News & Analysis as of

W-2

Tax Reform Could Increase Employer Relocation Costs

by Steptoe & Johnson PLLC on

The costs associated with employee relocation reimbursements may increase as a result of the Tax Cuts and Jobs Act (“Act”). This change affects both for-profit and nonprofit employers...more

A North Carolina Federal Court Allows A Treble Damages Claim In Employee Data-Breach Lawsuit

by Ellis & Winters LLP on

As we have explored before, a common scam known as “W-2 phishing” can put companies in the crosshairs for data-breach lawsuits brought by their employees. In honor of Tax Day, today’s post examines an interesting recent...more

Of Course I Meant to Send the Email, But Not to the Criminal - Court Rules that Companies Have a Duty to Train Employees on...

by Brooks Pierce on

With the April 17 tax deadline fast approaching, businesses need to remain vigilant for employee reports (or more likely questions) about fraudulent tax returns being filed in their names. Multiple employee reports of...more

What’s in Your Health Savings Account?

by Thompson Coburn LLP on

According to an Employee Benefits Research Institute (EBRI) issue brief, approximately 20 million individuals maintained health savings accounts (HSAs) in 2016. Of the 5.5 million HSA accounts represented in EBRI’s HSA...more

Remember to Advise Your Employees About the Earned Income Tax Credit

by Stoel Rives LLP on

As tax season comes to an end, remember to tell your employees about their potential eligibility for the earned income tax credit (EITC), if you have not done so already. In 2017, the Oregon Legislature enacted SB 398...more

Tax Season Brings Resurgence in Form W-2 Tax Scam

by Locke Lord LLP on

There are three certainties in life: death, taxes, and the knowledge that Ben Franklin’s famous adage will be co-opted. A twenty-first century version of it may be that “in this world nothing can be said to be certain, except...more

When Filing Taxes, Don’t Forget Virtual Currency Income

In a March 23 news release, the IRS reminded taxpayers that income from virtual currency transactions must be reported on income tax returns, and that certain virtual currency transactions are taxable like any other property...more

The 2018 IRS Dirty Dozen, Part I: Identity Theft, Phone and Phishing Scams, Fake Charities

by Moskowitz LLP on

Every year, the IRS releases a list of 12 schemes that are especially popular during the tax season. This year’s “Dirty Dozen” includes three types of warnings: (1) Protect your personal information and your assets, (2) Don’t...more

You Win Some, You Lose Some: A Review Of Some Recent Misclassification Decisions

by Fisher Phillips on

At the forefront of mind of every gig economy company is the troublesome question of whether its workers are properly classified as independent contractors. Just search our blog for cases involving “misclassification” and...more

FBI Issues New Warning to Businesses About Phishing Campaigns

In a recent Public Service Announcement dated February 21, 2018 entitled “Increase in W-2 Phishing Campaigns,” the Federal Bureau of Investigations (FBI) issued another alert about an increase in phishing campaigns since the...more

Employers Take Note: Tax Season Phishing Scams on the Rise

by Fisher Phillips on

It is tax season once again, and with it comes an increased threat of phishing scams targeting human resources and payroll personnel. In 2016, the IRS alerted employers to a then-emerging email phishing scheme in which...more

Tax Cuts and Jobs Act – New Compensation Tax for Non-Profit Organizations on Excess Compensation and Excess Parachute Payments

by Foley & Lardner LLP on

The Tax Cuts and Jobs Act passed late last year and became effective as of January 1, 2018. The Act includes a new provision that subjects certain “excess compensation” paid by exempt organizations (organizations exempt from...more

California Employers Beware: W-2 Phishing Scams Skyrocket During Tax Season

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Employers have been scammed into sending sensitive W-2 information to malicious third parties. This article outlines the key steps California employers must immediately take if subject to this unfortunate...more

IRS Warns Of Increase In Phishing Scams Targeting Employee W-2s

by King & Spalding on

The Internal Revenue Service (“IRS”), along with state tax agencies and the tax industry, recently issued a warning to employers about increasingly prevalent “phishing” email scams targeting the W-2 tax form information of...more

Tax Filing Fraud

by Bryan Cave on

Tax returns and W-2s are information rich documents. Among other things they contain the name and Social Security Number of an employee, as well as information concerning their salary and address, and personal behavior and...more

2018 Tax (Fraud) Season: IRS Warns Tax Professionals, Employers About New and Old Phishing Scams

by McGuireWoods LLP on

Tax season is here, which means tax fraud season is here, too. This year, the Internal Revenue Service (IRS) is warning tax practitioners about a new phishing scam targeted at them and reminding all employers about...more

Privacy Perils: The Least Wonderful Time of the Year

by Bass, Berry & Sims PLC on

January 29 was the first day that tax returns could be filed for tax year 2017. The IRS expects approximately 90% of returns this year to be filed electronically, and overall 70% of taxpayers should receive a tax refund,...more

Diverting Employees’ Payroll Direct Deposits: The Latest Wave of Phishing Scams

Employers beware: Companies are experiencing a wave of phishing scams that target employee paychecks. Here is the scenario: An employee receives from a company email account e-mail that mimics a familiar and trusted company...more

Decoding the Tax Cuts and Jobs Act – Part IV: The IRC § 199A Deduction for Qualified Business Income—the Devil Is in the Details...

by Garvey Schubert Barer on

BACKGROUND - The Tax Cuts and Jobs Act (“TCJA”) adopted a new 20% deduction for non-corporate taxpayers. It only applies to “qualified business income.” The deduction, sometimes called the “pass-through deduction,” is...more

Cybersecurity for This Tax Season

Nearly a year ago, in February 2017, the IRS issued a warning regarding phishing attacks targeting a broad range of companies. The scam involves a hacker impersonating an employee of a company, usually the CEO, and sending an...more

A New Tax Season, but the Same W-2 Spear Phishing Scam (Updated)

by BakerHostetler on

With a new tax season approaching, companies should be vigilant in guarding against criminals attempting to obtain sensitive information through a variety of scams. Last month, the IRS issued an alert warning consumers of an...more

Privacy Tip #123 – Tax Identity Theft Awareness Week

Who knew—but yes, next week is Tax Identity Theft Awareness Week. How sad is it that we have to have a week devoted to education and awareness on this topic? ...more

A New Tax Season, but the Same W-2 Spear Phishing Scam

by BakerHostetler on

According to the IRS, the IRS saw the number of businesses, public schools, universities, tribal governments and nonprofits victimized by W-2 scams increase to 200 in 2017 from 50 in 2016. Those 200 victims translated into...more

Warning: Scammers Say, "Show Me Your Employees' W-2s!"

by Miles & Stockbridge P.C. on

As employers prepare to send employees their W-2s for last year by the end of the month, cybercriminals are preparing phishing emails under the guise of company executives requesting personal information on employees. The IRS...more

UPCOMING DEADLINES: (1) Form W-2 Reporting Of Employer-Provided Health Coverage; And (2) Medicare Part D Notices To CMS

by Fraser Trebilcock on

Unless subject to an exemption, employers must report the aggregate cost of employer-sponsored health coverage provided in 2017 on their employees’ Form W-2 (Code DD in Box 12) issued in January 2018. Please see IRS Notice...more

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