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Here are digests of recent benefits rulings that will affect your Payroll operations: 1. Payroll off the hook for CLASS Act withholding. 2. Compliance with summary of benefits and coverage rules postponed. 3. HRA reporting under the Medicare-as-secondary-payer rule.
The IRS has clarified that employers can take a current-year tax deduction for a fixed amount of bonuses that will be paid to employees during the following year, even though the amount that each employee will receive, and even the identity of employees, aren’t known until after the tax year ends.
Employers that use the standard mileage rate to value employees’ personal use of company vehicles are restricted to supplying them with vehicles of modest value. For 2012, the value of company cars that qualify for the standard mileage valuation method is $15,900.
“Exactly, what is the advantage of LinkedIn?” asks one administrative pro on our online forum. “Many people I know are on it, but no one can say what they get out of it.” According to most admins, the benefits are many, if you use the online tool the right way.
If employees attend a business convention in Europe, you can’t reimburse their business expenses on a tax-free basis unless they demonstrate that the convention’s location satisfies heightened standards of reasonableness. But employees who attend business conventions in North America need only establish the familiar elements of the accountable plan rules for their reimbursements to be tax-free ...
Beginning with 2012 W-2 forms, you must report the value of employees’ health benefits (Box 12, with Code DD). Reporting on Form W-3 isn’t necessary. Good news: Under new IRS guidance, W-2 reporting is excused in more instances.
Under the Affordable Care Act health care reform law, doctors and nurses whose student loans are forgiven under state programs that reward those who work in underserved areas don’t have income in the amount of the debt that’s forgiven.
The earlier employers fix errors on 2011 W-2s, the less likely it is they’ll be penalized by the IRS. E-filers have until the April 2 to file original W-2s, but even those few extra weeks may not be enough to get off the W-2c hook for mistakes that come to your attention after e-filing.
“My boss carried several boxes of files into the office one day because his wife told him to remove them from their garage. They have been sitting in the office for more than two years! He won’t let me throw anything away.” What can this admin do about a boss who’s a hoarder?
Whether accrued vacation pay is due to an employee upon termination is determined by state law. This chart summarizes state vacation pay laws. Some states have no laws on this issue, which means that company policy should prevail.