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Innovative Business Solutions Blog

The IRS Publishes 2018 Form W-4

The New Form: The IRS has published the 2018 Form W-4. The IRS developed updated guidance for withholdings after the latest tax reform bill was signed into law in December. The new withholding tables reflect many changes including updated tax rates and brackets. (more…)...

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2016 FUTA Credit Reduction Act

2016 FUTA Credit Reduction Act The FUTA Credit Reduction Tax rate has increased to 1.8% in 2016 for taxable FUTA wages.  What is this additional tax?  (more…)...

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2015 IBS and Bank Holiday Calendar

The IBS and Bank Holiday calendar for 2015 has been released. (more…)...

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The New Bay Area Commuter Benefits Program and You

“Need a ride to work?”  Thanks to the new Senate Bill 1339 authorizing the Bay Area Air Quality Management District and the Metropolitan Transportation Commission to pilot a regional commuter benefit system through December 2016, this seemingly simple question may come with more than just a warm and cozy feeling of good will. Beginning March 26, 2014, organizations with more than 50 full time employees were mandated to provide one of four commuter incentives to their full time staff including a Pre tax Benefit, Employer –provided Subsidy, Employer-provided Tra...

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Do you meet all eligibility requirements to submit that tax return this year?

It is important to understand how your combined earnings may impact your overall tax filing eligibility and ensure that all applicable earnings are correctly being reported. According to the IRS, eligibility for filing Federal and State tax returns will generally be determined by three main factors: Gross Income, Age and Filing Status. Gross Income: Gross income refers to all income received in the previous year in the form of money, goods, property, and services. This will also include all applicable earnings received from sources outside of the United States. Any income d...

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New Affordable Healthcare Mandate

If you have been following the news regarding the new Affordable Healthcare mandate, then you are aware that on February 10, 2014, the Internal Revenue Service and Treasury had posted a finalized list of regulations governing employer responsibilities and provisions. The finalized report details specifics on the Employer Shared Responsibility provisions which will go into effect January 01, 2015 for most employers with at least 50 full time employees. Under the new provisions, employers will be authorized to provide mandatory affordable health care coverage that offers at least a minimal le...

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Are you exempt from paying Social Security tax?

The United States’ Social Security system currently impacts the lives of almost every individual throughout the nation. This 6.2% tax is projected to be even more fully integrated into the American households with coming years.  Aging Americans along with disabled workers, their spouses, dependents, and disadvantaged individuals are taking advantage of their Social Security benefits.  In fact, the Social Security Administration (SSA) reported in February 2013, that more than 165 million employed Americans were paying social security taxes, with some 58 million recei...

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Delays Expected for 2014 Tax Filing Season

On Tuesday, October 22, 2013, the Internal Revenue Service proposed a likely delay of one to two weeks for the start of the 2014 filing season, following the 16-day federal government closure. The delay is said to allow for sufficient time in programming and testing the tax processing systems to be used for the coming season. Acting IRS Commissioner Danny Werfel, however stated that they were currently exploring possible options to shorten the apparent delay and would announce a final decision with the start of the 2014 filing season this December. The original start date for the 2014 ...

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IRS Publishes Tax Calendars for 2014

The IRS issued IRS Publication 509, Tax Calendars for 2014. (more…)...

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Social Security Tax Increase for 6% of Taxpayers

The Social Security Administration announced that the wage base will increase to $117.000 for 2014.  It is estimated that this will result in an increase in Social Security taxes for 6% of taxpayers.  This increase is required to offset a 1.5% cost-of-living adjustment for more than 57 million Social Security beneficiaries. (more…)...

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