Information You Need Federal | ACA | HR | State June 2018
Attention ALE's: Understanding your ACA Penalty Letter 227
The Various Letters 227 are acknowledgement letters sent to close an ESRP inquiry or provide the next steps to the Applicable Large Employer (ALE) regarding the proposed Employer Shared Responsibility Payment( ESRP). There are five different 227 letters:
- Letter 227-J acknowledges receipt of the signed agreement Form 14764, ESRP Response, and that the ESRP will be assessed. After issuance of this letter, the case will be closed. No response is required.
- Letter 227-K acknowledges receipt of the information provided and shows the ESRP has been reduced to zero. After issuance of this letter, the case will be closed. No response is required.
- Letter 227-L acknowledges receipt of the information provided and shows the ESRP has been revised. The letter includes an updated Form 14765(PTC Listing) and revised calculation table. The ALE can agree or request a meeting with the manager and/or appeals.
- Letter 227-M acknowledges receipt of information provided and shows that the ESRP did not change. The letter provides an updated Form 14765 (PTC Listing) and revised calculation table. The ALE can agree or request a meeting with the manager and/or appeals.
- Letter 227-N acknowledges the decision reached in Appeals and shows the ESRP based on the Appeals review. After issuance of this letter, the case will be closed. No response is required.
Reminder: 5 Pitfalls to avoid with California's minimum
California’s state minimum wage increased for California’s employers on January 1,2018. California’s minimum wage law provides for two different rates based on the size of the employer, and the minimum wage increases are reflected in this chart:
|Date||Minimum Wage for Employers with 25 Employees or Less||Minimum Wage for Employers with 26 Employees or More|
|January 1, 2017||$10.00/hour||$10.50/hour|
|January 1, 2018||$10.50/hour||$11.00/hour|
|January 1, 2019||$11.00/hour||$12.00/hour|
|January 1, 2020||$12.00/hour||$13.00/hour|
|January 1, 2021||$13.00/hour||$14.00/hour|
|January 1, 2022||$14.00/hour||$15.00/hour|
|January 1, 2023||$15.00/hour|
IRS Encourages Taxpayers to Evaluate Withholding Amounts for 2018
Two-income families, taxpayers working multiple jobs should check withholding amount.
IR-2018-124, May 24, 2018
WASHINGTON – The Internal Revenue Service urges two-income families and those who work multiple jobs to complete a “paycheck checkup” to verify they are having the right amount of tax withheld from their paychecks.
The IRS Withholding Calculator can help them navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each of their employers to withhold.
The passage of the Tax Cuts and Jobs Act, which will affect 2018 tax returns that people file in 2019, makes checking withholding amounts even more important. These tax law changes include:
- Increased standard deduction
- Eliminated personal exemptions
- Increased Child Tax Credit
- Limited or discontinued certain deductions
- Changed the tax rates and brackets
Individuals with more complex tax profiles, such as two incomes or multiple jobs, may be more vulnerable to being under-withheld or over-withheld following these major law changes. The IRS encourages a “paycheck checkup” as early as possible to help taxpayers check if they are having the correct amount withheld for their personal financial situations.
HR Help by PPI Monthly Newsletter:
PPI Business Services is excited to provide you with this Monthly Employment Law Update Newsletter to bolster your existing Human Resource knowledge base, update infrastructure, and update Federal and State Laws.
July 2018 Holiday Reporting Dates
Our Offices, Banks, and Couriers will be closed Wednesday July 4, 2018 as it is a Federal non-processing day.
|Date Closed||Input on||For a Check Date of||OR||Input on||For a Check Date of|
Please Contact Customer Service in advance with any questions and/or to make changes to your input schedule.
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