Timely Tax Training
In yesterday’s Advisor, we went over basic tax information regarding payroll deductions and Form W-4. Today, we cover the W-2 form as well as basic tax filing information.
Tag: IRS
IRS Adjusts Voluntary Correction Program, Including Fees
IRS on March 27 released a series of changes to its Employee Plans Compliance Resolution System that it said would improve the correction programs. Among the modifications to Revenue Procedure 2013-12 announced are new options for correction methods to recoup participant overpayments and lower compliance fees for participant plan loan errors. The 17-page Rev. Proc. […]
IRS Rules Further Define Payment of ACA Insurer Fees
New IRS regulations define the way health insurers will pay fees under Section 9010 of the Affordable Care Act. In the rules, the IRS applies Notice 2014-47 and provides further guidance on how covered entities will pay the fees for 2015 and subsequent fee years. It also tells how covered entities will report and pay on behalf of […]
401(k) Challenges—Audit Focus for the IRS
Top Ten 401(k) Compliance Issues (Also IRS’s Top 10 Audit Checks)
The Internal Revenue Service (IRS) has published details on the top 10 issues identified during examinations of 401(k) plans. These are the issues that the IRS will be focusing on when conducting an audit.
It’s Amazing! Met Strikes Out with IRS, Will Have Deferred Compensation Auctioned Off
You’ve heard of the Internal Revenue Service (IRS) auctioning off celebrity property, such as houses, cars, planes, and yachts, to pay off their tax debts. However, circumstances have resulted in the IRS auctioning off a baseball legend’s contractual rights to a 30-year-old deferred compensation contract to pay off his tax liens.
Cafeteria Plans Can Help Employers Avoid Pay-or-Play Penalties
Employer contributions to a Section 125 cafeteria plan can be deducted from the employee’s cost of a health plan for purposes of determining the affordability of coverage, final IRS rules on minimum essential coverage published on Nov. 26 (79 Fed. Reg. 70464) stipulate. In order to be deducted, the café plan benefit must not be […]
401(k) Challenges—Audit Focus for the IRS
Yesterday’s Advisor began the Internal Revenue Service’s top 10 401(k) issues; today we hit the rest, again as featured on Compensation.BLR.com®.
Top Ten 401(k) Compliance Issues (Also IRS’s Top 10 Audit Checks)
The Internal Revenue Service (IRS) has published details on the top 10 issues identified during examinations of 401(k) plans. These are the issues that the IRS will be focusing on when conducting an audit.
Decisions Must be Made on How Employers Will Manage Section 6055/56 Reporting
Employers deciding how to comply with the Affordable Care Act’s reporting requirements have important housekeeping questions to decide, such as: (1) who will take phone calls from the IRS and employees about ACA forms; (2) whether electronic filing (for the IRS) and transmittal (to employees) is needed; and (3) which workers have coverage that was […]