Archive for the ‘Uncategorized’ Category

MN Revenue Delays Requirement of Electronic Wage Levy Payments & Disclosures

Friday, January 3rd, 2014

Here is an update from the Minnesota Department of Revenue:

“We are delaying, until further notice, the requirement that all employers send state wage levy disclosures and payments electronically. (The requirement had been scheduled to begin on Jan. 1, 2014.)

For existing wage levies, please continue to submit disclosures and payments as you have been doing. We will post updated information as it is available. To receive updates, check this page frequently, or sign up for our email updates.

If you have questions about wage levies, please contact our Collection Division at 651-556-3003 or mdor.collection@state.mn.us.”

More information may be found here:  http://www.revenue.state.mn.us/eservices/Pages/eServices_info.aspx

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.

Hurricane Sandy Relief – Employee Donated Leave Pay

Tuesday, November 13th, 2012

Donate For Hurricane Sandy ReliefOn November 6, 2012, the IRS announced special relief to aid victims of Hurricane Sandy. There is no requirement that mandates this so it is optional for employers to adopt these programs.

Under these programs, employees elect to forgo vacation, sick, or personal leave in exchange for cash payments the employer will send to qualifying organizations aiding victims of Hurricane Sandy. The payments must be made to qualifying § 170(c) organizations for the relief of victims of Hurricane Sandy and these donations must be paid before January 1, 2014. Employees may not claim these amounts as charitable contributions on their tax returns because these donated amounts will not be included in their W-2 earnings. Cash payments to which this guidance applies need not be included in Box 1, 3 (if applicable), or 5 of an employee’s Form W-2.

A possible benefit to employers adopting this program is that employer taxes don’t have to be paid when the leave time is used this way.
Employers have two options for reducing the employee’s accrual balance:

  1. Manually reduce the accrual balance on the employee’s Accruals tab.
  2. Use a memo earning code to reduce the employee’s accrual balance and reflect the donated time in the pay history (without adding the totals to the taxable earnings).  *Please contact your Client Account Manager if you would like to request that this memo earning code be added to your Company Setup.

Additional information:

Resources for finding qualifying § 170(c) organizations aiding victims of Hurricane Sandy:

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.

Three-Day Blood Drive – You Can Help.

Friday, June 8th, 2012

Hanratty LogoHanratty & Associates is hosting a three-day blood drive with Memorial Blood Centers on June 18th, 19th and 20th.  This year there will be three locations around the Twin Cities.  They’ll be hosting special events or guests at each drive location – including prize drawings and food offerings from local businesses.

Every 2 seconds, someone needs blood.  Your donations are greatly appreciated and this is a great opportunity to show dedication to community health and development.

June 18 – Alliance Bank – 55 5th St East #115, St. Paul, MN

June 19 – Hanratty – 9800 Shelard Parkway, Plymouth, MN

June 20 – Packaging, Inc – 6775 Shady Oak Road, Eden Prairie, MN

Thank you in advance for your generosity.  PCS hopes to see you there!

Why Did My Taxes Change?

Tuesday, January 17th, 2012

Employee Net PayEach year, payroll departments are inundated with inquiries about changes to the net pay employees receive.  In most cases, a simple reminder that the tax tables change as of January 1st is enough, but some employees will want to confirm that the correct amount of tax was withheld from their paycheck.  Here’s a simple way employees can do their own verification by using the tables in the “Wage Bracket Method for Income Tax Withholding” section in the IRS Publication 15, the Employer’s Tax Guide.

This IRS publication, which also includes a lot of other useful information about income taxes, can be found by clicking here.

Six Important Facts about Dependents and Exemptions

IRS TAX TIP 2012-07, January 11, 2012
Even though each individual tax return is different, some tax rules affect every person who may have to file a federal income tax return. These rules include dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2011 tax return.

  1. Exemptions reduce your taxable income. There are two types of exemptions: personal exemptions and exemptions for dependents. For each exemption you can deduct $3,700 on your 2011 tax return.
  2. Your spouse is never considered your dependent. On a joint return, you may claim one exemption for yourself and one for your spouse. If you’re filing a separate return, you may claim the exemption for your spouse only if they had no gross income, are not filing a joint return, and were not the dependent of another taxpayer.
  3. Exemptions for dependents. You generally can take an exemption for each of your dependents. A dependent is your qualifying child or qualifying relative. You must list the Social Security number of any dependent for whom you claim an exemption.
  4. If someone else claims you as a dependent, you may still be required to file your own tax return. Whether you must file a return depends on several factors including the amount of your unearned, earned or gross income, your marital status and any special taxes you owe.
  5. If you are a dependent, you may not claim an exemption. If someone else – such as your parent – claims you as a dependent, you may not claim your personal exemption on your own tax return.
  6. Some people cannot be claimed as your dependent. Generally, you may not claim a married person as a dependent if they file a joint return with their spouse. Also, to claim someone as a dependent, that person must be a U.S. citizen, U.S. resident alien, U.S. national or resident of Canada or Mexico for some part of the year. There is an exception to this rule for certain adopted children. See IRS Publication 501, Exemptions, Standard Deduction, and Filing Information for additional tests to determine who can be claimed as a dependent.

For more information on exemptions, dependents and whether you or your dependent needs to file a tax return, see IRS Publication 501. The publication is available at www.irs.gov or can be ordered by calling 800-TAX-FORM (800-829-3676). You can also use the Interactive Tax Assistant at www.irs.gov to determine who you can claim as a dependent and how much you can deduct for each exemption you claim. The ITA tool is a tax law resource on the IRS website that takes you through a series of questions and provides you with responses to tax law questions.

Link: IRS Publication 501, Exemptions, Standard Deduction, and Filing Information

Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.