Departing employees may take the pretax contributions they made into their 401(k) or 403(b) accounts with them when they leave, but you must first provide them with a notice of their rollover options. The IRS has updated the model safe-harbor notices you can use for this purpose.
The Department of Labor is working diligently to determine whether you properly classify your workers as employees or independent contractors. And that’s not all the DOL is doing.
Congress’ last-minute and retroactive reinstatement of parity between mass transit benefits and employer-provided parking—to $250 a month for both, for 2014 only—is no favor to Payroll. If you allowed employees to defer more than $130 for mass transit benefits last year on an after-tax basis, or paid out of the company’s coffers, they and you are due FICA refunds on the difference—up to $120 a month.
Closely-held corporations and their owners can seem inseparable. But this fluidity stops at Payroll’s door—in other words, when income tax withholding begins. The IRS recently issued a document called an Action on Decision in which it said that it won’t follow a Tax Court decision that required it to honor a company’s designation of its delinquent payroll taxes as payment for a specific employee’s delinquent income taxes.
Here’s your monthly guide to critical payroll due dates.
Outsourcing your payroll operations to a third party doesn’t get you off the hook for your undeposited payroll taxes, if your third party drops the ball.
Q: I’m new to payroll. I just noticed that we will have 27 biweekly pay periods in 2015. How do we deal with this? How should we communicate this to employees?
Q: We’re a property management company. Nonexempt employees must remain on-call at night and during the weekend to handle emergencies. Usually all they have to do is call the plumber or another service provider. If an employee receives a text or call, is that time compensable? Does the length of the call have any impact on whether the time is compensable?
There is such a thing as being too clever by half, when it comes to enforcing the group health mandates of the Affordable Care Act. The IRS and its sister agencies have been putting out fires caused by promoters who claim compliance with the law through a hyper-technical reading of its provisions. Here’s the latest.
The IRS has issued final regulations that cover how group plans’ design affects affordability.