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Payroll

Duplicate W-2s? How Do We Fix This Mistake?

10/24/2011
Question: As part of our year-end process, we look back to the preceding year just to make sure that everything was wrapped up correctly. We found that an employee who worked for two divisions of the company earned a total of $10,000. However, both divisions filed separate W-2s for him reporting the same $10,000, for a total of $20,000. Subsequently, one of the divisions filed a W-2c form to correct its error. The employee has now informed us that $0 wages have been credited to his earnings account. What’s the best way for us to reinstate his earnings?

Off the W-2 Hook?

10/24/2011
Question: Our company will soon begin outsourcing the payroll to a new third-party provider. It has a feature that allows em­­ployees to view their check stubs and W-2s by logging onto its website. We were told that the company will be saving a bundle because employees can now access their W-2s online. Does the IRS allow this?

Will your 2012 per-employee compensation budget be larger than it was this year?

10/04/2011
More than half of poll respondents say payroll will not grow in 2012.

Are FSA reimbursements reportable?

10/01/2011
Question: An employee signed up for a cafeteria plan health flexible spending account (FSA). Last February, she had back surgery, which meant that she was reimbursed for the full amount of her annual election. She quit before the balance of her elective deferral could be withheld from her pay. Must we report the amount paid out to her from the FSA, but not yet deducted from her pay, on her W-2?

HRAs Off the Hook for Annual Waiver Limits

10/01/2011
For plan years beginning Sept. 23, 2011, unless the U.S. Department of Health and Human Services grants a waiver, group health plans that impose annual or lifetime limits on the dollar value of essential benefits are restricted to imposing an annual limit of $1.25 million.

Use EFTPS to Make a Payment With an Amended Return

10/01/2011
If you’ve filed Form 941-X or another amended return, and you must make a tax payment for an old calendar quarter, you may use the IRS’ Electronic Federal Tax Payment System (EFTPS).

Get your 1099-MISC year-end procedures in place now

10/01/2011
Big changes are coming to the year-end independent contractor reporting process.

Taxes and W-2 reporting after death?

10/01/2011
Question: We owe wages to a former employee who died this year. To whom do we make the check payable? What about filing a W-2?

IRS grants generous treatment to business use of cell phones

10/01/2011
Employers that have a noncompensatory business purpose for providing cell phones or related equipment—that includes smartphones and personal digital assistants—to employees may treat their business use as a tax-free working condition fringe benefit and their personal use as a tax-free de mini­mis fringe benefit.

Feds offer partial amnesty for contractor misclassification

09/27/2011
If you’ve been worried that some of your workers may be incorrectly classified as independent contractors, but leery about opening a legal can of worms to fix potential problems, Uncle Sam is offering to cut you a break. Learn about a new program designed to help you get your records in order—and avoid penalties.