Category: News

Gov. Mike Pence has announced that the Indiana Department of Revenue will conduct Tax Amnesty 2015 from September 15 through November 16, 2015. Tax Amnesty 2015 was authorized by the biennial budget, which was signed into law in May 2015. Tax amnesty is a limited-time opportunity for both individuals and businesses to pay past-due base tax liabilities free of penalty, interest, and collection fees. Existing tax liabilities, for all tax types managed by the department, for periods ending prior to January 1, 2013, are eligible to participate in Tax Amnesty 2015. Approximately 40 different tax types are eligible for participation.

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In January 2016, some employers will be required to report information regarding their employees and health insurance coverage on a month by month basis for the 2015 year. The filings will be reported on IRS Forms 1094 and 1095. While the first filing is not due until January 2016, it is essential that employers begin tracking this information now in order to capture all relevant information needed to fulfill the reporting requirements.

After completing an extensive evaluation of this reporting requirement, we have determined that the nature of relevant information that will be required in this reporting would be best prepared by those involved with the HR and payroll functions of a business. As a result, Harding, Shymanski & Company, P.S.C., will only be able to provide assistance and preparation of these forms to our full-service payroll clients (those using Millennium Payroll Solutions [Payentry/ MPay] payroll services).

Depending upon the type of insurance (fully insured or self-insured) and depending on the size of your workforce, the actual entity responsible for these filings may vary. In some cases, the employer will be responsible to complete these filings, and in other cases, the insurance company will prepare the filings on the employer’s behalf.

We strongly advise, if you have not already, that you begin discussions with both your insurance provider as well as your payroll provider to ensure that you are prepared to comply with this extensive new filing requirement due in January 2016 for the 2015 calendar year.

Posted May 20, 2015 on Internal Revenue Service website

You still have time to file retirement plan tax returns for your small business. Under the IRS special penalty relief program, you can avoid stiff penalties for filing late. However, you must act soon. Here are some key points you should know about this program:

• Late Filing Penalties. Plan administrators and sponsors who fail to file required forms can face penalties of up to $15,000 per return. The plan usually must file Form 5500-EZ each year.
• Penalty Relief Deadline. A special program provides penalty relief for late filers. Those who are eligible can avoid these penalties by filing late returns by June 2, 2015.
• Relief to Certain Plans. In general, this program is open to certain small business plans. These include owner-spouse plans, plans of business partnerships (together, “one-participant plans”) and certain foreign plans.
• Penalty Already Assessed. If you have already been assessed a penalty for late filings you are not eligible for this program.
• One-Year Pilot. The IRS launched this program on June 2, 2014, as a one-year pilot. It can help small businesses that may have been unaware of their plan’s filing requirements. So far, the IRS has received about 6,000 late returns under the program.
• Multiple Late Returns. You may apply for relief for multiple late returns in a single submission under this program.
• No Fee Required. The IRS does not charge a filing fee or require a payment to apply for this relief.

UPDATE:  Mr. Andrew Berger, IMA vice president of governmental affairs and tax policy, will present jointly with Brian Burton at the TSMA Second Quarter Event. Berger will offer a “behind the scenes” perspective on Indiana’s 2015 legislative session.

Mr. Brian Burton, incoming President of the Indiana Manufacturers Association (IMA), will speak at the Tri-State Manufacturers’ Association (TSMA) Second Quarter Event, May 14th at the Evansville Country Club. Burton officially takes office on July 1st, as the current IMA President Pat Kiley retires after 23 years of service.

“I’m looking forward to this opportunity to speak with TSMA members and guests,” Burton said. “The current legislative session will have ended, so it will be a great time to review the State’s manufacturing initiatives, as well as look at the headwinds manufacturers may face in the year ahead.”

Burton began his career with the IMA in 1999. Prior to working at the IMA, Brian served as the Vice President of Human Resources and Vice President of Economic Development at the Indiana Chamber of Commerce. He also served as Executive Vice President of the Indiana Junior Chamber of Commerce and Executive Director of their charitable foundation. Brian has been a registered lobbyist since 1989 and has lobbied on a variety of issues including economic development, human resources, transportation infrastructure, energy deregulation and labor relations. Brian has been a frequent speaker at numerous business events throughout the state.

For details about the event, click here. To register, contact: Dorothy Pergola, Director of Member Engagement and Workforce Development, SW Indiana Chamber, at 812.425.8147 or dpergola@swinchamber.com.