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Blog Post 4

The highly debated “Cadillac Tax” on certain types of health plans sponsored by employers may be repealed for good.
Previously, the 40% excise tax had been suspended through 2021. If a new bill passes, however, the tax would be eliminated entirely.
The Middle Class Health Benefits Repeal Act (H.R. 748) was introduced to Congress by a bipartisan group of representatives in January 2019.
Cite: bit.ly/cadillac571

Blog Post 2

How to issue a corrected 1099

If you made a mistake, you need to know how to correct a 1099 form. Corrected 1099-MISC forms must be submitted to the IRS, independent contractor, and state agencies (if applicable). And, you will need to correct Form 1096 as well.

You might be wondering, How do I correct a 1099 easily? Correcting a 1099 shouldn’t take up too much of your time, once you know how to do it.

The 1099 correction form is the same as the original form. You will use Form 1099-MISC and mark the box next to “CORRECTED” at the top.

Blog Post 3

Today, 82% of US workers are paid via ACH, up from 74% in 2011. Additionally, more than 98% of Social Security benefits are currently paid via Direct Deposit. The Consumer Federation of America reports that 76% of employees that do not have access to electronic pay would use it if they had the option. The most recent innovation in electronic pay has been "PAY CARDS."

Blog Post 1

Changes to W-2s, exempt/nonexempt pay, garnishments and record retention happen constantly and can be confusing. Stay on top of them all with Innovative Payroll Service where the latest payroll news is always available. IPS will keep you up-to-date with payroll news and stay compliant with payroll tax, state and federal laws.