Employee Benefits

SEPTEMBER 15, 2023

HM Revenue and Customs (HMRC) has published a consultation on proposed amendments to regulations that will allow employers to delay reporting advance salary payments made to an employee. The post HMRC publishes consultation on reporting salary advances appeared first on Employee Benefits.

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HR Digest

JUNE 23, 2023

Imagine a scenario where you are rewarded with a hefty sum of $26,000 per employee, just by gathering some data and filling out a tax form. Well, this isn’t a fantasy, it’s the reality of the Employee Retention Tax Credit (ERC). Your ERC Tax Credit is on its way! Sounds like a dream, right? Yes, you read that right.

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Kollath CPA

JANUARY 13, 2022

What Exactly Is a “Tax Year”? A tax year is an annual accounting period for keeping records and reporting income and expenses. Types of Tax Year. A 52-53-week tax year is a fiscal tax year that varies from 52 to 53 weeks but doesn’t have to end on the last day of the month. Calendar Year.

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Employee Benefits

JUNE 6, 2023

The government has launched a consultation on non-discretionary tax-advantaged employee share schemes , including sharesave schemes and share incentive plans (Sips) as part of its aim to improve and increase their usage. The consultation will be open for responses until 25 August 2023.

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HR Digest

JANUARY 31, 2019

For these offices, seeking the help of a small business consultant makes no sense. But no matter how innovative they may be, some benefits still elude them for neglecting the services of a business consultant. Here are some notable benefits of hiring a small business consultant. Time and money is saved.

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Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Teaser Tools- Some presenters offered free resources- but only to webinar viewers who made appointments for a consultation.

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HR Lineup

FEBRUARY 16, 2023

While the service is primarily known for its ease of use and convenience, it is important for users to understand the tax implications of using Cash App. This income is typically reported on a 1099 form, which will be provided to you by Cash App if you earn more than $600 in a given tax year.

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Benefit Resource Inc.

APRIL 7, 2023

Since April is Stress Awareness Month, we’ve highlighted five pre-tax benefit services and resources to keep your stress levels low and your health levels high. Savings If you have a pre-tax benefit account like a Flexible Spending Account , Health Savings Account , or Commuter Benefit Account , you’re already ahead of the game.

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HR Bartender

JULY 11, 2023

One of the lessons that I had to learn as a consultant was just because I can do something doesn’t mean I should. A great example of this is my taxes. Can I prepare my own taxes? The time I spend doing tax-related stuff could be better spent generating revenue by working on client projects or building my business.

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Bayzat

OCTOBER 16, 2023

However, a business setup consultant in Dubai serves as your assistant in simplifying the process. Discover the perfect partners to kickstart your business venture confidently and easily with these ten best business setup consultants in Dubai. What is Business Setup Consultant?

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PeopleKeep

JUNE 8, 2022

This article will explain tax withholdings for fringe benefits, whether employee stipends are taxable, and how to administer compliant employee perks. You should consult with your legal counsel and tax advisers to determine the proper steps for your organization.

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Employee Benefits

NOVEMBER 22, 2023

The government is to consult on expanding the Pension Protection Fund’s (PPF) role to act as a consolidator for defined benefit (DB) pension schemes that are deemed “unattractive to commercial providers” and are not currently served by the market. Any public consolidator must be voluntary and separate.”

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Employee Benefits

FEBRUARY 1, 2023

The Department of Work and Pensions (DWP) has launched a public consultation on a policy framework for broadening collective defined contribution (CDC) provision in pension schemes. The consultation began this week and will close on Monday 27 March.

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Money Talk

OCTOBER 10, 2024

At the point that reserves are depleted, FICA tax income will be able to pay only about 77% of scheduled benefits. Get Advice as Needed - Consult with a financial planner, tax professional, or estate planning attorney for guidance on investing and tax-efficient asset withdrawal strategies. What to do?

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Benefit Resource Inc.

MARCH 31, 2023

As an employee with a Health Savings Account (HSA), knowing what you need to report during tax season is important. Even though HSAs can be complex, tax reporting shouldn’t be a headache. With this information, you’ll be better equipped to tackle your HSA taxes. What are the tax benefits of an HSA?

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Fringe Benefit Analysts

MAY 8, 2022

That is why many businesses rely on independent employee benefits consultants to guide them through the process of choosing competitive benefit packages that are cost-effective for all concerned. Once a plan is selected, a benefits consultant dispenses the chosen packages and manages the benefits going forward.

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Kollath CPA

OCTOBER 4, 2022

All investors seek to take advantage of all legal means to legitimately reduce their overall tax liability, but abusive tax shelters are illegal investments claiming to reduce your income tax liability without changing the value of your income or assets. IRS Sounds Alarm on Abusive Tax Shelters & Transactions.

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WEX Inc.

NOVEMBER 19, 2024

If the employee is enrolled in a qualifying high-deductible health plan (HDHP) , does not have any disqualifying coverage, and cannot be claimed as another’s tax dependent, the employee is eligible to contribute to an HSA. It is not legal, tax or investment advice. For more information go to www.benefitcomply.com.

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WEX Inc.

AUGUST 29, 2024

There is a wide range of potential treatments and services, including: In vitro fertilization (IVF) Fertility medications Diagnostic testing Egg freezing Fertility counseling and consultations Adoption assistance And more What fertility treatment does an HSA or FSA cover? It is not legal or tax advice. Here are a few to-dos for you.

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Business Management Daily

MARCH 4, 2022

Tax lawyers should be able to do their own taxes, don’t you think? So I was confident last weekend as I set about preparing our taxes. Once I got the hang of loading the tax-prep software onto my almost-brand-new Windows 10 laptop and ran through sometimes deliberately vague set-up questions, I discovered several blatant errors.

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Business Management Daily

JULY 28, 2022

For its part, the IRS is bound by IRC § 6103 to keep taxpayers’ tax information, including even taxpayers’ names, confidential. The firm’s policy is to discipline attorneys who don’t properly fulfill their tax obligations. The IRS serves a levy notice with respect to his tax liability on the firm’s payroll department.

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McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2023

Asserting that many employers have improperly claimed Employee Retention Tax Credit (ERTC) refunds, the Internal Revenue Service (IRS) released two new announcements that address ERTC claims.

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WEX Inc.

OCTOBER 30, 2024

Health savings accounts (HSAs) HSA participants save money by contributing funds to their HSA pre-tax. Ensure these resources highlight the triple-tax savings, long-term investment potential, and portability between jobs that HSAs offer. It is not legal or tax advice. The funds are then available for use on eligible expenses.

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Money Talk

JUNE 20, 2024

Consult Your Spouse First - Talk with your spouse about the issues that you are consulting an attorney about. This situation has implications for taxes and asset transfers. Be open and honest about family disfunction issues and know that an attorney is there to help you, not to judge you.

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WEX Inc.

OCTOBER 9, 2024

It’s time to clarify the ins and outs of these tax-saving healthcare accounts and answer some HSA and FSA FAQs. Both allow employees to set aside pre-tax funds to cover qualified medical expenses, but that’s where most of the similarities end. The tax savings are significant. Withdrawals for eligible expenses are tax-free.

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BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

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WEX Inc.

NOVEMBER 5, 2024

When employees make a pre-tax election for benefits offered through a Section 125 cafeteria plan, the employee cannot change that election during the plan year unless they experience an event that qualifies as a permissible election change event under the Section 125 rules. It is not legal or tax advice.

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WEX Inc.

NOVEMBER 14, 2024

Health savings accounts have a triple-tax advantage, meaning distributions for qualified medical expenses and investment returns are tax-free, and contributions are tax-deductible. You won’t need to pay Social Security or Medicare tax on the funds going into the FSA. It is not legal or tax advice.

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WEX Inc.

JUNE 18, 2024

By allowing employees to consult with healthcare professionals remotely, telemedicine reduces the inconveniences associated with in-person healthcare and encourages early intervention. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers.

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Money Talk

AUGUST 30, 2022

Chapter 3 - Three tricky retirement expenses to project in advance are health care, housing, and taxes and the four Ls of spending in later life are Lifestyle, Longevity, Legacy, and Liquidity. Chapter 10- Tax-efficient distributions, tax diversification, and tax bracket management can prolong the sustainability of retirement savings.

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Business Management Daily

FEBRUARY 14, 2020

The IRS reports that the tax filing season is off to a sluggish start, with tax refunds averaging about the same as last year—$1,869. That may disappoint employees who expect larger tax refunds. If employees don’t want to owe taxes next year or want heftier tax refunds next year, they have to take steps this year.

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WEX Inc.

SEPTEMBER 19, 2024

It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. The information in this blog post is for educational purposes only. WEX receives compensation from some of the merchants identified in its blog posts.

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Money Talk

JULY 13, 2022

Simply divide the December 31, 2021 balance in each of your tax-deferred accounts by the appropriate age divisor in the Uniform Lifetime Table to determine the minimum amount (which is taxable income) that must be withdrawn. There are five different tiers of IRMAA tax. SHINE in some states) representative to answer questions.

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WEX Inc.

MAY 10, 2024

An HSA participant can use their funds to pay for eligible expenses for: Themselves Their spouse Any HSA eligible dependents claimed on their tax return Anyone they could have claimed as a dependent but weren’t able to What happens when a participant contributes more to their HSA than is allowed? It is not legal or tax advice.

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Business Management Daily

MAY 12, 2021

Beginning this July, the American Rescue Plan (ARP) requires the IRS to send advances of the child tax credit to qualified parents. But advance credits are tricky, and the tax and payroll problems are just now becoming evident. In other words, you can’t get the benefit of the same tax credit twice. No double-dipping.

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WEX Inc.

AUGUST 21, 2024

A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. It is not legal or tax advice. For legal or tax advice, you should consult your own counsel. What is a FSA?

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Employer Connection

DECEMBER 15, 2021

An electronic version of Form 1095-B will be available in the Document Center on our website beginning January 14, 2022, to assist employers with tax filing requirements for 2021. If you have questions about the IRS requirements, please consult your tax advisor.

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