OFCCP: New, Aggressive Stance (Seemingly Out Of Nowhere)
Yesterday, we shared attorney David Fortney’s insights on OFCCP’s new affirmative action regulations. Today, more on what you need to know about the “new” OFCCP.
Tag: IRS
Are Your Supervisors Trained to Explain 401(k)s?
These days many people live well into their eighties, and some make it into their nineties. That means that many of your employees can expect to live 20 or more years in retirement. Financial experts say that to live comfortably during retirement, a person needs about 80 percent of his or her current wages. Social […]
IRS Standard Mileage Rates Drop a Half-cent
Employers whose employees use their own vehicles business can now adjust their reimbursement forms and procedures for 2014, since the IRS released the standard mileage rates for the year in Notice 2013-80 on Dec. 6. The IRS also adjusted the reimbursement rate for miles driven for medical purposes or a relocation, also by half a […]
Employers Have an Easy Way to Find Answers to Health Care Reform Dilemmas
Earlier this week, President Obama said the Affordable Care Act will not be repealed as long as he is in office, in spite of its turbulent implementation process. No mention was made of the great sacrifices and adjustments employers are being asked to make. For example, large employers will have to toil for thousands of […]
Government Proposal Refines Reform Fees on Health Plans
A proposed rule put on public display Nov. 26 adjusts Transitional Reinsurance Program rules and tries to put out fires left burning by the ever-moving target of health care reform. For example, it proposes a lower contribution level insurers and self-funded plans would pay in 2015 to a transitional reinsurance fund, and gives employers the […]
PPACA Terms of Art You Need to Know to Comply
Employer shared responsibility or “play or pay” provisions (aka 4980H) of the ACA are effective January 1, 2014; however, no penalties will be assessed until 2015. Nevertheless, says Gillihan, your planning must be ongoing now if you plan to use a 12-month measurement period—that period has already started. Gillihan is counsel in the Atlanta office […]
Employers Face Another End to QTFB Parity
Unless Congress acts soon, employees will once again have less to use for mass transit expenses under qualified transportation fringe benefit plans, and employers will once again have to lower the limits they allow under QTFBs at the end of the year. The mass transit component of QTFBs, which covers expenses incurred in commuting to […]
Payroll Taxes Went Up in Smoke
Smoking is a nasty habit, especially when it results in a Department of Justice (DOJ) investigation and a $67,000 penalty from the Internal Revenue Service (IRS)! The owner of a New York City construction company and several related companies recently pleaded guilty of willfully failing to pay payroll taxes. Prosecutors for the IRS and the […]
Fidelity® Tax-Exempt Defined Contribution Business Doubles since 2008; Participant Growth Up 30 Percent
BOSTON, October 2, 2013 – Fidelity Investments®, a leading provider of workplace retirement plans in tax-exempt markets, today announced that Assets Under Administration (AUA) have doubled since the start of the financial crisis five years ago. Through the first half of 2013, Fidelity’s AUA has reached $204 billion, a 102 percent increase from 2008(i). Additionally, […]
IRS Formalizes One-year Delay in Reform’s Reporting and Penalty Rules for Employers
An official announcement on transition relief for employers from information reporting requirements under health care reform, as well as on the delay of key provisions of the employer play-or-pay mandate, was issued July 9 in Notice 2013-45 from the U.S. Department of the Treasury and IRS. In unofficial announcements last week on the White House and U.S. […]