|
We’ll start out this month’s newsletter with two items regarding Form I-9, Employment Eligibility Verification:
New Form I-9 Released August 1, 2023
The purpose of the updated form is to simplify and clarify the form. Changes include:
- The two-page form has been consolidated into one page.
- Additional instructions have been provided.
-
The list of Acceptable Documents has been expanded to include additional options.
- Sections that previously required the entry of “N/A” have been eliminated.
-
In addition, two sections that were only used occasionally have been moved to separate supplements – the Preparer and/or Translator Certificate and the Reverification and Rehire.
The new Form I-9 has been designed to be fillable on tablets and mobile devices. You can download the new form by clicking here.
Employers are encouraged to begin using the new version as soon as possible, but the current version can be used until October 31, 2023.
New Procedures for Remote Examination of Form I-9
In a post COVID-19 world, more employees work remotely than ever. That makes it more difficult for employers to comply with Form I-9 review requirements. In response to this issue, the US Department of Homeland Security has now provided final guidance for employers to examine Form I-9 remotely.
Employers must be enrolled in E-Verify in good standing in order to participate in the remote examination program. Details of the new procedures can be found on the US Citizenship and Immigration Services (USCIS) website by clicking here.
State & Federal Tax Payment Frequency Change Notices
Please be on the lookout for tax payment frequency change notices coming from the IRS, your state, and/or local tax agency in the coming months. If you receive one, please forward it to your Mize payroll contact.
We rely on you to forward those to us because if we don’t receive a notice sent to you, your current tax payment frequency will still be in effect for the first payment in the new year - which could make it late, incurring penalties and interest. We do check our third-party logins, but most of the time the new tax payment frequency isn’t updated on the government website until after the change goes into effect.
Not everyone will receive a tax payment frequency change notice, as different states have different thresholds on their applicable tax payment frequencies, but if you do receive one, please forward it on to your Mize payroll contact.
Don’t Be Misled by Employee Retention Tax Credit Scams!
If all you knew about the Employee Retention Tax Credit (ERTC) was from TV commercials, you’d think there were millions of dollars just waiting for employers to claim.
But most of those claims are completely bogus.
The ERTC was a government program in 2020-21 intended to assist employers whose businesses were adversely affected by the pandemic. For most companies, it applied only from March 13, 2020 through the first three quarters of 2021. However, claims can be submitted until April 15, 2025, which has brought scammers out of the woodwork.
Advertisements and solicitations lure in unsuspecting businesses, claiming an “easy application process” and “thousands of dollars just waiting to be claimed”. However, if your company receives ERTC credits without actually qualifying under the requirements of the program, you’ll have to pay it back – with penalties and interest. In addition, some of these companies are using this tactic to steal personally identifiable information.
So don’t be misled. If you have questions about whether your company qualifies for the ERTC, contact your Mize tax professional. We’ve already worked with most of our clients who legitimately qualify for the credit, and would be happy to assist you to determine whether your business qualifies.
New Electronic Filing Requirements for Information Returns for 2023
The threshold for electronic filing of information returns such as the ACA reporting on Forms 1094 and 1095, the 1099 series, and Form W-2 and W-2c has been reduced from 250 returns to 10 starting with 2023 forms filed after December 31, 2023. If a business has at least 10 information returns to file, those forms must be filed electronically.
Determining whether the threshold has been met includes Forms W-2, 1042-S, 1094-B, 1094-C, 1095-B, 1095-C, the 1099 series, and Form 8027.
| 
