One business that claimed a research tax credit ended up with a tax penalty instead. The company fought back in court, but the situation didn’t end well. The shipbuilding company had claimed the tax credit, found in Internal Revenue Code Sec. 41, for its research activity. The activity was building 11 vessels. The primary question […]
The U.S. Supreme Court has reached a decision in the case of a highly compensated employee who sued his employer for unpaid overtime. In Helix Energy Solutions Group Inc. v. Hewitt, the court said that although the employee earned more than $200K per year, that didn’t necessarily mean he was exempt from the overtime requirements […]
For employees on reduced schedule FMLA leave, 12 workweeks will get converted into days, hours or minutes. But that can trip up employers, new guidance shows. The Department of Labor (DOL) just released an opinion letter focused on reduced schedule leave. It’s worth noting this is the first opinion letter employers have seen on the […]
Finance pros with lingering compliance concerns about employees working remotely will find insight, albeit limited, in new guidance. In Field Assistance Bulletin 2023-1, the Department of Labor (DOL) discussed the implications of two laws for employers with teleworkers. The laws are the: Here’s what the guidance, released on February 9, 2023, said: Break times under […]
Among the many provisions of the Secure 2.0 Act, several deal with the paperwork responsibilities that fall on retirement plans. The Secure 2.0 Act, which became law on December 29, 2022, amends some sections of the Employee Retirement Income Security Act (ERISA) that deal with notices and statements. Let’s take a closer look at two […]
In March and April, some of your peers will receive CP2100/CP2100A notices from IRS that will require them to mail out B notices notifying vendors and contractors that they need to update their Form W-9, or else payments will be noticeably smaller due to 24% backup withholding. Right now your A/P team is collectively holding […]
Earned wage access, also known as on-demand pay, is being leveraged by your peers as a key recruitment and retention tool for workers who may be strapped for cash right now because of the high prices of gas, energy bills and groceries. In a Zoom interview, Scot Parnell, CFO of DailyPay, estimated that 37% of […]
High inflation continues to impact businesses. One of the latest examples? Costlier penalties for breaking workplace laws. Several federal agencies released final rules, announcing increased amounts for 2023. Here’s a brief rundown of five of the workplace laws included in these final rules: Law #1: ERISA If your retirement or health plan is subject to […]
It’ll cost more in 2023 if you don’t display the required workplace posters. To complicate matters, electronic postings may be allowed, or even required. Back before the rise of remote and hybrid workforces, the Department of Labor (DOL) released guidance on electronic postings. That was Field Assistance Bulletin 2019-3. Making a digital poster available in […]
