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Payroll Legal Alert

Payroll usually doesn’t withhold income and FICA taxes from employees who receive restricted stock until the restriction lapses and the stock vests. Under Section 83(b), however, employees can opt to have taxes withheld currently, long before the restriction lapses. The IRS has now provided sample language for an 83(b) election.

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Employees who get married but forget to update their Social Security cards with their married names will lose out, because the Social Security Administration won’t be able to credit their earnings to their benefits accounts. Remind newlyweds to get replacement Social Security cards showing their new names.

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Group health insurers that don’t spend between 80 and 85 cents of every premium dollar on medical care and health care quality improvement must make so-called medical loss ratio (MLR) rebates to employees, beginning Aug. 1, 2012.

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Under tax code Section 83, you don’t have to tax employees who receive company stock, stock options or other property that is subject to a substantial risk of forfeiture until the risk lapses and the property vests. Proposed regulations now define what counts as a substantial risk of forfeiture.

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It seems counterintuitive, but you can use your consent to extend the statute of limitations on payroll tax assessments as leverage with auditors. But only if the proper party signs Form SS-10, Consent to Extend the Time to Assess Employment Taxes. The IRS has concluded in emailed advice that a single-member LLC owner is the correct party to sign.

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The IRS has announced the 2013 inflation-adjusted figures for health savings accounts (HSAs) and high-deductible health plans.

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If you have employees away on extended military deployments or who will train for two weeks this summer as members of the National Guard or Reserve, you face tricky pay problems. Here’s what Payroll needs to know.

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Not ­getting your tax notices forwarded to your new address can be a deadly oversight. To separate out notifications from individuals and businesses, the IRS has created new Form 8822-B.

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The DOL recently gave the nod to national enforcement of regulations specifying that employees’ tips are their sole property, regardless of whether employers take the tip credit. This should serve as a timely reminder, since many teens and college students regularly earn tips during the summer.

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Nowadays, IRS auditors ask for your electronic accounting records. But software files often contain data beyond the audit years, and software programs routinely create metadata for every data file created. So how do you keep the IRS from snooping around the personal and confidential business informations contained in those files?

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