This financial news is brought to you by the Alfred Johnson blog.
The Financials Release 10.0, which is scheduled for later this year, will contain over 20 year-end tax updates.
At the state level, Oregon added a new Transit tax starting July 1 and now the state legislature has decided it should be reported on Form W-2. See my revised Blog post for instructions covering 2018 procedures for Oregon. We will also be updating Iowa, Georgia, Oklahoma, and others as we receive change information.
At the Federal level, I noticed one change included in the current (ever changing) instructions for Form W-2. If you have employees that donated their vacation or paid leave time to, “. . . aid victims of Hurricanes and Tropical Storms Harvey, Irma, and Maria, and the 2017 California Wildfires . . . ,” then that paid leave time does not have to be included in the employee’s salary.
Check this link for more information.
Source: alfredjohnson.net