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On November 22, 2016, U.S. District Court Judge Amos Mazzant granted an Emergency Motion for Preliminary Injunction and thereby enjoined the Department of Labor from implementing and enforcing the Overtime Final Rule on December 1, 2016.  The case was heard in the United States District Court, Eastern District of Texas, Sherman Division (State of Nevada ET AL v. United States Department of Labor ET AL No: 4:16-CV-00731). The rule updated the standard salary level and provided a method to keep the salary level current to better effectuate Congress’s intent to exempt bona fide white collar workers from overtime protections.

To learn more about this change click the link to an article posted on the Department of Labor’s website https://www.dol.gov/featured/overtime.

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.

Now in its tenth year, the McGladrey Manufacturing and Distribution Monitor has been helping industry executives make informed decisions based on information gathered from companies across the country and around the world. This survey will assess manufacturer and distributor business conditions, global growth efforts, innovation practices, and the data security environment. This invaluable resource enables industry executives to make informed strategic and tactical decisions based on a detailed analysis of data from private and closely held companies. We encourage you to participate and have your voice heard. The 2015 McGladrey Manufacturing and Distribution Monitor will be open until April 23, 2015.

Take the survey now.

If you have questions or need assistance with the survey, please contact Brant Kennedy, CPA at 800.880.7800 ext. 1425.

Posted March 2, 2015 on Indiana Department of Revenue website.

Tax season is underway. Many taxpayers are concerned about recent security hacks and the potential for customer identity information to be stolen. Once identity thieves have someone’s information, it’s hard to say what they’ll do with it.

One way identity thieves use victims’ identities is to file fraudulent tax returns requesting refunds in the victims’ names. By filing a fake tax return using a real identity, thieves potentially can siphon money from the state.

AND, they don’t just use victims’ identities to file a fake return in one state—they might use the same taxpayer’s identity information to file a tax return in every state!

That’s why the Indiana Department of Revenue puts so much effort into its identity protection program.

The department has special security features in its tax processing system. These security features make up the department’s identity protection program. The program specifically looks at the identity information in each tax return, making sure each taxpayer is who he says he is.

To protect taxpayers’ refunds, some taxpayers are asked to complete an Identity Confirmation Quiz. Those selected will receive a letter from the department.

The letter first asks the taxpayer to confirm that the letter recipient’s name and address information matches an Indiana tax return he recently submitted. If a taxpayer receives this letter and the identity information is not correct or he did not submit an Indiana tax return, he should not complete the quiz, but rather follow the letter’s instructions to contact the department.

The quiz contains four short questions, which only the person asked to complete the quiz would be able to answer. It is taken on a secure website hosted by the department or over the phone. It should take no more than two minutes to complete.

Remember, electronically filed tax refunds process in 10-14 business days. Those selected to complete the Identity Confirmation Quiz receive a letter within the 10-14 day timeframe. After successful quiz completion, returns are processed within 7-10 days.

The department works diligently to process returns accurately and securely. Increased security features are meant to protect taxpayer identities with as little refund delay as possible.

Deadline extended to April 30 for WOTC employers to submit Form 8850

The IRS recently issued Notice 2015-13 to provide transition relief to employers claiming the section 51 Work Opportunity Tax Credit (WOTC). Many of the provisions of the WOTC were retroactively extended by the Tax Increase Prevention Act of 2014 for one year through Dec. 31, 2014. The WOTC allows employers a credit for a portion of wages paid to certain new employees who are qualified veterans or members of disadvantaged groups.

Before an employer can claim the credit, it must obtain certification that an individual is a member of a targeted group. To obtain this certification, an employer must (1) complete a pre-screening notice for each individual on or before the day the individual is offered employment and (2) submit Form 8850 “Pre-Screening Notice and Certification Request for the Work Opportunity Credit” to a State employment security agency known as a Designated Local Agency (DLA) no later than the 28th day after the individual begins work. Since the WOTC was retroactively extended to apply to 2014, employers needed relief from this 28-day submission requirement in order to claim any credits retroactively available.

For more information, read the full article or contact Kathy Ettensohn, CPA, MST or Mike Vogel, CPA at 800.880.7800.

On February 18^th, the IRS issued Notice 2015-17 providing transition relief from the 4980D excise tax for small employers who reimburse or pay individual insurance premiums for their employees. Employers with fewer than 50 employees have transition relief through June 30, 2015.

In addition, the notice clarifies the application of compliance with Affordable Care Act (ACA) market reforms when a 2-percent shareholder and non-shareholder employees are reimbursed individual insurance premiums. For more information, contact Michele Graham, CPA at 800.880.7800.