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Payroll

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).

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.