How companies know if they’re eligible, what to track & more More companies are offering workers paid medical and family leave. Thanks to the Tax Cuts and Jobs Act, this could earn them a tax credit in the next two years. The amount of the credit ranges from 12.5% if employees [...]
What’s included in Opinion Letter 2018-14 The Department of Labor (DOL) hasn’t always been clear about when you’re able to make deductions from exempt employees’ pay if they’re absent from work. But now that the DOL has issued Opinion Letter FLSA 2018-14 on that topic, you have the guidance you need [...]
When it comes to employee achievement awards in the form of gift cards and cash, you’ve been right all along: These awards count as income and are taxable. So say the Tax Cuts and Jobs Act, which finally puts this rule in writing to settle the issue. Guidelines for awards [...]
IRS definition of ‘first date of employment’ The wait is finally over! The IRS has just issued its new Form W-4 in response to the changes made by the Tax Cuts and Jobs Act. Here’s a rundown of what Payroll needs to know. Changes to boxes For starters, you [...]
Handling new hires, employees claiming ‘exempt’ With 2018 already underway, and last year’s Form W-4 still in use, Payroll pros need clear-cut answers from the IRS about how to handle new hires and employees who claim they’re exempt from withholding. So it’s a relief that the IRS has issued Notice 2018-14, [...]
Courts reject old six-part test in favor of different standard It just became a little easier to figure out how interns should be paid, thanks to several recent court decisions. After the latest case, Benjamin et al. v. B & H Education, the Dept. of Labor (DOL) revamped its test to determine whether [...]
The Tax Cuts and Jobs Act has changed many things for Payroll. But the IRS recently announced there’s at least one thing staying the same. That’s the Tax Year 2018 dollar contribution limits for employee retirement plans. Because the new legislation didn’t change any of the existing provisions that allow the Treasury Department [...]
Business will also pay 118K in wages, damages to 21 workers As long as employees’ pay and time records are complete and accurate, employers can pick and use their own timekeeping methods. But some employers are learning that if they fail to keep accurate records, the Dept. of Labor (DOL) may [...]
As if there weren’t already enough reasons to make sure workers are paid accurately, here’s another: Penalties are rising for violations of the Fair Labor Standards Act (FLSA) Repeated or willful violations of FLSA will now cost companies $1964, compared to $1,925 in 2017. Important details The new penalty amount applies [...]
If you’re not quite ready to distribute Form 1095-C to employees, you now have a bit more time, courtesy of the IRS. The agency’s just announced that it’s pushing back this year’s deadline for providing individuals with a copy of Form 1095-C. The new deadline is March 2, 2018. Easing burdens [...]
