be filed, with the vast majority of those coming before the April tax deadline. Through mid-day Monday, the IRS had already received several million...

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Special Notice Regarding Year-End Payroll Forms & Billing

Employees’ W-2s have now been prepared and you should have received them in the mail. Your W-2 forms are also available on your online portal located under the Reports tab. We have already filed all returns with the tax authorities but please remember to distribute all W-2s to your employees by January 31st. Please keep in mind that we will be processing your payment for year-end filings on January 31st. You may find the amount of your year-end invoice in the Payroll Liability Report located under the Report tab. If you have any questions please don’t hesitate to contact your payroll team...

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It’s Time to Prep for ACA Reporting in 2019

IRS Extends Form 1095 Distribution Deadline to March 4 On Nov. 29, the IRS extended the deadline for employers to distribute 2018 Forms 1095-C to employees by 30 days—until March 4, 2019, instead of Jan. 31. The delay also applies to self-insured small employers, insurers and others issuing Form 1095-B to covered individuals. See the SHRM Online article IRS Extends Form 1095 Distribution Deadline to March 4.   The IRS has published final forms and instructions to help employers prepare for next year's reporting on the health coverage they offered employees in 2018. Employers subject to the Affordable Care Act (ACA) must distribute reporting forms to employees and file with...

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More Employers Go Direct to Providers, Sidestepping Payers

Some large employers are sidestepping health insurers and contracting directly with providers. A recent Willis Towers Watson survey found that only 6% of employers contract directly with providers now, but 22% are considering it for 2019. Can a small employer do the same? Yes. Here in Richmond, trusted provider Bon Secours had partnered with a third party administrator ACMG to bring direct, lower-cost pricing to small employers with as few as five covered lives. ACMG is a Virginia-based and veteran-owned full-service third-party administrator with over 35 years of operating history. ACMG has extensive experience working with providers in delivering health insurance solutions to local...

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Holiday Payroll Notice – Please Look Ahead!

The Martin Luther King holiday will be observed on Monday, January 21.  SIMA is open however, most banks will be closed.  Allow an extra day for direct deposit. If your pay date is on this date please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date. Please don’t hesitate to reach out to us if you need additional information or you have any questions....

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Standard Mileage Rate to Increase in 2019

The Internal Revenue Service has announced that the optional standard mileage rate used to calculate the costs of operating a car, van, pickup truck, or panel truck for business purposes in 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. The 2019 rates for automobiles used for charitable, medical, or moving purposes were also announced. For more information, please read IRS Notice 2019-02....

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2019 Minimum Wage Rates

The current federal minimum wage rate is $7.25 per hour. However, many states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers must pay their employees the higher rate. The list below outlines states (and the District of Columbia) that have adopted new minimum wage rates. Employers operating in any of these states should review their employees’ pay rates and update their minimum wage poster notices as necessary to ensure compliance with local wage and hour regulations. For more comprehensive information, click here. Alaska Arizona Arkansas California Colorado Delaware Florida Maine Massachusetts Minnesota Michigan Missouri Montana New Jersey New York Ohio Oregon Rhode Island South Dakota Vermont Washington Washington, D.C.  ...

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10 Employee Retention Resolutions for 2019

With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some employee retention resolutions that will pay off all year long. Watch this video to learn 10 key employee retention resolutions for 2019. 10 Employee Retention Resolutions for 2019 - HR 360, Inc....

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Pay or Play Enforcement: What You Need to Know

In late 2018, the IRS began issuing enforcement letters to employers with generally 50 or more full-time or full-time equivalent employees regarding their compliance with the employer shared responsibility rules under the Affordable Care Act (ACA) for the 2016 calendar year. These letters, known as Letter 226-J, inform employers of their potential liability for an employer shared responsibility penalty, if any, for 2016. Who Will Receive These Letters These letters are only sent to employers subject to the employer shared responsibility rules, known as applicable large employers (ALEs). ALEs generally have 50 or more full-time or full-time equivalent employees. The determination of...

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