PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

Taxes 52

Taxes Deductions Deductible Entertainment 52

Business Management Daily

NOVEMBER 17, 2021

As the year ends, questions of taxes, domicile, and residency should be top of mind for employers looking to avoid any unnecessarily complex tax issues in the new year. They kept a family cemetery plot in the state, which was enough for New York to continue to tax them. An audit was commenced for tax years 2013 and 2014.

Taxes 52

Taxes Family and Medical Leave Act Banking Commissions 52

BerniePortal

NOVEMBER 21, 2019

Applicable employers are required to file 1095-Cs with the IRS, and each year usually brings changes and clarifications for filing. The IRS has just recently released draft instructions for the 2019 tax year 1094/1095-B and 1094/1095-C forms.

Taxes 81

Taxes Employment IT Healthcare 81

Benefit Resource Inc.

MARCH 26, 2019

Patients don’t know that video consultation services may be available under their medical plans and can be paid with pre-tax funds. Beyond insurance and Medicaid, funds from pre-tax benefit accounts can be used to cover telecare visits. It will be interesting to see how telehealth develops in 2019 and beyond.

Taxes 65

Taxes Healthcare Hospitality Education 65

Business Management Daily

JANUARY 17, 2020

Tax audits are all about your records. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. The IRS determined that a taxpayer was $17,925 in the hole for his income taxes, and, accordingly, was liable for a $3,585 accuracy-related penalty. 2019-34, U.S. Tax Court, 2019).

Taxes 52

Taxes Entertainment Deductions Deductible 52

Business Management Daily

APRIL 9, 2020

Alert: The CARES Act includes a number of tax relief measures to help the country get through the COVID-19 crises. Here are ten ways to benefit from tax provisions in the new law. A single tax filer will receive a check of up to $1,200; up to $2,400 for a couple filing jointly. Get tax rewards for charity.

Taxes 52

Taxes Deductions Deductible Retirement Plan 52

InterWest Insurance Services

MARCH 16, 2023

Large employers are unwavering in their plans to continue offering group health plans to their workers instead of funding individual reimbursement accounts that would allow them to shop for plans on government-run exchanges, according to new research.

Health Insurance 92

Health Insurance Employment Out of Pocket Cost Health Savings Account 92

Global People Strategist

FEBRUARY 26, 2019

As Brexit continues to loom over 2019 with its threat of uncertainty, there are several changes to British laws that are expected to come down the road and affect workplaces in that country: Shared Parental Leave Pay. The Court of Appeals will consider the case on May 1, 2019. Extended Redundancy Protection. New Statutory Test.

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Parental Leave Employment Government Consulting 40

Corporate Synergies

JANUARY 2, 2019

Our 2019 Employer Education Series is designed to help you get more bang for your benefits buck. Corporate Synergies is set to launch its 2019 Employer Education Series. The 2019 Employer Education series includes staff-written articles, special use publications, webinars and regional conferences.

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Education Health and Welfare Voluntary Benefits Employment 40

Global People Strategist

JANUARY 21, 2023

Companies unfamiliar with employment laws in Hong Kong face potential liability. 1. The Employment Contract In Hong Kong, employment contracts can be agreed to for an indefinite period or a set timeline. Contracts can be written down; however, most employers prefer this approach when forming employee agreements.

Employment 52

Employment Payroll System Commissions Pension 52

Patriot Software

APRIL 22, 2019

In 2018, the IRS adjusted income tax withholding tables to reflect the Tax Cuts and Jobs Act. The IRS released changes to the income tax brackets for 2019. When you have employees, you need to stay on top of changing employment tax rates. Rates impact the amount of money you withhold from employee wages.

Taxes 73

Taxes Payroll Employment 73

Benefit Resource Inc.

NOVEMBER 6, 2019

The IRS released the 2020 pre-tax limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2019-44. Maximum Election : $270 / month (up from $265 / month in 2019). Maximum Annual Limit : $2,750 (up from $2,700 in 2019). Maximum Annual Limit : $2,750 (up from $2,700 in 2019).

Taxes 40

Taxes Medical Employment 40

Business Management Daily

DECEMBER 26, 2019

What’s the problem: Some of these lock-in letters instruct employers to withhold based on single/zero status, when technically there is no more single/zero status. Surf to these states’ tax departments for more details. The post 2019: The year in payroll appeared first on Business Management Daily. Some exempts get a raise.

Payroll 52

Payroll Overtime Taxes Employment 52

WEX Inc.

JULY 24, 2023

What employers are saying about employee finances and retirement? 65 percent of employees participate in their employers’ retirement plan. 80 percent of employers say that employee financial stress is reducing workplace performance, at an estimated cost of half a trillion dollars. The missing retirement solution?

Retirement Plan 98

Retirement Plan 401(k) Health Savings Account Taxes 98

Empuls

MARCH 23, 2023

At a time when the world was grappling with a health crisis, what could an employee retention tax credit have done? The earlier underestimated lifeline, thrown toward small businesses and employees made a difference in how employees and employers handled the Covid-19 wave. How did the employee retention tax credit or erc originate?

Employee Retention 40

Employee Retention Taxes Government Payroll 40

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. Any unused funds are returned to your employer. Medical FSA.

Taxes 74

Taxes Health Savings Account Medical Deductions 74

Benefit Resource Inc.

APRIL 11, 2019

The FSA rollover option is offered by some employers to employees as a form of protection against losing funds in a Medical FSA. Since the FSA rollover option was introduced, it has gained traction with employers, with 65%* currently offering the option. The employer decides the amount that can roll.

Taxes 76

Taxes Flexible Spending Account Medical Flexible Spending 76

WEX Inc.

NOVEMBER 30, 2018

Recently, the IRS issued Revenue Procedure 2018-57 , which announced more than 40 tax provisions for 2019, including the tax rate schedule, and other tax changes. There were also several increases to 2019 benefits limits. View our infographic below to help illustrate the news.

Taxes 40

Taxes Consulting Employment 40

Benefit Resource Inc.

JULY 18, 2019

On July 17, 2019, House passed H.R. 748 , the Middle Class Health Benefits Tax Repeal Act , to repeal the “Cadillac Tax” The bill passed by a nearly unanimous vote in favor of repeal. What is the Cadillac Tax? The Cadillac Tax was originally passed in the Affordable Care Act as a cost-containment measure.

Taxes 40

Taxes Employment IT 40

Insperity

OCTOBER 10, 2023

workers better prepare financially for retirement, at every stage of their employment journey. In requiring employers to take actions that can improve their employees’ financial wellness, the SECURE 2.0 Act of 2022 Expanding on the provisions laid out in the original SECURE Act of 2019, the SECURE 2.0 In December 2022, the U.S.

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401(k) Retirement Plan Taxes Benefits Package 111

HR Bartender

FEBRUARY 22, 2022

Ensuring employees are paid in a secure, efficient, and timely manner is one of the fundamental roles of an employer. That includes compliance with employment tax payment and reporting rules with each of the various local, state, and federal agencies to avoid penalties. 3 – Reducing Risk Exposure. . #3

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Taxes Payroll Technology Employee Retention 132

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). Multiple Employer and Pooled Employer 403(b) Plans SECURE 2.0 As discussed in more detail below, SECURE 2.0 However, SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Commissions 111

Employee Benefits

SEPTEMBER 6, 2023

Bikes-for-work schemes are tax-exempt arrangements that encourage employees to cycle to work to reduce environmental pollution and promote healthier lifestyles. Through the scheme, employers buy cycling equipment from suppliers approved by their scheme administrator, and hire it to their employees. On average, employers can save 13.8%

Gross Pay 59

Gross Pay Net Pay Taxes Deductions 59

McDermott Will & Emery Employee Benefits

FEBRUARY 22, 2022

In 2019, the Washington State Legislature established the Long-Term Services and Supports Trust Program (LTSS Trust Program) to provide funding for eligible beneficiaries that they can apply to the cost of their long-term care. The program is funded through a 0.58% payroll tax on employee wages and went into effect on January 1, 2022.

Taxes 97

Taxes Payroll Employee Benefits Employment 97

Business Management Daily

MARCH 9, 2020

Our expert pay and tax attorney Alice Gilman addresses readers’ questions on everything from the new w-4 to taxable prizes. In the short-term, since the employee hasn’t presented you with a valid form, you must withhold federal income taxes as if she is single and claimed no other adjustments on her form (i.e.,

Payroll Service 52

Payroll Service Taxes Payroll Life Insurance 52

WEX Inc.

MAY 8, 2023

HDHP vs. PPO deductible Nearly two-thirds of large employers provide their employees with the choice of an HDHP and a traditional health plan , such as a preferred provider organization (PPO). It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

PeopleStrategy

JUNE 4, 2020

.® , a full-service brokerage and provider of comprehensive, cloud-based human resource (HR) solutions, and Peanut Butter , a leading provider of student loan assistance in the form of resources and repayment plans, have partnered to provide small and medium-sized employers with one of the top benefits college-educated talent wants.

Employment 69

Employment Human Resources Payroll Comprehensive Benefits 69

Patriot Software

JANUARY 9, 2019

Regardless of whether you are an entrepreneur, employing a household worker makes you an employer. And as an employer, you are required to pay household employment taxes, otherwise known as the nanny tax. Employing a nanny isn’t a spoonful of sugar if you don’t follow nanny tax rules. What is the nanny tax?

Taxes 46

Taxes Payroll Online Payroll Payroll Software 46

Genesis HR Solutions

SEPTEMBER 20, 2018

Employees are asking about it; employers are thinking about it, and soon, new legislation will be passed regarding it. Figuring out how to implement paternity leave successfully is crucial for employers, particularly if your organization wants to attract millennials, who place significant value on work-life balance. Click To Tweet.

Family and Medical Leave Act 65

Family and Medical Leave Act Employment Parental Leave PTO 65

Hireology

APRIL 19, 2019

Tax day 2019 has officially come and gone but your business might be theoretically getting taxed in an unexpected way. Given the historically-low unemployment rate and competitive hiring market, many employers are paying far above market value to secure top talent. Maintain a Strong Employment Brand and Career Site.

Taxes 60

Taxes Engineering Recruitment Healthcare 60

Corporate Synergies

SEPTEMBER 10, 2018

Open enrollment 2019 has so many moving parts it may seem impossible to manage. Three words have the power to make the most experienced HR professional shudder— open enrollment 2019. Employers with multiple generations of workers must accommodate a wide range of health and welfare benefits needs. As Seen In.

Health and Welfare 40

Health and Welfare Voluntary Benefits Flexible Spending Account Health Savings Account 40

Business Management Daily

DECEMBER 19, 2019

In Fiscal Year 2019 (which ended Sept. Immigration and Customs Enforcement opened 6,812 new investigations into employers suspected of violating immigration laws—everything from hiring undocumented workers to making errors on their I-9 Forms. Only 40 employers and managers were arrested last year, down from 72 in FY2018.

Employment 52

Employment Electronics Taxes Construction 52

Workers' Compensation

DECEMBER 14, 2023

The New Jersey Department of Labor and Workforce Development (NJDOL) has posted the names of 14 additional businesses to its Workplace Accountability in Labor List (aka The WALL), bringing to 82 the total number of delinquent employers with outstanding liabilities for violations of state wage, benefit or tax laws.

Taxes 52

Taxes Government Employment IT 52

Business Management Daily

MAY 9, 2024

Important Changes to Know About The Consolidated Appropriations Act of 2023 was signed into law in December 2022, and it’s collectively referred to as SECURE 2.0 – an update to the SECURE Act from 2019. encourages employers to provide retirement plans by offering tax incentives and credits. How does it do that?

Payroll 52

Payroll 401(k) Taxes Retirement Plan 52

Benefit Resource Inc.

JUNE 25, 2019

Adoption Assistance Accounts allow employees to set aside funds on a pre-tax basis to pay for adoption-related expenses. Adoption assistance programs provided through an employer-sponsored plan allow employees to exclude up to $14,080 from their taxable income in 2019. Adoption Assistance Accounts.

Taxes 40

Taxes Medical Flexible Spending Employment 40

Money Talk

DECEMBER 21, 2022

The median household income in the United States was $67,521 in 2020, down from $69,560 in 2019. For example, $100 in a mutual fund or 5% of pay every payday in an employer retirement savings plan. Median Income - The median is the exact halfway point (midpoint) in a distribution of numbers from the lowest to the highest.

401(k) 180

401(k) Banking Food Deductions 180

Employee Benefits

APRIL 3, 2024

Healthcare trusts enable employers to provide self-funded medical cover to employees. Cover can be fully- or partly-employer paid. The primary appeal of the healthcare trust approach over PMI is its ability to give employers greater control over health offerings, with increased flexibility over the benefits included.

Healthcare 59

Healthcare Healthcare Benefits Insurance Medical 59