Vision Payroll

February 9, 2010

Massachusetts Releases Emergency Regulation on Motion Picture Production Company Withholding

The Massachusetts Department of Revenue has released an emergency regulation 830 CMR 62B.2.3: Motion Picture Production Company Withholding. This regulation “establishes and explains the requirements of motion picture production companies to withhold Massachusetts personal income tax on payments to independent contractors and loan-outs for services rendered in Massachusetts.” The regulation provides information in the following areas:

  1. Statement of Purpose; Outline of Topics
  2. Definitions
  3. Registration and Reporting Obligations of a Production Company; Qualification for the Credit
  4. Withholding and Reporting Requirements as Prerequisites for Credit Qualification; Loan-Out Filing Requirements
  5. Personal Income Credit against Taxes; Reporting Requirements
  6. Coordination with Other Withholding Requirements
  7. Effective Date

Since the regulation was issued as an emergency regulation, it is effective immediately and requires withholding on covered payments made after February 17, 2010. A transition rule allows certain waivers issued before February 18, 2010 to remain in effect for the duration of the production for which the waiver was issued. Contact Vision Payroll if you have any questions on 830 CMR 62B.2.3.

November 15, 2009

Florida Unemployment Wage Base to Increase to $8,500

Filed under: News — Tags: , , , — Vision @ 10:57 am

The Florida Department of Revenue has announced an increase in the taxable wage base for 2010. The wage base will increase from $7,000 for 2009 to $8,500 for 2010. Contact Vision Payroll if you have any questions on Florida unemployment taxable wage base or visit our Unemployment Taxable Wage Base page.

April 23, 2009

Massachusetts Department of Revenue Directive 09-2

Filed under: Guidance — Tags: , , , — Vision @ 3:30 pm

Masschusetts DD 09-2, Personal Income Tax Treatment of Employer-Provided Health Insurance Coverage for an Employee’s Former Spouse

December 22, 2008

Penalties Proposed for Adults without Health Insurance

The Commonwealth of Massachusetts Department of Revenue has released a working draft of TIR 09-1, Individual Mandate Penalties for Tax Year 2009, which would provide the penalties in 2009 for adults without health insurance. Under the working draft, adults with annual family household incomes of 150% of the Federal Poverty Level or less are not subject to any penalty. Adults with annual family household incomes of more than 150% but not more than 200% of the Federal Poverty Level are subject to a penalty of $17 per month for each month of non-compliance. Adults with annual family household incomes of more than 200% but not more than 250% of the Federal Poverty Level are subject to a penalty of $35 per month for each month of non-compliance. Adults with annual family household incomes of more than 250% but not more than 300% of the Federal Poverty Level are subject to a penalty of $52 per month for each month of non-compliance. Adults aged 18-26 with annual family household incomes of more than 300% of the Federal Poverty Level are subject to a penalty of $52 per month for each month of non-compliance. Adults aged 27 and older with annual family household incomes of more than 300% of the Federal Poverty Level are subject to a penalty of $89 per month for each month of non-compliance. The TIR provides the annual income standards for the Federal Poverty Level by family size. Qualifying coverage is defined as enrollment “in health insurance policies that meet minimum creditable coverage standards adopted by the Commonwealth Health Insurance Connector Authority.” Written comments for the working draft are due by January 23, 2009. Contact Vision Payroll if you have any questions on TIR 09-1 or need a referral to a licensed benefits broker.

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