Payroll Updates

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US House Panel Approves Repeal of Biden Independent Contractor Rule

By Daniel Wiessner, Reuters Summary: A Republican-led U.S. House of Representatives committee on Thursday advanced a proposal to repeal a Biden administration rule heavily criticized by trade groups that makes it more difficult for companies to treat workers as independent contractors rather than their employees. The House Committee on Education & the Workforce approved the …

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IRS Issues 2024 Version of Household Employer’s Tax Guide

By Payroll Update Staff The IRS issued the 2024 version of Publication 926, Household Employer’s Tax Guide. Publication 926. Publication 926 helps taxpayers determine whether they have household employees and are liable for federal employment taxes (i.e., Social Security, Medicare, FUTA, and federal income tax withholding). Specifically, the publication contains sections on determining if a taxpayer has a …

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Forms 1099-NEC and 1099-MISC and Instructions Updated

By Payroll Update Staff The IRS issued January 2024 versions of Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Income, and instructions. Form 1099-NEC.  All employers who remit nonemployee compensation of $600 or more must use Form 1099-NEC to report such payments (box 1). These include payments to independent contractors or specific professional fees, including to individuals, partnerships, estates, and …

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Content Alert: 2024 State Paid Family and Medical Leave Rates

By Payroll Update Staff A number of states established Paid Family and Medical Leave Insurance programs that provide wage replacement benefits to workers who take time off for qualified reasons such as the birth, adoption, or foster placement of a child, illness, family caregiving, and other life events. In general, these state programs require employer …

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TIGTA Names Key Challenges Facing IRS for FY 2024

By Federal Tax Update Staff The Treasury Inspector General for Tax Administration (TIGTA) has publicly released a memorandum submitted to Treasury Secretary Janet Yellen titled “Management and Performance Challenges Facing the Internal Revenue Service for Fiscal Year 2024.” According to TIGTA, the details in the memorandum are required to be submitted for inclusion in the …

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