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IRS Finalizes Rules Pertaining to Electronic Filing – Effect on Employers

AssuredPartners

On February 21, 2023, the Internal Revenue Service (IRS) issued final regulations amending the rules for filing certain tax returns and other documents by electronic means (e-filing). This will certainly have a prominent effect on smaller employers. Note: Section 3 of Rev.

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Buyer’s guide to group personal pension schemes

Employee Benefits

A group personal pension is a defined contribution (DC) arrangement whereby an employer agrees to make monthly contributions into a scheme, but the contract is between the employer and the pension provider. They can access a cash lump sum; usually the first 25% of each cash withdrawal from the pot will be tax-free.

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The Work Opportunity Tax Credit (WOTC) Can Save Your Business Money

HR Bartender

In the book “The Cobler of Preston,” Christopher Bullock wrote the famous line, “’Tis impossible to be sure of anything but death and taxes.” As sure as we are about paying our taxes, one thing we’re often unsure about is getting tax relief. The Work Opportunity Tax Credit (WOTC) is not a new program. Virgin Islands.

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2024 ACA Electronic Reporting Requirements

AssuredPartners

Changes for 2024 As 2024 approaches, employers should be aware of the upcoming Affordable Care Act (ACA) reporting changes on the horizon. However, beginning in 2024, employers that file 10 or more returns will now be required to file electronically. The new reporting rules are detailed in full here. Who Is Generally Required to File?

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ACA Affordability Rates Announced for 2023

AssuredPartners

2022-34 , the IRS announced the 2023 indexing adjustment percentage for determining affordability of employer-sponsored health coverage under the Affordable Care Act (ACA). If an employer offers multiple health plans, the affordability test is applicable to the lowest-cost option satisfying the requirement for minimum value.

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Why are over-50s leaving the workforce?

Enjoy Benefits

There’s been a marked increase in older workers leaving employment, what one tabloid has called the ‘silver exodus’. Pension freedoms introduced by the then chancellor George Osborne in 2015 also allowed some over-55s to draw on their retirement funds early. Should employers be worried?

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Taxation of Identity Protection Services

Fringe Benefit Analysts

Are Identity Theft Protection Services Tax Deductible? The taxation of this identity protection benefit/service was considered by the IRS in 2015 and again in early 2016. See IRS Announcement 2015-22.) The value does not have to be reported on an individual’s W-2.