IRS releases 2019 contribution limits: What’s vital for Payroll Latest figures for 401(k)s and other retirement plans The IRS has officially released the 2019 cost-of-living adjustments to the dollar limits for contributions to qualified retirement plans. Here’s the info you’ll need to know when making deductions from employees’ pay to fund these plans as of [...]
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 [...]
How to handle healthy employee who donates Sometimes, it can be confusing to figure out what counts as a “serious health condition” that qualifies for leave under the Family and Medical Leave Act (FMLA). The Dept. of Labor (DOL) released an opinion letter discussing whether one unique procedure is eligible for [...]
Rewarding employees for length of service, holidays The year’s winding down, which means you’ll be working on W-2s soon. So now’s the time to make sure employees’ taxable income is correct. It’s especially important for you to keep track of any length-of-service awards or gifts your company may give workers before [...]
Roofing company owes $63K due to issues with leave, insurance When an employee needs time off because of an illness, it’s critical for employers to inform the person of all their rights under the Family and Medical Leave Act (FMLA). This includes whether their illness could be eligible for FMLA leave [...]
Next steps for ensuring name/SSN accuracy The SSA’s cracking down on certain errors in Form W-2 submissions, and it plans to notify employers about the issues this summer. Here’s what you need to know. Mismatch notification The agency recently started sending letters to employers that submitted at least one [...]
Thousands of companies audited in 2018, with more to come Be aware: Form 1-9 audits are on the rise, as U.S. Immigration and Customs Enforcement (ICE) is committed to checking if businesses are in compliance. In the first seven months of 2018, ICE notified over 5,200 employers that they were being [...]
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. [...]
