As it typically does, the IRS has made inflation adjustments for various tax items for the coming year — 2020. More details can be found in Rev. Proc. 2019-44. Below are the inflation adjustments that apply to a wide range of taxpayers. The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up […]
The IRS has just released instructions and draft Form 1094-C and 1095-C for 2019. View them here: Draft Form 1094-C Draft Form 1095-C Instructions for Form 1094-C and 1095-C From the 2019 Instructions for Forms 1094-C and 1095-C: Purpose of Form Employers with 50 or more full-time employees (including full-time equivalent employees) in the previous […]
On November 6, 2019, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. Employers should be aware of the new 2020 benefit limits. This Revenue Procedure provides details about these annual adjustments: Flexible Spending […]
The Affordable Care Act (ACA) places many requirements on employers nationwide, but Applicable Large Employers (ALEs) have unique health coverage and information reporting requirements that could result in additional non-compliance penalties. An employer is considered an ALE if they had at least 50 full time equivalent employees in the previous calendar year. In addition to […]
The Fair Labor Standards Act (FLSA) requires that employers track hours worked by nonexempt employees, who typically are paid by the hour. Although you can choose your own timekeeping system, it’s essential that the records you keep are accurate and complete. Learn about BASIC Timekeeping System Options The evolution of technology has yielded an increased […]
In study after study, we see voluntary benefits leading the charge — along with compensation — as the top retention strategy among employers globally. This has been the precedent for several years now, and this trend is forecast to continue. As noted by consulting firm Willis Towers Watson, voluntary benefits have historically been viewed as […]
Many employers are aware of the requirements for administering COBRA (the Consolidated Omnibus Budget Reconciliation Act), but few are prepared to deal with COBRA violation penalties from noncompliance. In fact, the simplest of mistakes can lead to lawsuits with massive financial rulings that can include penalties of up to $110 per day per person, and […]
Many employers offer an HRA plan, but new varieties are on the way. On June 13th, 2019, The United States Treasury Department, Department of Labor, and Department of Health and Human Services issued a final ruling that lets employers offer an Excepted Benefit HRA (EBHRA) and an Individual Coverage HRA (ICHRA). Employers are celebrating the […]
DATE: Wed, Nov 13, 2019 TIME: 2:00 pm EST to 3:30 pm EST Register for the webinar here After registering, you will receive a confirmation email containing information about joining the webinar. Request a recording here if you are unable to attend the live session. While the fate of the Affordable Care Act (ACA) remains uncertain, […]
DATE: Tue, Dec 17, 2019 TIME: 2:00 pm to 3:30 pm EST Register for the webinar here After registering, you will receive a confirmation email containing information about joining the webinar. Request a recording here if you are unable to attend the live session. Employee engagement is one of the most significant challenges and the […]
