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December 2017  

Newsletter Edition

Central Iowa Chapter APA

December 2017 Newsletter

 

 

                  Volume 2017                                                                                                    P.O.Box 131

                  Issue 6                                                                                                               Des Moines, IA 50301

 

Our Mission Statement

 

The Central Iowa Chapter of the American Payroll Association is dedicated to providing information and education, support and networking opportunities to professionals involved in all aspects of payroll through our meetings, our newsletters, and our website.  The Chapter strives to be a respected, essential and effective partner in the business community and to provide support to the national American Payroll Association. 

 

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Our Mission

Share your ideas, experiences and knowledge with chapter members thru the newsletter.  Your knowledge is valuable - please email your articles to Newsletter Chair at newsletter@centraliowaapa.org anytime you learn something that would benefit your peers in payroll. 

 

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Government Liaison Corner

Social Security 2018 Wage Base Increases

On October 13, the Social Security Administration (SSA) announced that the 2018 social security wage base will be $128,700, an increase of $1,500 from $127,200 in 2017.

 

 

401(k) Contribution Limit Increases to $18,500 for 2018

The IRS has announced the changes to the dollar limits on benefits and contributions under qualified retirement plans, as well as other items, for tax year 2018 [IRS Notice 2017-64, 10-19-17; https://www.irs.gov/pub/irs-drop/n-17-64.pdf]. 

  • The limitation on the exclusion for elective deferrals under §402(g)(1) (e.g., §401(k) and §403(b) plans) increases to $18,500 (from $18,000).
  • The limitation under §457(e)(15) concerning elective deferrals to deferred compensation plans of state and local governments and tax-exempt organizations (§457(b) plans) increases to $18,500 (from $18,000).
  • The limitation under §414(v)(2)(B)(i) for catch-up contributions to §§401(k), 403(b), and 457(b) plans for individuals age 50 or over remains unchanged at $6,000.
  • The compensation amount under federal regulation §1.61-21(f)(5)(i), concerning the definition of “control employee” for fringe benefit valuation purposes, increases to $110,000 (from $105,000). The compensation amount under §1.61-21(f)(5)(iii) increases to $220,000 (from $215,000).

 

 

IRS Announces 2018 COLAs for Transportation Fringes, FSA Deferrals and More

 

The IRS has released inflation-adjusted tables for 2018 reflecting any increases in the FSA deferral limit, foreign earned income exclusion, and excludable transportation fringes, among other changes [Rev. Proc. 2017-58, 10-19-17; https://www.irs.gov/pub/irs-drop/rp-17-58.pdf]. 

Qualified transportation fringes

The amounts that may be excluded from gross income for employer-provided “qualified transportation fringe benefits” and for “transportation in a commuter highway vehicle and any transit pass” for 2018 are both $260 per month (up from $255 in 2017). 

Health flexible spending arrangements

For plan years beginning in 2018, the dollar limitation under §125(i) on voluntary employee salary reductions for contributions to health flexible spending arrangements is $2,650 (up from $2,600 in 2017). 

Medical Savings Accounts

To be eligible to make contributions to a Medical Savings Account (or to have the employer make the contributions), an employee must be covered by a high deductible health plan. For 2018, a high deductible health plan is a plan with an annual deductible of $2,300-$3,450 for individual coverage ($2,250-$3,350 in 2017) and $4,600-$6,850 for family coverage ($4,500-$6,750 in 2017). Maximum out-of-pocket expenses can be no more than $4,600 for individual coverage (up from $4,500 in 2017) and $8,400 for family coverage (up from $8,250 in 2017). 

Adoption assistance

For 2018, the maximum amount that can be excluded from an employee’s gross income for qualified adoption expenses under an employer’s adoption assistance program is $13,840 ($13,570 in 2017). The maximum amount that can be excluded in connection with the adoption of a child with special needs is $13,840 ($13,570 in 2017).

 

  

Proposal for Truncated Taxpayer Identification Numbers on Forms W-2

Proposed regulation REG-105004-16, Use of Truncated Taxpayer Identification Numbers on Forms W-2, Wage and Tax Statement, Furnished to Employees, was filed with the Federal Register on 9/20/17.

The due date for submitting comments on the proposed regulations is December 18, 2017. Send comments via the Regulations.gov portal, or by mail to CC:PA:LPD:PR (REG-105004-16), Room 5203, Internal Revenue Service, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.

 

 

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CIAPA Chapter News

Central Iowa Chapter of the American Payroll Association

Meeting Minutes

November 14, 2017   5:30 p.m.

 

The regular meeting of the Central Iowa Chapter of the American Payroll Association was held at Tursi’s Latin King in Des Moines, Iowa on Tuesday, November 14, 2017.

President, Tori Worley, called the business meeting to order at 5:30p.m. The speaker, Carmen Perez from Global Cash Card made her presentation.

After the meal was served, the officers were introduced.

Vice President – Deanne O’Hollearn

Secretary – Gayle Mitchell

Hospitality – Debby Haning

Education – Kelsi Vander Meiden

Newsletter- Angela Alsum

NPW/Community Development - Gayla Nesbit

Membership -  Sam Skogerboe

Nominations -  Cheri Klyn

 

Treasurer, Casie Lange, absent - Tori reported our checkbook balance was $14,671.88.

Secretary, Gayle Mitchell – no report.

Vice President, Deanne O’Hollearn – absent; Tori reported that 2018 publication orders will be coming out in December. We will bundle the order with the NE chapter to obtain discounts.

Hospitality – Debby Haning reported our next meeting is on December 14th at the Hilton Inn. Kristy Maitre will be the speaker.

Education – Kelsi Vander Meiden – RCH recredits are available at the end of the meeting or can be sent out by email based on attendance tonight.

Newsletter- Angela Alsum - November 16th is the deadline for newsletter submissions.

NPW/Community Development - Gayla Nesbit – this year’s charitable drive will benefit the Courage Store of the Children’s Cancer Connection. A list of needs is provided or gift cards are needed.

Government Liaison, Carol Fisher – absent.

Membership, Sam Skogerboe – Active members = 137; National members = 52. We need a 51% national membership to maintain our status with APA. We are at 38%.

Nominations, Cheri Klyn - no report

Life changes – Kelli Belden is now at Accumold. Gayle Mitchell is now at Niece Trucking, Inc.

No changes to last meeting’s minutes and no new business

Meeting adjourned at 6:30 - submitted by Gayle Mitchell.

 

This year’s Christmas charitable drive will benefit the Courage Store of the Children’s Cancer Connection. A list of needs is provided or gift cards are needed. Please bring donations and gift cards to the December 14 meeting. Notice all donations need to be $10 or less including gift cards.

 

 

 

The next CPP/FPC study group will begin February 8th, 2018. The class will be using the 2017 Payroll Source as the study guide. If you have more questions, please contact Sara Stafford, CPP at 515-313-4251 or sara.stafford@efcoforms.com

 

 

 

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Upcoming Meetings & Education

 Central Iowa Chapter Meeting Schedule

Month

           Day/Date

Location

Topic/Speaker

December

December 14

Hilton Garden Inn Johnston 

Kristy Maitre

 

 

 

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Board Members

  

PRESIDENT                                                                                       VICE PRESIDENT

         Tori Worley                                                                                Deanne O'Hollearn, CPP

         Kum & Go                                                                                  Principal Financial Group

         515-457-6205                                                                            515-235-1122

         president@centraliowaapa.org                                              vicepresident@centraliowaapa.org

 

SECRETARY                                                                                      TREASURER 

         Gayle Mitchell                                                                            Casie Lange

         Kum & Go                                                                                  UnityPoint Health

        515-226-6526                                                                                

         secretary@centraliowaapa.org                                                treasurer@centraliowaapa.org

 

GOVERNMENT LIAISON OFFICER                                                MEMBERSHIP

         Carol Fisher                                                                               Samantha Skogerboe

         ChildServe Inc                                                                          Accumold

        515-727-1484                                                                             

         glo@centraliowaapa.org                                                          membership@centraliowaapa.org  

 

HOSPITALITY                                                                                    EDUCATION 

        Debby Haning, CPP                                                                 Kelsi Vander Meiden

        Vermeer                                                                                       Vermeer

         641-621-8825                                                                            641-621-8144

        hospitality@centraliowaapa.org                                              education@centraliowaapa.org

 

NEWSLETTER COMMUNICATIONS                                              NOMINATIONS 

         Angela Alsum, CPP                                                                  Cheri Klyn, CPP

         Vermeer                                                                                      Vermeer

         641-621-7828                                                                            641-621-7253

         newsletter@centraliowaapa.org                                             nominations@centraliowaapa.org

 

NPW/COMMUNITY DEVELOPMENT                                            PAST PRESIDENT 

         Gayla Nesbit                                                                             Debby Hauk

         EMC Insurance                                                                         UnityPoint Health    

         515-345-2077                                                                           515-241-3733

        communitydev@centraliowaapa.org

 

 

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