The IRS announced the new contribution limit for health flexible spending arrangements (FSAs) later than usual this year, which life a little harder for employers.For 2019, the FSA voluntary contribution limit is $2,700, a $50 increase from last year.Best 2 optionsThe limit was released after many companies already closed their open enrollment periods for next [...]
Get ready: The SSA just announced the taxable wage base for 2019. Maximum taxable earning will rise to $132,900 – a $4,500 increase from the 2018 wage base of $128,400. The tax rate will remain at the amount set by law: 5.2% for both employers and employees. Numbers to know Given the current [...]
Keys to Making sure programs hold up to federal scrutiny Profit-sharing plans are an excellent way to keep employees invested in a company’s success. But compliance issues can be costly for employers. One Indiana lawn care company learned this firsthand. Precision Cut Lawn Service gave employees flat salaries with no overtime [...]
Unique way to help workers enrolled in plan. The IRS just gave the green light to a new type of 401(k) contribution strategy to help workers who are paying back student loans. Here’s the latest guidance from the agency, along with how this type of plan would impact Payroll. Program [...]
Agency highlights key requirements, time frames The IRS is clearing up confusion surrounding when employers should submit Form 941-X for an adjustment or a refund claim. Because the terms are often treated as synonyms and the same form is used in both circumstances, may think all the guidelines are the same. [...]
A recent Supreme Court decision has changed the way Payroll deducts union fees from workers’ paychecks. Because of the outcome of Janus v. AFSCME Council 31, employees who aren’t members of public unions no longer have to pay extra fees. The rights of nonmembers The case centered on an Illinois [...]
Larger limits on pre-tax contributions & more Big changes could be coming to health savings accounts (HSAs), if two bills currently in the Senate move forward. The first bill, H.R. 6311 or the Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018, would update the contribution limits for [...]
The IRS has updated yet another form you encounter in Payroll, so it’s important to make sure you’re using the correct version. For 2159, Payroll Deduction Agreement, was revised in July 2018. Employer requirements As a reminder, the form is used when an employee attempts to make an arrangement with the [...]
Different expectations for receiving paychecks Millennials (who were typically born between 1977 – 1995) and Gen Z (typically born after 1995) have different attitudes about common paycheck practices than older people. Digital payment provider Global Cash Card surveyed over 1,000 working Americans of all ages to find out their perceptions of several elements [...]
How much can workers contribute before it’s taxable? The IRS recently released additional guidance on limits for employers’ defined contribution plans in certain confusing situations. Here’s what Payroll needs to know. Short limitation years In most cases, the 2018 Sec 415 ( c) dollar limit for contributions to all of a [...]
