IRS has updated Form 5300, and that's good news for sponsors of retirement plans wanting to ensure their plans' tax benefits. First, in Revenue Procedure 2022-40, released in November 2022, IRS expanded its determination letter program. Prior to that, only…
Payroll
If employees' Family and Medical Leave Act (FMLA) entitlements are impermissibly reduced, your company may face legal consequences. But when someone takes intermittent or reduced-schedule FMLA leave, it's tricky for staffers to accurately calculate how much of the 12 weeks…
Could it be time for a review of your employee severance agreements? Right now Twitter's experiencing major pitfalls from having them, thanks to a class action lawsuit accusing it of violating its own severance policy. Laid-off workers are claiming the…
When IRS reduced the electronic filing threshold, the change impacted a long list of information returns. Now, the list of forms to e-file may get longer. That’s because of a recent recommendation from the Electronic Tax Administration Advisory Committee (ETAAC).…
Employees with wages exceeding $145,000 in 2023 may hesitate to make catch-up contributions next year. They'll be impacted by tax changes, as will employers. To complicate matters, there are still many unanswered questions about the tax changes, which the Secure…
The Supreme Court has raised the standard on whether an employer can claim undue hardship in response to a religious accommodation request. For decades, if the cost of an accommodation was more than de minimis, an employer could deny a…
Finally, you've completed the acquisition. As you move forward, don't forget about this potential vulnerability: employees' personally identifiable information. Otherwise, you may run into legal trouble. Here's what happened to one employer: After the acquisition After it acquired a company,…
IRS told one employer that payments made to employees under its fixed-indemnity health insurance policy were subject to federal income, FICA and FUTA taxes. The policy was optional, with comprehensive health coverage provided through its group health insurance policy. Both…
While we're no longer dealing with the quarter-by-quarter changes to Form 941 that occurred during the pandemic, there are some recent updates employers should know. The latest revision date for the 941 as well as its instructions is March 2023.…
Companies with funds tied up in the recent bank collapses had to scramble to pay their employees on time. No one wants to go through that again. That includes the Federal Deposit Insurance Corporation (FDIC). Large concentrations of uninsured deposits…
For companies allowing health savings account (HSA) contributions via payroll deductions, a recent IRS announcement contains important info for 2024. The HSA contribution limits will increase significantly next year. Of course, employees who make contributions must be covered by a…
Heads up: You may need to ask to see certain employees' Form I-9 documents, even if they were hired several years ago. That's because the flexibility employers had due to COVID-19 will disappear this summer. After multiple extensions of the…
