According to the IRS, fraud costs victims $190 billion annually in the U.S. alone. Keep reading for more information on each of these types of financial fraud and what you can do to avoid them.
Tips for protecting yourself against financial fraud
Unit: Payroll
Paycheck distribution change
Effective March 31, 2017, employees who have not enrolled in direct deposit will be required to pick up their paycheck at the University Payroll Office.
ACA Tax Forms Mailed
The 2016 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage Insurance, were mailed on February 28, 2017, via the United State Postal Service (USPS).
W-2/Pay Advice Reconciliation Template
Employees often ask what amounts are reported on a Form W-2 and why the amounts on their pay advices are different from amounts on their Form W-2. Many of these questions focus on understanding the amounts in the numbered boxes on the Form W-2.
2017 fringe benefit limits announced
The IRS announced the 2017 inflation-adjusted limits that apply to certain employee fringe benefits, with at least one surprise to note.
IRS Release 2017 Notice 1036
The IRS has released the 2017 Notice 1036, which contains the official 2017 withholding allowance amounts, the amount to add to nonresident alien employees’ wages for calculating their income tax withholding and the percentage method withholding tables.
ACA Extends the Due Date of Forms 1095-B and 1095-C
In Notice 2016-70 the Treasury (Treasury) and the Internal Revenue Service (IRS) provide an automatic extension of the due dates to comply with the Affordable Care Act (ACA) reporting requirements.
Don’t be left in the cold on payday
Enrolling in direct deposit prevents you from being left “out in the cold” without your final check if you are unable to pick up your hard copy check prior to University closures from December 22, 2016 through January 3, 2017.
End of year tax reminders
All employees are encouraged to review their information for current address to ensure receipt of important tax forms as well as make any updates to current withholding elections for the upcoming 2017 tax year.
