Taxes: IRS Says Employers Can Provide W-2 Forms Electronically
A new IRS bulletin allows employees to receive W-2 forms electronically via an e-mail attachment or a secure website. We’ll go over the key rules you need to know.
Tag: IRS
Bulletin Item: New Guidance Issued On HSAs
The Treasury Department and the IRS have issued additional guidance on Health Savings Accounts, or HSAs, the recently authorized tax-exempt savings accounts employees can set up to pay medical expenses. For more information, go to the Treasury Department website.
Employee Benefits: Public Employers May Have to Provide Long-Term Temps with Full CalPERS Retirement Benefits; A Reminder to Review Your Employee Classifications
In a decision that could be enormously costly for some California public employers, the state’s high court has ruled that long-term temps hired by the Metropolitan Water District of Southern California (MWD) through private temporary agencies may be eligible for full CalPERS retirement benefits. This opinion highlights the need for employers to be on high […]
Employee Benefits: Some Over-the-Counter Drugs Now Covered by Employer Flexible Spending Accounts
The Treasury Department and the IRS have announced that certain over-the-counter (OTC) drugs can be reimbursed through employers’ flexible spending accounts (FSAs). This means that reimbursements by FSAs and other employer health plans allow employees to make their purchases with pretax dollars.
Pension Plans: Two Courts Rule Cash Balance Pensions Violate ERISA; Employer to Pay $300 Million
Over the last several years, many employers have converted their traditional pension plans to cash balance plans. But according to two recent federal court decisions, these cash balance arrangements may violate the Employee Retirement Income Security Act, (ERISA), the federal law regulating employee benefits.
News Notes: Disney Shells Out $20 Million To Whistleblower
Former Walt Disney Co. executive Judy Denenholz, who worked for the company almost 20 years, charged she was fired for refusing to sign off on Disney’s response to an IRS audit. Denenholz claimed that the response significantly understated the company’s back-tax liability. She sued Disney under a California Labor Code provision that prohibits retaliation against […]
Employment Taxes: Supreme Court Clarifies How To Figure FICA Taxes On Employee Tips
If your employees take home tips, you should be aware that a new U.S. Supreme Court decision approves the way the Internal Revenue Service figures your tax liability on those tips. And if you should want to dispute the amount owed, you’ll now need to keep more detailed records of each employee’s tips.
Employee Benefits: New IRS Ruling Allows Carryover Of Certain Health Plan Funds
The Internal Revenue Service has issued a ruling that allows employees to carry over, tax free, money provided by their employers for out-of-pocket health costs. Here’s what you should know about the new rule.
Employee Benefits: Child Care Assistance Programs Can Benefit Employers And Employees
Employers are required by the Family and Medical Leave Act to provide up to 12 weeks of job-protected leave to employees to care for a newly born or adopted child. Once the employee has returned to work, however, no federal or state laws obligate employers to give child care assistance. However, national studies show that […]
News Flash: Details Of Tax-Free Transportation Plans Debated
At a hearing in Washington, D.C., earlier this month, the Internal Revenue Service heard opposing arguments on permitting employers to provide tax-free public transit benefits through cash reimbursement rather than vouchers or passes. As we’ve reported, proposed IRS rules would make it easier for employers to set up transportation spending accounts, which let you pay […]