Home /News Page

News Page

W-2 & 1099 Changes in Reporting for 2013

Date: 
Tuesday, January 7, 2014

2013 W-2 & 1099 Changes in Reporting

 Form W-2

Report the value of employee health insurance coverage. 

These amounts are informational only. Report as follows;

Amount is the total for the group health insurance including employer amounts

Report in Box 12 and Use Code DD

For detailed information on W-2 reporting use the following link;    

   www.irs.gov/uac/Form-W-2-Reporting-of-Employer-Sponsored-Health-Coverage

Health Insurance premiums paid for greater than 2% S-Corp shareholderHealth Insurance Reporting-employees

Amounts must be reported on the W-2 in order to receive the business deductions for the health insurance premiums.  Report as follows;

Amount reported is the amount paid for health insurance premiums by the S-Corporation for shareholder-employees

Include amount in Federal Wages (Box1)

Include amount in State Wages (Box 16)

Report amount paid for health insurance premiums by the S-Corporation for shareholder-employee in Box 14 – Use code S-Corp MP

These amounts are not subject to Social Security or Medicare: 

Do not report as Social Security or Medicare Wages (Box 3 & 5)


Form 1099 – Misc.

For 2013 DO NOT report payments that you made with a

debit or credit card on Form 1099-Misc

These payments will now be reported by

credit card merchants using the Form 1099-K.

 

We are thankful to Julian Warren II Certified Public Accountant @ Griggs & Associates, for helping us stay informed!

 Complete Business Solutions Your Trusted Resource for Staying Informed. 

Check out all of our services.

Every service package includes value added services that support you and your business. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

2014 Employment Law Changes for Oregon

Date: 
Friday, January 3, 2014

 

What’s new for Oregon employers in 2014?

Below is a list of the most significant changes.

Social Media Access Restrictions

Oregon first state to require bereavement leave

Veterans Day Holiday for Veterans

Direct Deposit Used for Wage Payments Without Express Authorization

Expanded Domestic Violence

Harassment, Sexual Assault & Stalking Leave laws

Oregon’s minimum wage increases to $9.10 per hour 

Follow this link for more detail on these changes.

http://complete-business-solutions/content/blog

 Complete Business Solutions Your Trusted Resource for Staying Informed. 

Check out all of our services.

Every service package includes value added services that support you and your business. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

2013 Year End Business Deductions

Date: 
Thursday, December 26, 2013

2013 Year End Business Deductions

Time is running out!  December 31st is Rapidly Approaching  Hour Glass

 Business owners may want to look at equipment needs for the coming year and make whatever purchases you can now.

In 2013, small businesses can deduct up to $500,000 of the cost of assets such as software, furniture and other business equipment. The deduction is available for both new and used items, but your business must be producing a taxable income and you must put the purchase in service this year. In other words, buy it and install it ASAP.

You can still get the deduction in 2014, but it drops to a maximum of $25,000. If your budget allows and you have a major expansion on the horizon, buy what you can while the bigger deduction is available.

Small-business owners should also know that the Work Opportunity Tax Credit is another incentive set to expire in the next week. This program gives businesses tax credits of up to $9,600 for hiring qualified workers such as veterans. Hires made on or before Dec. 31 are eligible.

Business owners should talk to their CPA or Accountant for more details about this credit and the equipment deduction.  And if find that your accountant or CPA doesn’t provide you with this kind of information, or provide you with this kind of advice throughout the year…consider making a change in 2014.  There are CPA’s and Accountants that see their relationship with you as more than just doing your taxes at year end.  A good CPA or Accountant can be your most valued business adviser.  They can help you plan and make the best decisions for you and your business throughout the year.  Why is this beneficial for them?  Because the success of your business should mean success for them!  Don’t settle for less, especially when it comes to your business and your money.

 Complete Business Solutions Keeping You Informed. 

Check out all of our services.

Every service package includes value added services that support you and your business. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

2013 Year End Contribution for Healthcare Spending Accounts

Date: 
Wednesday, December 25, 2013

2013 Year End Contribution for Healthcare Spending Accounts

Time is running out!  December 31st is Rapidly Approaching  Hour Glass

 It’s not too late to make your final contributions to your health spending accounts. 
Make your tax free (or tax deductible) contribution by December 31st. 

 

HSA (Health Savings Accounts)

Maximum Contributions for:

Single: $3,250         55 + Years Old: $4,250

Family: $6,450        55 + Years Old: $7,450

And for those who may not know. 

The IRS has amended the Use it or Lose it Rule for Flexible Spending Accounts. 

You are now allowed to carry over unused amounts up to $500.  There are plan requirements that must be in place.

Below is a link to the Treasury Departments Press Release which will provide you with the details and includes a link to the modified rule and a fact sheet on FSA’s and the new modification.

Treasury Modifies "Use-or-Lose" Rule for Health Flexible Spending Arrangements

 

 Complete Business Solutions Keeping You Informed. 

Check out all of our services.

Every service package includes value added services that support you and your business. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

2014 IRS MILEAGE RATES

Date: 
Tuesday, December 17, 2013

2014 IRS Mileage Rates

Beginning Jan. 1stCar and Driver

Standard mileage rates for the use of cars, vans, pickups or panel trucks will be:

56 cents per mile for business miles driven

  23.5 cents per mile driven for medical or moving purposes

 14 cents per mile driven in service of charitable organizations

 Complete Business Solutions Keeping You Informed. 

Check out all of our services.
Every service package includes value added services. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

Oregon Minimum Wage Increase

Date: 
Thursday, December 12, 2013

 

Oregon's Minimum Wage is increasing effective January 1, 2014. 

The increase is .15¢ increasing minimum wage to $9.10 per hour. 
Remember to replace your minimum wage poster
and it is a great time to make sure you are in compliance with other
state and federal posting requirements.

Confused about what you are required to post? 
Complete Business Solutions offers posting compliance audits at your place of business.
Payroll clients receive an updated BOLI All in One Poster each year as
well as an audit to make sure all postings are current and in place.

Complete Business Solutions Keeping You Informed. 
Check out our packages for our value added services. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

Employer Healthcare Insurance Mandate

Date: 
Friday, October 25, 2013

Employer Healthcare Insurance Mandate

Yesterday someone told me that the broker for the company they work for was at their office talking to them
about their insurance renewal. The Broker mentioned that the Employer Healthcare Insurance Mandate hadn’t
been delayed only the penalties were delayed until 2015. This of course is incorrect. The mandate has been
delayed. So in case an employer has received the wrong information… the government only encourages you
to cover your employees but the mandate is delayed until January 2015. A link for your reference;

http://www.sba.gov/advocacy/815/701081

Complete Business Solutions Keeping You Informed. 
Check out our packages for our value added services. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

Cover Oregon Website Not Ready

Date: 
Tuesday, October 1, 2013

 

 Cover Oregon Website Not Ready

Individuals can register and create a login on the site as well as browse and compare different plans online, but they cannot purchase through the online portal at this time. 

Officials have reported that Coveroregon.com will be ready later in October but may not be fully operational until November. The problem is the site is still not providing accurate information on whether enrollees qualify for government assistance such as tax credits or Healthy Kids. 

Individuals and families who buy their own coverage have until Dec. 15 to enroll in coverage that kicks in Jan 1, when most current plans will no longer be in effect. Enrollment in Cover Oregon ends March 31. 

Individuals and small businesses were supposed to be able to immediately use certified agents or application "assisters" to enroll until the site is ready for the public, hopefully by the second half of October.  

Agents, however, won't have full use of the site on October 1st as was planned.  Instead, they'll be asked to not fully enroll anyone. Until the website glitches are fixed, agents are being asked to enter and save client information, but not check on eligibility for assistance. 

Cover Oregon has requested that agents stop scheduling clients until they know when the website will be working. Consumers can still shop for insurance through agents, but those agents won't yet have the ability to use the Cover Oregon website to qualify for tax credits and enroll. 

As everyone knows by now the federal government is shut down while the politicians fight over Obamacare.  The entire battle hinges on the fight to have the individual mandate requiring individuals to have insurance or be subject to a fine.  A truce may be called in the immediate future to get the government running again but the war will rage on until close to the end of the year when the final budget will be voted on.   

This battle will not affect Cover Oregon, individuals just won’t be required to buy insurance if they are currently uninsured. 

 

 Complete Business Solutions Keeping You Informed. 
Check out our packages for our value added services. 

  Complete Business Solutions Your Complete Business Solution!

Contact Us Today!

 

 

Obamacare Possibly Defunded

Date: 
Friday, September 20, 2013

Obamacare Possibly Defunded: 

 In case you don't follow the news you may not be aware that the House has voted to defund Obamacare. 
What this means is the requirement for uninsured individuals to insure themselves in 2014 may be delayed. 
The Insurance mandate for businesses has already been delayed until 2015.
Any who are effected by this decision should be paying close attention over the next couple of weeks to see what is ultimately decided. 
http://news.msn.com/us/house-gop-vote-to-defund-obamacare-keep-govt-open

 CBS supplies notices and updates to all of our clients as part of any of our Complete Business Solutions Services. 
This is just one example of one of our value added services that we provide our clients. 

  Complete Business Solutions Can Be Your Solution!

Contact Us Today!

 

 

Updated Federally Mandated Marketplace (aka Exchange) Notice

Date: 
Thursday, September 12, 2013

DOL Follow up to Federally Mandated Marketplace Exchange Notice Announcement

When the DOL was asked if an employer will be fined for failing to provide employees with notice, they answered...

No. If your company is covered by the Fair Labor Standards Act (most are), it should provide a written notice to its employees about the Health Insurance Marketplace by October 1, 2013,
but there is no fine or penalty under the law for failing to provide the notice.

CBS supplies notices and updates to all of our payroll clients as part of our Complete Business Solutions Payroll Services. 
This is just one example of one of our value added services that we provide our payroll clients. 

  Complete Business Solutions Payroll Services

Contact Us Today!

 

 

Pages