Due to the upcoming holidays, November and December payrolls are compressed. Please be aware of shorter turnaround times. Additionally, be aware all 2022 overpayments must be received prior to Nov. 30, 2022 for application to the current tax year.
Category: Tax News
The Financial Reporting department of the University Controller’s Office is responsible for compiling unrelated business income revenue and expenses each fiscal year for inclusion on the University’s annual Form 990-T filed with the Internal Revenue Service.
Ben Davidson, director of tax policy and analysis, outlines how the Inflation Reduction Act of 2022 may impact higher education in a feature for the National Association of College and University Business Officers (NACUBO).
Your tax year 2020 Form W-2 is now available in the ConnectCarolina Self Service menu. Remember that 2-Step Verification is required to access your Form W-2.
Finance Insight In Step May 2020 Feature of Ben Davidson, Director of Tax Policy and Analysis
Effective Jan. 1, 2020, the Internal Revenue Service (IRS) will update the Federal Form W-4 Employee Withholding Allowance Certificate. To comply with the form redesign, the University will need to update the current W-4 format in ConnectCarolina Self Service.
Tax 2018 Form W-2 is now available in the ConnectCarolina Self Service.
As fall hiring season is not far away, this is a reminder that new employees (including student employees) will need to act if they want to change their tax withholding from the default status. Verifying their state and federal tax withholding allowances should be done online using the Connect Carolina SelfService menu. Please advise them of the information below.
Upon hire, the federal and state tax withholding for all new employees is set to marital status = Single and number of personal allowances = 0 (zero). If an employee wants to claim Single and 0 (zero) for both federal and state tax allowances, the employee does not need to do anything. If the employee wants to claim something other than Single and 0 (zero), the employee will need to make the change online by accessing the employee’s federal and state of North Carolina income tax withholding forms (W-4 and NC-4 forms) through SelfService after the individual has ConnectCarolina access.
Based on legislation changes in the 2017 Tax Cuts and Jobs Act, the University is making required changes to its moving expense reimbursements policy and procedure, effective July 1, 2018. The 2017 Tax Cuts and Jobs Act no longer allows employers to provide moving expense reimbursements tax free, and no longer allows employees to deduct moving expenses.
Beginning with the February 16, 2018, biweekly paycheck, all biweekly and monthly paychecks subject to federal tax withholdings reflect the 2018 federal tax withholding rates issued by the Internal Revenue Service (IRS). A Withholding Calculator can help employees estimate their 2018 annual income tax liability, and based on its recommendations, can help prevent too little or too much income tax from being withheld. The withholding calculator compares the annual income tax estimate to the employee’s current income tax withholding and can help them decide if they need to change their withholding. Employees using the calculator will find it helpful to have their completed 2017 tax return accessible and most recent paystub. Employees are also encouraged to contact their tax professional should they have questions on how to accurately complete the information contained on the withholding calculator.