Payroll

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).

Moving? Remember to tell IRS

06/24/2013

If your business is moving, be sure to file Form 8822-B with the IRS. Failure to notify the IRS of a change of address recently prevented a taxpayer from contesting a lien for unpaid taxes.

Summer Payroll maintenance: It’s time to tidy up!

06/24/2013

Summer is the perfect time to perform simple payroll maintenance tasks. Here are some items you can check off your to-do list.

Payroll and Accounts Payable: Essential friends and allies

06/20/2013

Payroll and Accounts Payable should talk early and often, say Billy Meyerkorth, payroll manager at American Century Investments, and Jodi Parsons, payroll and accounts payable manager at Lifespace Communities. These two departments have more in common than they think.

Prepare now for the next round of MLR rebates

06/19/2013

Group health insurers that don’t spend between 80 and 85 cents of every premium dollar on medical care and health care quality improvement must make medical loss ratio (MLR) rebates to employees. This year’s rebates are due by Aug. 1. Take these steps now to prepare.

IRS details its response to the budget sequester

06/14/2013

The automatic budget cuts that took effect on March 1, known as the sequester, will require the IRS to furlough all employees without pay and completely close its doors on July 5, July 22 and Aug. 30, with two possible additional furlough days to be announced in August or September.

HEXs and SHOPs: Welcome to the new world of health benefits

06/13/2013

Under the Affordable Care Act, open enrollment for the individual health exchanges, or HEXs, begins Oct. 1, 2013. The outlook for the Small Business Health Options Program, or SHOPs, through which small employers may buy health insurance is a bit more complicated. Here’s where things stand.

How should we calculate withholding on executive bonuses?