• FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • LOGIN
  • SIGN UP FREE

CFO Daily News

  • FREE RESOURCES
        • Accounts Payable
          Finally! The trick to securing greater T&E compliance
          Benefits
          Rooting out folks who don’t belong on your health plan: A 6-point dependent audit checklist
          IT
          3 costly misconceptions about biz email compromise
          Credit and Collections
          Collecting via email: 4 must-make moves in your subject line
          Accounts Payable
          5 Tough-to-spot signs that an invoice is fake
  • PREMIUM CONTENT
        • Staff management
          120 Proven Communications Tips for Today’s CFO
        • Payroll
          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
          Accounts Payable
          T&E Best Practices: Complete Guide to Ensure Compliance
          Payroll
          Payroll Best Practices: 4 Ways to Save Time and Money
        • Staff management
          Email Best Practices: A 6-Question Quiz
          Staff management
          Innovative Communications Strategies: An Email Case Study
          Staff management
          A 5-part Framework for Successful Workplace Communications
        • SEE MORE
          PREMIUM RESOURCES
  • CORONAVIRUS RESOURCES
  • Accounts Payable
  • Credit and Collections
  • Payroll
  • Accounting
  • Benefits
  • Finance Technology
  • More
    • Employment Law
    • Strategy
    • Policy and Culture
    • Fraud
    • Payments and Transactions
    • Budgeting and Forecasting
    • Banking
    • Staff Management
    • Cost Control
    • Supply Chain
    • IT

Form-a-palooza! IRS blitzes with a slew of much-needed Finance docs

Jennifer Azara
by Jennifer Azara
January 23, 2015
  • Accounting
  • Accounts Payable
2 minute read
  • SHARE ON

As if your finance department wasn’t juggling enough paperwork right now! IRS has been on a form-generating blitz to update key documents for 2015 and beyond.

Are your staffers working off the most recent versions?

4 you need now

Take a look at the most recent updates from the Taxman to ensure your finance department is up-to-date:

Form W-9, Request for Taxpayer Identification Number and Certification: You’ll have to look closely at this one — the form does look nearly identical to the one that’s been in play since August 2013. But there are a few small differences which will make it worth using.

The difference that should help your finance staffers the most: Some instructions have been rewritten to be clearer for folks filling out the forms. That should help you get new vendor Taxpayer ID Numbers even faster than before.

Download it at: www.irs.gov/pub/irs-pdf/fw9.pdf

Publication 15-B, Employer’s Tax Guide to Fringe Benefits. This is the benefits bible for Accounts Payable and Payroll – because it helps each department know when it has to get involved with an employee’s benefits.

The new updated version contains all the key numbers Finance needs for 2015, from the standard mileage rate (57.5 cents per mile) to the maximum amount employees can contribute to a health flexible spending account ($2,550).

Something new for this go-around: The scenarios where employees can now make mid-year election changes to their cafeteria plans for additional reasons, to allow for the purchase of a Health Insurance Marketplace plan.

Download it at: www.irs.gov/pub/irs-pdf/p15b.pdf

Publication 15, (Circular E), Employer’s Tax Guide. Your payroll folks likely lean heavily on this IRS document. And the new version for 2015 contains some mission-critical updates, from the new taxable wage base to the percent method tables and wage bracket tables.

There are even a few unexpected changes in this tried-and-true publication this time.

For example, you probably wouldn’t expect to see anything on the Ebola virus. But it’s there – Circular E spells out that employers can set up leave-based donation programs to aid Ebola victims in Guinea, Liberia or Sierra Leone. If employees donate their vacation, sick or personal leave in exchange for your company making a charitable contribution, you wouldn’t include the amounts in income.

Download it at: www.irs.gov/pub/irs-pdf/p15.pdf

Lastly, the newest version of Publication 15-A (www.irs.gov/pub/irs-pdf/p15a.pdf) directs you to another form you need to use – and it’s a brand new one.

Form 8922, Third Party Sick Pay Recap. In the past, your company has had to include third-party sick pay recap information on Form W-2 in the past. No longer. Make sure Payroll understands that for wages paid in 2014 and beyond, you should use the new Form 8922, Third Party Sick Pay Recap. You’ll need it for the W-2 and 941 reconciliation process.

Download it at: www.irs.gov/pub/irs-pdf/f8922.pdf

Jennifer Azara
Jennifer Azara
Jennifer, a member of the CFO Daily News staff, has covered business and finance for more than 22 years. She has written for CFOs, credit and collections professionals and accounts payable practitioners and has spoken at industry conferences on sales and use tax compliance.

Keep Up To Date with the Latest Finance News

With CFO Daily News arriving in your inbox, you will never miss critical stories on accounting, benefits, payroll & employment law strategies.

Sign up for a free CFO Daily News membership and get our newsletter!
  • This field is for validation purposes and should be left unchanged.
CFO Daily News Logo
  • ABOUT CFO DAILY NEWS
  • ADVERTISE WITH US
  • WRITE FOR US
  • CONTACT
  • Accounting
  • Benefits
  • Payroll
  • Policy and Culture
  • Employment Law
  • Fraud
  • Finance Technology
  • Accounts Payable
  • Credit and Collections
  • Strategy
  • Payments and Transactions
  • Budgeting and Forecasting
  • Banking
  • Staff Management
  • Cost Control
  • Supply Chain
  • IT

CFO Daily News, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day’s headlines, CFO Daily News delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

Privacy Policy Terms of Service
Copyright © 2021 SuccessFuel

WELCOME BACK!

Enter your username and password below to log in

Forget Your Username or Password?

Reset Password

Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.

Log In

preloader