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Payroll news you can use

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in Office Management,Payroll Management

Here are digests of some recently released official announcements from the IRS. Note: You may rely on official IRS announcements.

1.  Identity theft prevention services. Last year, the IRS concluded that the value of identity theft prevention services (e.g., credit reporting and monitoring services, identity theft insurance policies, identity restoration services or similar services) provided to employees because you or your payroll provider may have been hacked wasn’t taxable.

The IRS has now expanded these tax-free benefits to cover identity theft prevention services provided to employees before a security breach occurs.

Same limits: This perk doesn’t apply to cash given to employees in lieu of those services or to identity theft protection services offered for reasons other than a data breach, like including the perk in an employment contract. (Announcement 2016-2, IRB 2016-3)

2. Unconditional opt-out payments, health FSA...(register to read more)

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