IRS Confirms What Is and Is Not an HSA-Eligible HDHP
Earlier this year, the Internal Revenue Service (IRS) clarified what type of coverage is needed to make an individual eligible for a health savings account (HSA).
Tag: IRS
IRS FY 2018 Compliance Priorities Stress Analyzing Failure Trends, Refining Outreach
Retirement plan compliance priorities for Fiscal Year 2018 released September 28 by the Internal Revenue Service (IRS) indicated the agency’s Employee Plans (EP) unit will emphasize analyzing plan failure trends, refine outreach, and other communications about noncompliance, and enhance its knowledge management program. In an era of doing more with less, the IRS has shifted […]
New IRS Mortality Tables for 2018 Bring Host of Concerns for DB Plan Sponsors
The new mortality tables required for use by final regulations released on October 5 by the Internal Revenue Service (IRS) were expected, but bring into sharper focus a host of concerns for the single-employer defined benefit (DB) retirement plans that must eventually incorporate them.
Good (Nontaxable) Things Come in Small Packages: The De Minimis Fringe Benefit Rule
Do you want to recognize an employee’s 20 years of service by giving a gift? Perhaps you want to refund local transportation costs or open a cafeteria so your employees can eat on-site. Maybe you just want to know how to handle those annual holiday turkeys you give to employees. All of these situations are […]
Defeat of ACA Repeal: The Aftermath for Employers
The apparent demise of a full-scale Affordable Care Act (ACA) repeal may be followed by more incremental efforts to tweak ACA requirements. For now, however, the lack of dramatic changes means that some employers may need to refocus on the reporting and other requirements of the law.
Hiring an Independent Contractor? Make Sure to Pass the Tests
Perhaps the most common type of nontraditional worker in the new workforce is the independent contractor. The recession saw many people seeking work as independent contractors and as the economy has improved, these relationships have continued, whether due to the preference of the employer, the employee, or both.
IRS Issues Fringe Benefit Compliance Tool for Public Employers
The Internal Revenue Service (IRS) recently released a checklist to help public employers comply with the fringe benefit rules. Many of the provisions it addresses apply in the private sector as well.
Tips for Safely Hiring Independent Contractors and Ending the Relationship
The independent contractor model of work has become increasingly popular with both businesses and workers, but it’s not without its hazards. Misclassifying workers as independent contractors when the IRS and the U.S. Department of Labor say they should be classified as employees can have serious consequences. Here are 10 tips that can make it more […]
IRS Adjusts, Adds Improvements to Preapproved Plan Program
The Internal Revenue Service (IRS) has issued several changes to its preapproved qualified retirement plan program, in line with its phaseout at the beginning of 2017 of much of the determination letter program for individually designed plans.
Cafeteria Plan Forfeitures Explained By IRS
Some light was shed on the rules related to cafeteria plan forfeitures when the plan sponsor ceases operations and terminates the plan, in Information Letter 2016-0077, issued earlier this year by the Internal Revenue Service (IRS).