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Twelve Tax Planning Topics for 2022

Money Talk

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018.

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Maximizing FSA Utilization: Why Communication from HR Is Key

Flimp Communications

As year-end draws closer, countless employees unknowingly leave money on the tablemoney theyve set aside for healthcare through their Flexible Spending Accounts (FSAs). For employees, it means paying out of pocket for expenses that could have been purchased with pre-tax dollars.

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Employee Benefits: A Key Part of Job Compensation

Money Talk

Vacation pay is part of a worker’s income and is fully taxable on federal and state income tax returns. Paid Sick Leave- With this benefit, workers are paid but allowed to stay home when they, or sometimes a family member, are sick. Leave may be uniform for all employees (e.g., Like vacation time.

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Your 2025 benefits compliance checklist: What you need to know

WEX Inc.

ACA reporting deadlines The Affordable Care Act (ACA) mandates that employers file reports annually with the IRS and distribute 1095-C forms to employees. The IRS requires this testing for Section 125 plans, HRAs, FSAs, and self-insured medical plans. Missing these deadlines can lead to significant financial penalties.

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The Families First Coronavirus Response Act (FFCRA): What you need to know

Insperity

The Families First Coronavirus Response Act (FFCRA or Act) is part of the federal government’s effort to minimize the economic impact felt by American families dealing with the COVID-19 global pandemic. Together with the Coronavirus Aid, Relief and Economic Security (CARES) Act, also enacted by the U.S.

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People over perks: Bridging employee benefits with strong HR

Insperity

Additionally, consider providing bereavement leave for the death of a close loved one to support employees’ mental health and wellbeing. Establish a benevolence program that issues payouts to employees facing financial hardship; for example, following a natural disaster or diagnosis of a major, life-threatening medical condition.

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Offering elder care benefits to caregiver employees

Higginbotham

This gap in support can leave employees carrying the burden of elder care, which can impact their productivity and add to their financial stress. Financial assistance for in-home care may cover services like administering injections, monitoring vital signs, medical tests and various therapies.