Top 8 IRS, State & SSA Updates, Tips & Rules for 2014 Taxes

Author: Vicki M. Lambert
1. IRS Pension Plan
No change for IRS pension plan elective deferral limit or catch-up contributions limit from 2013.
2. Flexible Spending Account(FSA)
FSA plans have a choice of either carrying over up to $500 of unused balances into the next year, or an end of year grace period to use remaining funds.
3. Affordable Care Act
All employers must report the total cost of health plan coverage for employer-sponsored plans for the Affordable Care Act, unless you file less than 250 W-2s. This is to assist the employee as an informed consumer.
4. COBRA Premium Assistance
COBRA premium assistance lines 12a and 12b finally have been removed from form 941, moving everything up one line.
5. State Unemployment Insurance(SUI)
Make sure SUI rates and wage bases for each state you have employees in and updates to those have been updated and information has been obtained.
6. Minimum Wages
State minimum wages have increased in many areas, and many of these states are tied automatically to the consumer price index in their state.
7. Old-age, survivors and disability insurance (OASDI)
There's a big jump for the OASDI wage base from 2013 to 2014, from $113,700 to $117,000.
8. Employee Instructions
Be aware of changes to employee instructions so you can field questions and answer them or provide advance warning.

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