Money Talk

AUGUST 16, 2023

In 2019, the older worker cohort included nearly 15% of those in their 70s. Tax on Social Security Benefits - Those who work and claim benefits will trigger taxes with a combined income above $25,000 (individuals) or $32,000 (married couples filing jointly). An estimated 21.9% of Americans age 65+ were working in 2022.

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Taxes Pension Deductions Deductible 130

PeopleStrategy

APRIL 18, 2022

If you are running your own small business, then chances are that taxes are one your biggest expenses. Although having a good tax plan is place is an effective strategy, you can save more money for your business with our small business tax tips. Here are some useful ideas that can help you reduce your business taxes in 2022.

Taxes 52

Taxes Deductions Deductible Entertainment 52

PeopleKeep

JULY 30, 2020

On June 13, 2019, the federal government released a final ruling that created a new HRA called the individual coverage HRA (ICHRA) and included guidelines for making coverage under the HRA “affordable.” To be considered affordable , the cost of the lowest cost silver plan must not be more than 9.78% of an employee’s household income.

Taxes 59

Taxes Government Health Insurance Insurance 59

Business Management Daily

NOVEMBER 20, 2018

The IRS has waited till mid-November to release its inflation adjustments to the tax rates and other fringe benefits. The post Better late than never: IRS releases 2019 tax and benefit amounts appeared first on Business Management Daily. Here’s how things shake out for next year.

Taxes 40

Taxes Management IT Payroll 40

Benefit Resource Inc.

MARCH 26, 2019

Patients don’t know that video consultation services may be available under their medical plans and can be paid with pre-tax funds. Beyond insurance and Medicaid, funds from pre-tax benefit accounts can be used to cover telecare visits. It will be interesting to see how telehealth develops in 2019 and beyond.

Healthcare 65

Healthcare Taxes Hospitality Education 65

Business Management Daily

JANUARY 17, 2020

Tax audits are all about your records. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. The IRS determined that a taxpayer was $17,925 in the hole for his income taxes, and, accordingly, was liable for a $3,585 accuracy-related penalty. 2019-34, U.S. Tax Court, 2019).

Taxes 52

Taxes Entertainment Deductions Deductible 52

BerniePortal

NOVEMBER 21, 2019

The IRS has just recently released draft instructions for the 2019 tax year 1094/1095-B and 1094/1095-C forms. Applicable employers are required to file 1095-Cs with the IRS, and each year usually brings changes and clarifications for filing.

Taxes 81

Taxes Employment IT Healthcare 81

Benefit Resource Inc.

MARCH 23, 2020

Tax time is no longer just April 15th. Recent guidance from the IRS delays the Federal tax filing deadline and Federal tax payment deadline. The deadline was extended from April 15, 2020 to July 15, 2020 for the 2019 tax year. Tax payment deadline delayed. The first tax adjustment news released by the U.S.

Taxes 49

Taxes Health Savings Account IT 49

Hireology

OCTOBER 1, 2018

The final quarter of the year is now under way, meaning you’re likely already setting business goals for 2019. As your business prepares for 2019, now is a better time than ever to evaluate your payroll system and decide if it’s time to make the switch to a new provider. Start the New Tax Year with an Automated Payroll System.

Payroll System 60

Payroll System Payroll Overtime Taxes 60

Benefit Resource Inc.

NOVEMBER 6, 2019

The IRS released the 2020 pre-tax limits for Mass Transit, Parking, Medical FSA and Adoption Assistance in Revenue Procedure 2019-44. Maximum Election : $270 / month (up from $265 / month in 2019). Maximum Annual Limit : $2,750 (up from $2,700 in 2019). Maximum Annual Limit : $2,750 (up from $2,700 in 2019).

Taxes 40

Taxes Medical Employment 40

WEX Inc.

NOVEMBER 30, 2018

Recently, the IRS issued Revenue Procedure 2018-57 , which announced more than 40 tax provisions for 2019, including the tax rate schedule, and other tax changes. There were also several increases to 2019 benefits limits. View our infographic below to help illustrate the news.

Taxes 40

Taxes Consulting Employment 40

Patriot Software

APRIL 22, 2019

In 2018, the IRS adjusted income tax withholding tables to reflect the Tax Cuts and Jobs Act. The IRS released changes to the income tax brackets for 2019. When you have employees, you need to stay on top of changing employment tax rates. Rates impact the amount of money you withhold from employee wages.

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Taxes Payroll Employment 68

BerniePortal

FEBRUARY 21, 2019

Remind employees to review healthcare when filing taxes. It’s that time of year — W-2s are out, 1095-Cs are in the process of being filed, and consumers and businesses are checking off their tax related to-dos. Here are three healthcare tax tips for employees. Need help keeping up with HR events, deadlines, and reminders?

Healthcare 40

Healthcare Taxes 40

Benefit Resource Inc.

OCTOBER 11, 2018

What is a pre-tax benefit account? A pre-tax benefit account allows you to set aside money from your paycheck before taxes to use for IRS-approved purchases. The items you can pay for through a pre-tax benefit account depends on which plan(s) you have. The limits for 2019 should be released later this month.

Taxes 74

Taxes Health Savings Account Medical Deductions 74

Benefit Resource Inc.

JULY 18, 2019

On July 17, 2019, House passed H.R. 748 , the Middle Class Health Benefits Tax Repeal Act , to repeal the “Cadillac Tax” The bill passed by a nearly unanimous vote in favor of repeal. What is the Cadillac Tax? The Cadillac Tax was originally passed in the Affordable Care Act as a cost-containment measure.

Taxes 40

Taxes Employment IT 40

Hireology

APRIL 16, 2019

We’re excited to announce Hireology has been #45 named on the Crain’s Chicago Business Best Places to Work 2019 list and #9 for midsize companies. To determine the rankings, Crain’s Chicago Business partnered with Best Companies Group and surveyed more than 14,000 local employees about their companies.

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401(k) PTO Retirement Plan Benefits Package 60

Benefit Resource Inc.

APRIL 11, 2019

Let’s say you had an FSA in 2018 but you decided not to re-enroll for 2019. When the 2019 year starts, if your employer offers the FSA rollover option, you will have $500 to use up. The post Pre-tax terms: R is for “Rollover” appeared first on Benefit Resource, Inc. Data based on BRI clients as of June 2018.

Taxes 76

Taxes Flexible Spending Account Medical Flexible Spending 76

AssuredPartners

NOVEMBER 15, 2018

{"ops":[{"insert":"Today, the Internal Revenue Service announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases).

Transportation 40

Transportation Flexible Spending Account Flexible Spending Taxes 40

Business Management Daily

NOVEMBER 29, 2018

The IRS has now addressed key issues related to the tax credit for paid leave under the Tax Cuts and Jobs Act during 2018 and 2019. The post FMLA paid tax credit: IRS guidance fleshes out the details appeared first on Business Management Daily.

Taxes 45

Taxes Paid Leave Management Human Resources 45

Corporate Synergies

JANUARY 2, 2019

Our 2019 Employer Education Series is designed to help you get more bang for your benefits buck. Corporate Synergies is set to launch its 2019 Employer Education Series. The 2019 Employer Education series includes staff-written articles, special use publications, webinars and regional conferences. and Orlando.

Education 40

Education Health and Welfare Voluntary Benefits Employment 40

Employee Benefits

SEPTEMBER 6, 2023

Bikes-for-work schemes are tax-exempt arrangements that encourage employees to cycle to work to reduce environmental pollution and promote healthier lifestyles. Are there any potential tax or legal issues ? The appeal of bikes-to-work schemes may, in part, lie in the potential national insurance (NI) and tax savings.

Gross Pay 59

Gross Pay Net Pay Taxes Deductions 59

Money Talk

JULY 29, 2022

Widespread data hackings are increasingly common, whether it is a credit bureau (Equifax in 2017), a hotel (Marriott in 2018), an online game producer (Zynga in 2019) a federal government agency (OPM in 2015), or an Internet media company (Yahoo! Another common scam is phone calls and e-mails claiming to be from a bank.or Social Security.or

Banking 274

Banking Pension Media Finance 274

Insperity

OCTOBER 10, 2023

Act of 2022 Expanding on the provisions laid out in the original SECURE Act of 2019, the SECURE 2.0 This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. It’s important to note that these are tax credits, not deductions.

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401(k) Retirement Plan Taxes Benefits Package 108

Global People Strategist

FEBRUARY 26, 2019

As Brexit continues to loom over 2019 with its threat of uncertainty, there are several changes to British laws that are expected to come down the road and affect workplaces in that country: Shared Parental Leave Pay. The Court of Appeals will consider the case on May 1, 2019. Extended Redundancy Protection.

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Parental Leave Employment Government Consulting 40

Proskauer's Employee Benefits & Executive Compensa

JANUARY 30, 2023

As part of our continuing series on SECURE 2.0 , signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). A CIT is a tax-exempt pooled investment vehicle that holds assets attributable to certain types of employer-sponsored retirement plans.

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401(k) Taxes Retirement Plan Commissions 111

Corporate Synergies

SEPTEMBER 10, 2018

Open enrollment 2019 has so many moving parts it may seem impossible to manage. Three words have the power to make the most experienced HR professional shudder— open enrollment 2019. New laws (like the federal tax law) plus evolving regulations around benefits add more to HR’s already full plate. As Seen In.

Health and Welfare 40

Health and Welfare Voluntary Benefits Flexible Spending Account Health Savings Account 40

McDermott Will & Emery Employee Benefits

FEBRUARY 22, 2022

In 2019, the Washington State Legislature established the Long-Term Services and Supports Trust Program (LTSS Trust Program) to provide funding for eligible beneficiaries that they can apply to the cost of their long-term care. The program is funded through a 0.58% payroll tax on employee wages and went into effect on January 1, 2022.

Taxes 73

Taxes Payroll Employee Benefits Employment 73

WEX Inc.

MAY 8, 2023

Starting in 2020, IRS Notice 2019-45 stated that certain expenses for chronic condition care are considered preventative for participants enrolled in HDHPs, meaning these expenses are eligible to be covered by insurance before participants reach their required deductible. It is not legal or tax advice.

Deductions 97

Deductions Deductible Health Savings Account Employee Enrollments 97

AssuredPartners

JANUARY 22, 2018

House of Representatives included a two-year delay of the 40% “Cadillac Tax” in their proposal to continue funding the government until February 8, 2018. We applaud efforts to delay the ‘Cadillac Tax’ that is driving up health care costs for millions of Americans,” said James A. excise tax on U.S.

Taxes 40

Taxes Out of Pocket Cost Health Insurance Medical 40

Patriot Software

JANUARY 9, 2019

And as an employer, you are required to pay household employment taxes, otherwise known as the nanny tax. Employing a nanny isn’t a spoonful of sugar if you don’t follow nanny tax rules. Read on to learn about the nanny tax, how to legally hire a household worker, and your depositing and filing responsibilities.

Taxes 46

Taxes Payroll Online Payroll Payroll Software 46

HR Bartender

FEBRUARY 22, 2022

That includes compliance with employment tax payment and reporting rules with each of the various local, state, and federal agencies to avoid penalties. For example, tax credits often require records that document fulfillment of the credit. One of the most common employment tax credits is the Work Opportunity Tax Credit (WOTC).

Payroll 127

Payroll Taxes Technology Employee Retention 127

Workers' Compensation

DECEMBER 14, 2023

The New Jersey Department of Labor and Workforce Development (NJDOL) has posted the names of 14 additional businesses to its Workplace Accountability in Labor List (aka The WALL), bringing to 82 the total number of delinquent employers with outstanding liabilities for violations of state wage, benefit or tax laws.

Taxes 52

Taxes Government Employment IT 52

McDermott Will & Emery Employee Benefits

SEPTEMBER 21, 2022

The post Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts appeared first on EMPLOYEE BENEFITS BLOG.

Retirement Plan 85

Retirement Plan IT Employee Benefits Executive Compensation 85

TalentCulture - Employee Benefits

JANUARY 24, 2024

According to The Institute for College Access & Success, 62% of the class of 2019 graduated with student debt , averaging almost $30K each in tuition, housing, and other education-related costs. Many households are paying hundreds of dollars a month for the education they already have. That’s where LSAs come in.

Education 105

Education Taxes Deductions Deductible 105

Take It Personel-ly

OCTOBER 19, 2020

You’ve always done your own taxes because an accountant costs so much. A 2019 survey found that 1 in 5 Americans believed they would owe the IRS money. Now, the IRS says you owe a couple of grand! You’re not alone in your IRS woes. One of the things you can do to reduce the amount you […].

Taxes 69

Taxes Finance Management 69

Benefit Resource Inc.

FEBRUARY 6, 2020

According to estimates taken between October 1, 2019 to January 25, 2020, there have been approximately: 19,000,000 – 26,000,000 flu-related illnesses. The post Protect Your Family: Get a Flu Shot with Your Tax-Free FSA Funds appeared first on BRI | Benefit Resource. 8,600,000 – 12,000,000 flu-related medical visits. Sources: [link].

Flexible Spending Account 45

Flexible Spending Account Taxes Flexible Spending Health Savings Account 45

Money Talk

DECEMBER 21, 2022

The median household income in the United States was $67,521 in 2020, down from $69,560 in 2019. Buy and hold investing can often outperform actively-managed investing because trading expenses are reduced and capital gains taxes are deferred. In other words, half of the numbers are below the median and half are above it.

401(k) 175

401(k) Banking Food Deductions 175