IRS Issue Number: 2015-2
Inside This Issue
- New on IRS.gov
- Filing Information Returns Electronically
- The Affordable Care Act’s Employer Shared Responsibility Provisions
- Form 8922, Third-Party Sick Pay Recap
- Technical Guidance
2014 Pub 531, Reporting Tip Income
2014 Form W-4, Employee’s Withholding Allowance Certificate
2014 Pub 17, Your Federal Income Tax (For Individuals)
2014 Inst W-9, Instructions for the Requestor of Form W-9, Request for Taxpayer Identification Number and Certification
2014 Pub 15, Circular E, Employer’s Tax Guide 2014 Pub, 15-B, Employer’s Tax Guide to Fringe Benefits
2014 Pub 15-A, Employer’s Supplemental Tax Guide (Supplement to Circular E, Employer’s Tax Guide, Publication 15)
2014 Pub 15-B, Employer’s Tax Guide to Fringe Benefits
2015 Pub 15, Circular E, Employer’s Tax Guide
2015 Pub 15-A, Employer’s Supplemental Tax Guide (Supplement to Circular E, Employer’s Tax Guide, Publication 15)
2015 Pub 15-B, Employer’s Tax Guide to Fringe Benefits
2014 Inst 8959, Instructions for Form 8959, Additional Medicare Tax
2014 Form W-9, Request for Taxpayer Identification Number and Certification
2015 Form W-2, Wage and Tax Statement (Info Copy Only)
2015 Form W-4P, Withholding Certificate for Pension or Annuity Payments
The law requires any corporation, partnership, employer, estate or trust, who is required to file 250 or more information returns for any calendar year, must file electronically. IRS encourages filers who have less than 250 information returns to file electronically as well. By transmitting your information returns through FIRE, you can process your files faster and with fewer errors.
The employer shared responsibility provisions apply as of January 1, 2015. Employers should get prepared and make decisions regarding health insurance coverage offered to their employees. No employer shared responsibility payments will be due for 2014. For more information seeHeadliner Volume 349.
Beginning with tax year 2014 (processing year 2015) taxpayers will file 2014 Form 8922 with IRS. For tax year 2014 a paper Form 8922 is required. This form replaces the Third-Party Sick Pay Recaps that were filed on Form W-2 and Form W-3 with the Social Security Administration. The reporting of third-party sick pay recaps to the SSA ends after tax year 2013. Other reporting requirements for third party sick pay remain unchanged.
The purpose of filing Form 8922 is to reconcile employment tax returns (for example, Form 941) with Forms W-2 when third-party sick pay is paid by a party other than the employer and when the liability for Federal Insurance Contributions Act taxes is split between the third party and the employer for which services are normally performed.
Failure to file the Form 8922 will cause the IRS to be unable to reconcile Forms 941 and W-2. Notices are sent and penalties often assessed due to the non-reconciliation of employment tax returns (for example Form 941) and Forms W-2.
Notice 2015-02, Monthly Public Transit Benefit