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2019 Y/E is Almost Here!

As we near the year end, we are busy getting ready for the big push! This email is being sent to all our payroll clients, small businesses, and any client that hires 1099 individuals. Therefore some items may not apply to you or your company.

Payroll To Do’s:

1.  Please confirm all employees have a correct address submitted for W2 mailing.
New this year: if your payroll is completed by Taxsense®, your employees will be able to log into www.Workforce.intuit.com and download their W2 online.
If you need a list and new W4, we can send these to you.


2.  Sub-S Shareholder Health Insurance: If you are a Sub-S corporation and pay health insurance with a policy through your business, we need the gross amount of health insurance paid for each 2% or greater shareholder for the year. If you have a personal health insurance policy, we do not need this information until tax time.

3. Personal Use of Company Car: Provide percent of personal use, or total miles driven with personal use miles noted for each employee with a company car.

4. IRS or State Tax rate or deposit notices: If you have received notices in the mail, please provide a copy to your Payroll Provider.

5. Year-end bonus: If you are planning on year-end bonuses, please provide the amounts at least 1 week prior to when you want to pay. Also remember the taxes and retirement contributions need to be paid as soon as the bonuses are paid. 
 
1099 To Do’s:

1. 1099’s: For all payments to non-corporate individuals for services rendered >$600/year, if we prepare the 1099’s, we need a list comprised of their name, address, social security number, and total paid.

2. Paid Family Medical Leave (PFML): If you employ more than 50% of your workforce as 1099, you are required to collect and pay PFML for these individuals. If you have questions regarding this new tax, please call and speak to Carrie or Joanne.

Payroll updates for 2020:
1.  2020 Massachusetts Minimum Wage MA changes: effective January 1, 2020
  • Minimum wage will increase by $0.75 cents/hr to $12.75/hr.
  • Tipped minimum wage will increase by $0.60 cents/hr to $4.95/hr.
2. PFML: Paid Family Medical Leave has been in place since October 1, 2019. This new benefit/tax is for all W2 employees. As you hire new employees, you must provide them with the paperwork supplied by the state to indicate if they are paying the tax or if the employer is paying the tax.

3. Retirement Plans:
  • 401K new maximum for 2020 is $19,500 with catch-up for over 50 is another $6500.
  • SIMPLE IRA- new maximum for 2020 is $13,500 with catch-up over 50 is another $3000.
  • If you have a plan, please notify us if the contributions will increase for all employees.
 4.  Any other changes in pay rates, withholding, and health insurance deductions please provide information.

 
 

Deadlines
December 20, 2019: Payroll, Sub-S Shareholder Health Insurance, and Personal Use of a Company Car. Email payroll@taxsense.com or fax 617-770-1817

January 15, 2020: 1099s. Email joanne@taxsense.com or fax 617-770-1817.

Questions? Please call Carrie at 781-849-6070 ext 294#.
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