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Compensation & Benefits

Mass transit benefits can be rolled over, but not refunded

07/17/2024
Mass transit benefits are part of a suite of benefits falling into the category of tax-favored qualified transportation fringe benefits. Unused QTF benefits never expire, even benefits employees paid for on a pretax basis in prior calendar years. Instead, employees can keep rolling over unused benefits until they’re used up. This is important, since the IRS has concluded that unused QTF benefits can’t be refunded to an employee.

Bring summer dog days to heel

07/17/2024
Dog days of summer slowing you down? You can tame this beast by keeping busy. Take some time now to make sure your i’s are dotted and your t’s are crossed.

Two-minute payroll reads: August ’24

07/17/2024
Payroll is complicated and your time is limited. Spend two minutes reading these digests and you’ll be up-to-date on key payroll developments.

IRS’ mistakes lead Tax Court to dismiss a case

07/17/2024
The IRS has to follow the same rules as you. If your business moves, you need to notify the IRS of your new address. The IRS, for its part, must use reasonable methods to ascertain your last known address. The Tax Court dismissed a case against a delinquent taxpayer because the IRS couldn’t explain why it didn’t follow its own change-of-address rules.

IRS can claw back interest on erroneous payroll credits

07/17/2024
The IRS paid you overpayment interest if you received the refundable portion of a pandemic payroll tax credit late. The credits included the paid sick and family and medical leave credits and, importantly, the employee retention credit. Proposed regulations now allow the IRS to recapture the interest it paid on the refundable portion of these tax credits if you received the credits in error.

Student athletes may be employees under the FLSA

07/17/2024
These student athletes aren’t claiming to be independent contractors or volunteers, two categories of service providers who are exempt from the FLSA and the tax code. They’re not in a work-study program as most of us understand it. Nevertheless, both the FLSA and the tax code recognize two types of paid work—work as an employee or an independent contractor.

Beyond perks: What Gen Z really wants from employers

07/03/2024
In an era of AI and remote work, Gen Z is shocking employers by pushing for human connection in the workplace. The recent 2024 Career Interest Survey of over 10,000 Gen Z students across all 50 states provides valuable insights for HR professionals looking to attract and retain the next generation of workers.

Despite federal court’s narrow restriction, start complying with new OT rule

07/01/2024
Ruling on the first of two lawsuits seeking injunctions to block the rule, Judge Sean D. Jordan of the U.S. District Court for the Eastern District of Texas decreed June 28 that Texas state government agencies do not have to comply with the overtime rule. All other employers subject to the Fair Labor Standards Act do.

August 2024: Employer’s business tax calendar

06/30/2024
Here’s your monthly guide to critical payroll due dates.

SECURE 2.0 challenges, part 7: Distributions on account of emergencies and domestic abuse

06/25/2024
Beginning Jan. 1, 2024, SECURE 2.0 allows employees facing personal emergencies or who are victims of domestic abuse to access their 401(k) plans without incurred the 10% penalty on early distributions. IRS Notice 2024-55, in question-and-answer form, provides some guidance on these two provisions.