e-News for Payroll Professionals – Issue 2024-07

Issue Number: 2024-07

Inside This Issue

1. Changes to the SECURE 2.0 Act affect how businesses complete Forms W-2, provide IRA information

2. Document Upload Tool hits one million submissions

3. 2024 IRS Nationwide Tax Forum begin this week

4. IRS resource page for information return filing

5. Updates to forms, instructions, publications

 1.  Changes to the SECURE 2.0 Act affect how businesses complete Forms W-2, provides IRA information 

The IRS issued a fact sheet to remind businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The fact sheet also provides information on de minimis financial incentives, Roth SIMPLE and Roth SEP IRAs, designated Roth non elective contributions and designated Roth matching contributions.

 2.  Document Upload Tool hits one million submissions 

The IRS recently announced this milestone achievement and provided estimates that up to 94% of individual taxpayers will have the option of using the Document Upload Tool (DUT) instead of sending mail to the IRS. That could potentially replace up to 125 million paper documents per year. The IRS launched the DUT in 2021 and expanded it in 2023 with Inflation Reduction Act funding. This tool is part of the IRS’s transformation work which helps both taxpayers and the IRS reduce the burden of processing paperwork.

 3.  2024 IRS Nationwide Tax Forum begin this week 

On June 12, the IRS announced the agenda for the Nationwide Tax Forum (NTF) that features 45 seminars on a wide array of topics. The NTF program kicks off in July at its first stop in Chicago and continues through four other cities over the summer: Orlando, Baltimore, Dallas and San Diego. Six of this year’s most popular topics are being presented in Spanish and English. Chicago and Orlando are sold out; space remains in Baltimore, Dallas and San Diego.

 4.  IRS resource page for information return filing 

The IRS recently updated Tax Topic 802, which covers additional information for information return filers and the various systems they may use to file those returns. The Filing Information Returns Electronically (FIRE) system has a cutoff date of November 1 the year before the returns are due. Information returns take up to 45 days for processing. The tax topic also provides useful links for the Social Security Administration, Affordable Care Act information returns, Information Return Intake System and the International Data Exchange.

 5.  Updates to forms, instructions, publications 

Forms

• Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees

• Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips

• Form 8922, Third-Party Sick Pay Recap

Instructions

• Instruction 8889, Instructions for Form 8889, Health Savings Accounts (HSAs)

Publications

• Publication 5249, Fingerprint Card Instructions for Voluntary Certification of Professional Employer Organizations

• Publication 5904, IRS Business Tax Account

• Publication 5951 (sp), IRS form 1099-K Myths vs Facts (Spanish Version)

Also read: e-News for Small Business Issue 2024-13

Source: www.irs.gov