Beginning with the 2022 benefit plan year, there are some changes your Benefits people need to be aware of for filing Form 5500, Annual Return/Report of Employee Benefit Plan, and Form 5500–SF, Short Form Annual Return/Report of Small Employee Benefit…
Payroll
Heads up: IRS has announced that interest rates will rise yet again in the third quarter of the year. The new rates are listed in Rev. Ruling 2022-11. Effective July 1, 2022, the new interest rates will be: 4% for…
If your company has been thinking about creating a leave donation program to help the victims of Russia's invasion of Ukraine, the IRS has just approved it. In Notice 2022-28, the IRS issued guidelines for employers wishing to adopt a…
Valuable tax credits from the IRS could be an untapped boost to your bottom line. With today's tight labor market, the Service reminded short-staffed organizations in a recent press release, about the Work Opportunity Tax Credit (WOTC). To take advantage…
Surging inflation is impacting the benefits you may offer employees in 2023, including health savings accounts (HSAs). In Rev. Procedure 2022-24, IRS adjusted next year's thresholds for HSAs and high-deductible health plans (HDHPs). And because the updated amounts are so…
Fringe benefits can be tricky when tax time comes around. Keeping complete records helps you avoid legal hassles. Here's a recent case where an employer's excellent recordkeeping and reporting kept it out of trouble with the Service. After United Airlines…
Could the next step in the future of work be a four-day workweek instead of hybrid telework? Some employers have had positive results with the experiment. For example, social media company Buffer reported at the end of last year that…
There’s good news for Payroll and HR if you’re still hiring employees remotely. The Department of Homeland Security (DHS) and U.S. Immigration and Customs Enforcement (ICE) have extended Form I-9 flexibility guidelines until Oct. 31, 2022. And there’s a chance…
Any employee complaints about missing or inaccurate pay should be taken seriously. Even if you think the worker’s crying wolf, putting their paycheck concerns on the back burner could land you in the middle of a costly fight with the…
The Treasury Department would like to see federal legislation that’d clarify the tax treatment of on-demand pay arrangements. The agency spelled out its proposal in the so-called Green Book, released on the same day as President Biden’s FY 2023 budget.…
Auto enrollment in retirement plans would be required under new legislation. The Securing a Strong Retirement Act of 2022 passed the House on March 29, 2022. The Senate has the legislation now. As currently written, HR 2954 allows employees to…
Heads up: You may need to update certain Forms I-9 by July 31, 2022. Specifically, some employees at your company may have presented expired List B acceptable documents. The dates in question? Between May 1, 2020, and April 30, 2022.…
