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Payroll

You’re being audited! IRS answers 5 key questions

07/24/2013
Your payroll department won’t become audit bait if you file a Form 941-X to correct a previously filed Form 941, keep good records, file returns on time and respond to IRS notices, according to an IRS senior program analyst for employment tax policy. What does put you in the audit hot seat?

ACA regs define minimum value, clarify role of wellness programs

07/22/2013
The two key percentages you need to know to avoid free-rider penalties under the health care reform law are 60% and 9.5%. Your health plan must offer minimum value by picking up at least 40% of the cost (i.e., full-time employees can’t pay more than 60% out-of-pocket) and be affordable (i.e., employees’ premiums can’t exceed 9.5% of their household income).

While co-workers are away, take the time to get organized

07/16/2013
With colleagues away on vacation, now’s a great time for Payroll to prep for some year-end tasks and perform general payroll maintenance.

Better late than never: 2013 maximum car/SUV valuations

07/01/2013
Employers that use the standard mileage rate (56.5 cents a mile in 2013) to value employees’ personal use of company vehicles are restricted to supplying vehicles of modest value …

DOL releases model ACA notices, revises SBC template

06/30/2013

The Affordable Care Act health care reform law requires you to provide all current and new employees with a notice regarding health insurance coverage by Oct. 1, 2013. For 2014, new hires must receive notice within 14 days of their start date. The DOL also updated its FAQs and the summary of benefits and coverage (SBC) template for the second year of coverage.

W-2c procrastinators never prosper: In fact, they’ll pay penalties

06/29/2013
On Aug. 1, tax penalties more than triple, from $30 to $100 per form, up to $1.5 million, for these W-2 infractions: failing to file 2012 W-2s in the first place or filing incorrect 2012 W-2s that you haven’t yet corrected.

July 2013: Employer’s business tax calendar

06/29/2013
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How do we handle lump-sum payments?

06/29/2013
Q: Our employees are paid an annual lump-sum merit bonus. The full amount is calculated and then split, with half paid the following January and half paid in July. How does this affect employees’ overtime? If it does affect overtime, how many years must we go back?

Gas cards and gift cards: Are they taxable benefits, or not?

06/27/2013
Q: An employee who has a gas card gets reimbursed 100% every month from Accounts Payable. Is this a taxable benefit? If so, how much is taxable—the full amount or the portion related to personal use?

2014 inflation adjustments for HSAs/HDHPs released

06/25/2013
The IRS has announced the 2014 inflation-adjusted figures for health savings accounts (HSAs) and high-deductible health plans (HDHPs).