**Washington’s minimum wage will increase to $9.47 per hour beginning Jan. 1, 2015
** Seattle’s New minimum Wage Ordinance – For employer with less than 500 employees, minimum wage will increase to $11.00 beginning April 1, 2015- Dec31, 2015. If employees do receive tips and/or payments to a medical benefits plan, the employer can pay $10.00/hour as minimum wage, plus $1.00/hour made up of tips and/or contributions to a medical benefits plan. http://murray.seattle.gov/minimumwage/#sthash.9poqOzOM.dpbs
INDIVIDUAL- Updates in 2014
- Beginning in 2014- Obama Care- Health insurance mandate for Individual- Please let your tax preparer know whether you and your family had health insurance during 2014.
- Marketplace Open Enrollment for 2015 ends Feb 15, 2015. wahealthplanfinder.org
- Reminder : (FBAR) Reporting of foreign asset for aggregate values that exceeds $10,000 by June 30, 2015 to Dept of Treasury.
- Reminder: (FATCA)- Reporting of Foreign financial asset for aggregate values that exceeds$50,000 to the IRS when filing your 1040.
**Civil penalties for a non-willful violation can range up to $10,000 per violation for above informational returns.**
BUSINESS- Updates in 2014
- Starting January 1, 2015, employers with 100 or more full-time equivalents employees are required to provide minimum essential health insurance coverage to full time employees.
- Starting January 1, 2016, the employer mandate will apply to employer with 50 to 99 full-time equivalent employees.
- 1099 filing requirement – Please let your tax preparer know if you paid $600 or more for independent contractors.
- 2014/2015: IRA contribution Limit: $5,500
IRA Catch up Contribution Limit for those age 50 or over: $6,500
**Can contribute 2014 IRA by April 15, 2015**
- Auto Expense: Standard Mileage Rate for Business
-2014: 56 cents per mile
-2015: 57.5 cents per mile
**** Maximum penalty for failure to file Form 1099 could be up to $500 per 1099.
**** Remember to obtain W-9 form from your service provider