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Are health deductions required deductions for garnishment? And must we tax employees who are paid to forgo health benefits?
First, the Department of Health and Human Services created a minimum value calculator that omitted inpatient hospitalization services. Oops. Then, the IRS issued guidance that concluded that in order to provide minimum value, group health plans must cover substantial inpatient hospitalization and physician services, or both. Proposed regulations were promised, which the IRS has now released. The regs also provide a detailed effective date.
The IRS has released the final 2015 health care information reporting forms, Forms 1095-C/1095-B; the transmittals, Forms 1094-C/1094-B; and the instructions. The IRS has also issued a notice that cuts some slack to self-insured employers that don’t have employees’ dependents’ Social Security numbers by the time they need to complete Forms 1095-C/1095-B.
Instead of canceling appointments, or getting out of a meeting, an awkward conversation or doing a favor, brace yourself to refuse them up front. Here’s how Ringo Starr did it.
If you filed at least 250 W-2s for 2014, you must report the aggregate cost of employees’ health benefits on their 2015 W-2s in Box 12 with Code DD; reporting on Form W-3 isn’t necessary. This chart lists health benefits and whether you must report them. The IRS has clarified that even if a benefit isn’t reportable, you may voluntarily report it.
The mailbag this month holds questions about FICA and a quirk in the 2016 calendar.
Changing the due dates for C corps, S corps and partnerships to file business tax returns is included as a revenue-raising measure in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.
If you think you’re going to breeze through a wage and hour investigation, think again. Success is all in the preparation.
Here's your monthly guide to critical payroll due dates.
Staff meetings can prove hit or miss. If everyone contributes to a meaningful discussion of a relevant topic, then the gathering makes sense. But if the leader rattles on for 30 minutes, the rest of the group can resent the time wastage and yearn to return to work ...