The Internal Revenue Service (IRS) on April 20 clarified the two ways defined contribution (DC) plans can calculate maximum participant loan amounts in a memo that should bring some relief to plan sponsors and administrators.
Question: We have exempt employees who manage our catering division and sometimes get tips from customers. How do we declare tips for them?
The Internal Revenue Service (IRS) has postponed the notice requirement for the new “qualified small employer health reimbursement arrangement” (QSEHRA) program, until the agency issues further guidance.
When it comes to IRS audits, “an ounce of prevention is worth a pound of cure,” as Benjamin Franklin so wisely put it. The cure, in this case, most often requires restitution of deposits to your 401(k) or 403(b) plan, plus earnings, and in some cases, a sanction paid to the Internal Revenue Service (IRS).
The Internal Revenue Service (IRS) has released guidance on its advice provided by determination letters and private letter rulings reflecting several changes that took effect January 1.
Payments that an employer makes to an employee under a fixed indemnity health plan must be included in the employee’s taxable income, the Internal Revenue Service (IRS) recently indicated, if the plan premiums were paid by the employer or by salary reduction under a cafeteria plan.
The Internal Revenue Service (IRS) has proposed to shift the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) to employer-sponsored retirement plans to apply at account allocation, not at the initial plan contribution stage.
Effective January 1, 2017, the Internal Revenue Service (IRS) is providing an exemption from a user fee for some small-employer benefit plans seeking a determination letter about their qualified status.
Question: If we create an employee recognition program that awards points to employees that can be used to purchase company-branded items from an online store, does the value of the items “purchased” by the employees have to be added to their gross income for tax purposes?
Navigating the latest tax reporting changes and avoiding filing errors is not always straightforward and can present unique challenges to small and midsized businesses.