Wednesday, January 25, 2017

IRS Updates Payroll-Related Publications for 2017

PNN: IRS Forms

In late December, the IRS released several payroll-related publications that have been updated for 2017. These publications and their most important updates for the new year include:

Circular E, Publication 15 - Employer’s Tax Guide

  • Withholding tables for 2017
  • The new social security wage base
  • Updates on the research tax credit that qualified small businesses may take against their payroll tax liability
  • A new certification program that allows Professional Employer Organizations that have been certified by the IRS to assume the employment tax liability for the employees’ of its clients
Publication 15-B - Employer’s Tax Guide to Fringe Benefits
  • New benefit amounts for 2017 (including the flexible spending account (FSA) contribution limit of $2,600)
  • The monthly $255 limit for the Qualified Transportation Fringes Benefits for parking and commuting
Publication 509 - 2017 Tax Calendars for Use in 2017
  • Includes important due dates for all types of businesses, as well as for individuals
  • By using the tax calendars, taxpayers do not have to figure out the dates themselves or adjust for Saturdays, Sundays, or legal holidays
These forms and publications are available to view and download on the American Payroll Association’s website. Read the January edition of Payroll Currently to learn more about each of these publications.