Practical HR Tips, News & Advice. Updated Daily.
A few months ago, the Internal Revenue Service (IRS) clarified in Information Letter 2016-0082 how Medicare enrollment and health savings account (HSA) eligibility sometimes collide when an employee retires shortly after turning the age of 65. More recently, the IRS provided guidance on another overlap between Medicare and HSAs—a rehire after Medicare enrollment.
In April, the Internal Revenue Service (IRS) published guidance clarifying the definition of highly compensated employees (HCEs), a key concept for nondiscrimination testing of both retirement plans and cafeteria plans.
Consolidated Omnibus Budget Reconciliation Act (COBRA) plan administrators seeking to better understand how the Health Coverage Tax Credit (HCTC)—including its advance payment system and how it will impact COBRA coverage and documentation—may find useful a new report issued by Treasury Inspector General for Tax Administration (TIGTA), as well as corresponding Internal Revenue Service (IRS) recommendations. […]
The Internal Revenue Service’s (IRS) delay until 2018 of implementation of updated mortality tables for pensions gives defined benefit (DB) plan sponsors some extra time to prepare for significant changes tied to increased participant longevity. But the delay also may affect pension liability valuation in up to three ways, according to investment consulting firm Cambridge […]
Question: We have a point system for our employees in which we award gift cards. These amounts are updated on the payroll for each employee that is a recipient of these awards. Our question is how we need to file these documents for proper recordkeeping. Can we keep one file with a spreadsheet of names […]
As a recruiter or hiring manager in a world where the ACA is in constant turmoil, you might be thinking: can’t I just give new hires (or current employees for that matter) money to buy their own health insurance and be done with it?
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).