OVERVIEW On Nov. 29, 2018, the Internal Revenue Service (IRS) issued Notice 2018-94 to: Extend the due date for furnishing forms under Sections 6055 and 6056 for 2018 from Jan. 31, 2019, to March 4, 2019; and Extend good-faith transition relief from penalties related to 2018 information reporting under Sections 6055 and 6056. Notice 2018-94 […]
OVERVIEW As of Feb. 15, 2018, employers must use new tables to determine how much income tax to withhold from their employees’ paychecks. The Internal Revenue Service (IRS) issued the required new tables in Notice 1036 on Jan. 9, 2018. The new tables are also available in IRS Publication 15. In addition, the IRS issued […]
Many employee benefits are subject to annual dollar limits that are periodically updated for inflation by the IRS. The IRS typically announces the dollar limits that will apply for the next calendar year well in advance of the beginning of that year. This gives employers time to update their plan designs and make sure that […]
HIGHLIGHTS The deadline for furnishing individual statements under Sections 6055 and 6056 for 2017 has been extended for 30 days. Good-faith transition relief from penalties has also been extended for 2017 reporting. The due date for filing returns with the IRS for 2017 is not affected. IMPORTANT DATES March 2, 2018 Deadline for furnishing 2017 […]
KEY POINTS Any wellness incentive that is not medical care is taxable, unless it is a nontaxable fringe benefit. Nontaxable benefits may include T-shirts, water bottles and sports tickets. Gym or health club memberships are generally taxable. Cash and cash equivalents are always taxable. COMMON MISTAKES Assuming that all incentives are nontaxable because wellness programs […]
Due to the Affordable Care Act (ACA), most stand-alone health reimbursement arrangements (HRAs)—an HRA that is not offered in conjunction with a group health plan—have been prohibited since 2014. However, on Dec. 13, 2016, the 21st Century Cures Act (Act) was signed into law, which allows small employers that do not maintain group health plans […]
Several years removed from the effectuation of the Affordable Care Act, the health care law is still experiencing more than a few hiccups.
It isn’t enough for workers to know that they’re getting paid consistently and receiving employee benefits; they also want direct access to this information so that they can make the appropriate changes when, or if, they need to.
Based on a recent poll, nearly half of business owners – 48 percent – say that Ban the Box laws put the company in an unfavorable position.
Most of the mandates for the Affordable Care Act are now in effect. The ACA was passed in 2010, but it wasn’t until last year that the requirements kicked in. Still, there are several others that are scheduled for next year.
