Due to new IRS regs, employers will be subject to stricter e-filing requirements in 2024. Find out what’s coming and check out the list of forms. When the Service released final regs on February 23, 2023, it came as a surprise that the e-filing threshold would drop suddenly to 10 returns. You may recall that, […]
You can get a jump on some aspects of planning for 2024: The estimated Social Security taxable wage base has been released. Sometimes, you’ve had to wait until August, but this year the annual report containing wage base information was available by the last day of March. The 2024 projection? $167,700. That’s up from the […]
It’s no surprise that a medical expense like a dental exam can be paid or reimbursed under an HSA, but what did IRS recently say about nutritional supplements? New guidance released March 17, 2023, sheds light on medical expenses related to nutrition, wellness and general health. In fact, the frequently asked questions (FAQs) created by […]
What’s contained in the federal budget proposal for FY 2024? For one thing, certain businesses would pay a higher income tax rate under the plan. In fact, the rate would jump from 21% to 28% for C corporations. The Treasury Department’s Green Book, released March 9, 2023, in conjunction with the Biden Administration’s $6.9 trillion […]
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 […]
