Payroll Sections of Employment Law Manual Updated for 2015
Author: Rena Pirsos, Brightmine Legal Editor
As each year ends and a new one begins, many federal legislative and regulatory changes are made that impact payroll/HR operations and compliance efforts. Some are expected, such as:
- Annual inflationary adjustments for fringe benefit limits and other taxable amounts, and pension plan and 401(k) limitations;
- Federal per diem rate changes;
- FICA taxable wage base changes; and
- Standard mileage and SIFL rate changes.
Other changes are not as predictable. For example, for 2015, employers must comply with new laws, regulations and guidance regarding:
- Taxation of local lodging expenses;
- Taxation of electronically provided qualified transportation fringe benefits;
- New Form 941-X instructions for correcting AMT withholding errors;
- Reporting adjustments and corrections due to the retroactive parity for 2014 mass transit and parking benefits; and
- Third-party sick pay reporting on New Form 8922.
The following sections of the federal Employment Law Manual have been fully updated with all of these changes, and more, for 2015:
- Withholding Taxes;
- Taxation of Employee Compensation;
- Taxation of Employee Benefits;
- Depositing and Reporting Withheld Taxes;
- International Payroll Issues; and
- Unemployment Insurance Tax (FUTA/SUI).