February 5, 2019

Avoid Year-End Payroll Surprises

Employers were required to have their 2018 W2s mailed or distributed to employees and submitted, as well, to the Social Security Administration no later than January 31, 2019. The IRS fines based on lateness of these forms are $50 per form within 30 days of the due date.  Over time, the penalty will rise to $100 per form if filed before August 1st.  The maximum fine is $260 per form if filed after August 1st.

Colorado increased the minimum wage for 2019 to $11.10 for non-tipped employees. To be in compliance with labor laws, be sure you have an updated state and federal labor poster hanging at your job site in an area where employees frequent.  Failure to hang updated posters at your workplace results in costly penalties, fines and possible lawsuits.

Employees​ may be surprised to find that they owe money with their 2018 personal tax return or that their​ refund will not be as large as they expected.  Because the Tax Cuts and Jobs Act of 2017 passed, many employees saw a bump in their net paycheck; however, this may translate to taxes due in April if they didn’t plan appropriately.  With Payroll Vault payroll services, it’s easy for an employee to change their withholding allowances online at any time with their online login or app on their smart device. A good tool for employees to use for figuring their W4 withholdings is the IRS payroll calculator:

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https://apps.irs.gov/app/withholdingcalculator

Payroll Vault is a Colorado company with local expertise. Partner with Payroll Vault to streamline your payroll process and make the next year transition smooth and penalty free.

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