Expense Reimbursements: Don’t Get Tripped Up by the Taxes
Yesterday’s Advisor presented basics of expense reimbursement (courtesy of Compensation.BLR.com); today, details of processing and taxation.
Tag: IRS
IRS and Expense Reimbursements—Don’t Get Stuck with the Taxes
Automobile Reimbursements The IRS sets the rate it allows employers to deduct per mile for the reimbursement of employees who use their own cars (including vans and pickup or panel trucks) for company business. (The IRS decreased the rate for 2014 to 56 cents per mile, a .5-cent decrease over the 2013 rate.)
IRS Lawyers Discuss Reporting on Offers of Coverage
IRS officials described when employers themselves have to fill out full information on all health plan enrollees along with months enrolled, and when employers can hand that over to another entity, such as an insurer. Most employers offer minimum essential coverage to employees; the purpose of Section 6055 reporting is to demonstrate that they are […]
Learning How to Count: IRS Attorneys Discuss ACA’s Pay-or-play Provisions
Employer preparation for preparing for health care reform’s pay-or-play provisions, especially data reporting (under Sections 6055 and 6056) to the IRS, can be complicated by: (1) changes in workers’ employment status (from part-time to full-time); (2) an organization’s switching from one measurement method to another; and (3) the structure of controlled groups and subsidiaries, speakers […]
Multiple DOL/IRS Filings Needed to Avoid Penalties for Late Form 5500s
So you thought you were all caught up on annual-report tasks when you filed your Delinquent Filer Voluntary Compliance Program form with the U.S. Department of Labor? Well … not exactly. Some plan sponsors that filed under the DFVCP may still find themselves with tasks to complete before Dec. 1. Bottom line: Avoiding Form 5500 […]
Why Proper Worker Classification Is So Important
Ensuring the proper classification of workers is a concern for many reasons. Taxes, employment laws and employee benefits are the main ones. Have you run into situations where you were unsure of whether a worker should be classified as an employee or contractor?
Misclassification Is ‘Hot’—And Many (Maybe Most) Organizations Are in Violation
Misclassification is “very hot,” says Attorney Dinita James, and the DOL is doing “directed” investigations, that is, visiting places where there hasn’t been a complaint. The agency is also singling out certain industries in its search for companies violating rules governing misclassification of independent contractors. For example, says James, they are looking at electrical contractors. […]
Wage and Hour Simple? The 10 Sins
Sin #1. Failure to pay the minimum wage We’ll pay you $5 an hour until you learn the ropes; then you move up to $7 an hour. Virtually all employees are entitled to receive at least the minimum wage (the federal minimum wage is $7.25 per hour; many states have higher minimum wages) for all […]
The 10 Sins of Wage and Hour Management
Pay the minimum wage and pay overtime where due—how hard could it be? Wage and hour should be simple, but it’s just not. We’ve identified the 10 most common “sins” managers and supervisors commit in paying—or not paying—employees what they are owed. Sin #1. Failure to pay the minimum wage We’ll pay you $5 […]
OFCCP: New, Aggressive Stance (Seemingly Out Of Nowhere)
Yesterday, we shared attorney David Fortney’s insights on OFCCP’s new affirmative action regulations. Today, more on what you need to know about the “new” OFCCP.