McDermott Will & Emery Employee Benefits

JUNE 8, 2022

Despite the easing lockdowns, the trend is likely to stay, particularly with “workstations” being actively promoted by the travel industry; however, there are considerable tax consequences for international employers. The post German Tax Aspects of Cross-Border Remote Working appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 89

Taxes Employee Benefits Employment 89

McDermott Will & Emery Employee Benefits

JUNE 21, 2022

The New Jersey Supreme Court upheld two decisions by lower state courts in May to dismiss litigation challenging Jersey City’s ordinance that taxes city employers’ payroll but exempts residents. The post New Jersey High Court Upholds Jersey City Payroll Tax appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 77

Taxes Payroll Employee Benefits Employment 77

Griffin Benefits

DECEMBER 30, 2021

With nearly a half-million blog post views and tens of thousands of content downloads, here is some of our most popular content for the calendar year. TOP TEN BLOG POSTS OF 2021. Thousands of companies turned to JP Griffin Group for guidance on employee benefits topics in 2021. Does Healthcare Consumerism Even Have A Chance?

401(k) 79

401(k) Employee Benefits Healthcare Media 79

McDermott Will & Emery Employee Benefits

JULY 20, 2023

A recent Internal Revenue Service (IRS) memorandum addresses the tax status of certain fixed-indemnity health plans that promise employers major payroll tax savings. The post IRS Clarifies Status of Fixed-Indemnity Health Plans Claiming Big Tax Savings appeared first on EMPLOYEE BENEFITS BLOG. Read the article.

Taxes 62

Taxes Payroll Employee Benefits Employment 62

McDermott Will & Emery Employee Benefits

DECEMBER 14, 2022

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

Retirement Plan 80

Retirement Plan Taxes Pension Utilities 80

McDermott Will & Emery Employee Benefits

MAY 31, 2023

For decades, promoters have marketed programs to employers seeking to leverage the favorable tax treatment accorded employer-provided medical benefits. These programs are variously described as “wellness” or “preventive services” arrangements, and they are usually wrapped in or offered with hospital indemnity policies.

Hospitality 69

Hospitality Taxes Payroll Medical 69

McDermott Will & Emery Employee Benefits

JULY 26, 2022

Last month, the Washington Court of Appeals affirmed a lower court’s decision to dismiss a challenge to the recently enacted payroll expense tax in Seattle, WA. The tax, which went into effect on January 1, 2021, […]. The post Seattle Payroll Expense Tax Upheld by State Appellate Court appeared first on EMPLOYEE BENEFITS BLOG.

Taxes 64

Taxes Payroll Employee Benefits Executive Compensation 64

Qandle

SEPTEMBER 20, 2023

Payroll taxes are a crucial aspect of every employer’s financial responsibilities. These taxes are collected to fund various government programs and benefits, including Social Security, Medicare, and unemployment insurance. These withheld taxes are then remitted to the Internal Revenue Service (IRS) on a regular basis.

Taxes 52

Taxes Payroll Employment Deductions 52

Benefit Resource Inc.

DECEMBER 30, 2022

Pre-tax benefits are growing in popularity amongst employers and employees alike. This is because they offer a great way to save on taxes while still being able to use funds for medical, dependent care, and other expenses. In the last year alone, we’ve learned a lot about pre-tax benefits and how to maximize their potential.

Taxes 75

Taxes Flexible Spending Account Health Savings Account Flexible Spending 75

McDermott Will & Emery Employee Benefits

SEPTEMBER 8, 2022

The post Responsible Financial Innovation Act: Proposed Tax and Reporting for Digital Assets appeared first on EMPLOYEE BENEFITS BLOG. The bill is intended to establish some legal clarity for regulators and the industry and to protect consumers […].

Taxes 85

Taxes Employee Benefits Retirement Plan Commissions 85

WEX Inc.

MAY 10, 2024

An HSA participant can use their funds to pay for eligible expenses for: Themselves Their spouse Any HSA eligible dependents claimed on their tax return Anyone they could have claimed as a dependent but weren’t able to What happens when a participant contributes more to their HSA than is allowed? It is not legal or tax advice.

Health Savings Account 105

Health Savings Account Deductions Deductible Taxes 105

WEX Inc.

MAY 15, 2024

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. WEX receives compensation from some of the merchants identified in its blog posts.

Taxes 98

Taxes Consulting Education Employee Wellness 98

Benefit Resource Inc.

JANUARY 2, 2020

As we close out the decade, we look back at the most educational, news breaking blogs. From tax reform to how-to articles, here are the top 10 blogs from Benefit Resource: Check Your Balance. So far, prices have held steady… Pre-tax limits. Stay on the ball and check view 2020 pre-tax limits here and here.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Health Savings Account Taxes 40

BerniePortal

MARCH 5, 2020

*This blog is adapted from the HR Party of One episode, Tips for Employer Taxes, which you can view below. Tax season is among us - so today, we’re covering what HR Parties of One need to know. Paying employer contributions for FICA taxes. Paying other employer business taxes. The History of Employer Taxes.

Taxes 52

Taxes Employment Deductions Deductible 52

PeopleKeep

MAY 15, 2024

One option available for small employers is the Small Business Health Care Tax Credit. The Small Business Health Care Tax Credit subsidizes the cost of employee health insurance plan premiums, making these benefits more affordable for many business owners.

Health Insurance 52

Health Insurance Taxes Consulting Insurance 52

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2023

Asserting that many employers have improperly claimed Employee Retention Tax Credit (ERTC) refunds, the Internal Revenue Service (IRS) released two new announcements that address ERTC claims.

Employment 94

Employment Taxes Employee Retention Consulting 94

Money Talk

SEPTEMBER 30, 2022

Full disclosure: this blog post is written from a place of privilege for older adults with higher-than-average incomes and/or assets. Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. IRMAA surcharges. to $573.30 for Medicare Part B and $12.40 for Part D.

401(k) 244

401(k) Taxes Pension Deductions 244

Patriot Software

JANUARY 24, 2022

You may need to use a supplemental flat tax rate for federal and state income taxes. Not all states require supplemental tax rates. So, take a look at the supplemental tax rates by state […] READ MORE. Generally, paying employees hourly or salary wages is a straightforward process.

Taxes 76

Taxes Commissions Bonuses Salary 76

McDermott Will & Emery Employee Benefits

DECEMBER 9, 2021

The post New IRS Guidance for Tax-Qualified Pension Plans with Rehired Retirees Due to COVID-19 appeared first on EMPLOYEE BENEFITS BLOG. As a background, a defined benefit plan may make distributions to a retiree only in the case of a “bona fide retirement,” which […].

Pension 70

Pension Taxes Employee Benefits Retirement Plan 70

Abel HR

DECEMBER 8, 2020

One of the most perplexing topics in the human resources industry is that of the payroll tax. What are Payroll Taxes? When business owners pay their employees’ wages, the law requires them to make tax payments on their behalf. Payroll taxes finance social insurance programs such as Medicare and Social Security.

Taxes 52

Taxes Payroll Net Pay Deductions 52

Money Talk

OCTOBER 6, 2022

Blogging Tips - Bloggers should post at least once a week and use keywords (for easier searchability) and graphics (to attract users and keep them online longer). Blogs should also include a disclaimer stating that posts are for educational purposes only and do not constitute personalized advice. net investment income tax (NIIT).

Taxes 187

Taxes Finance Education Retirement Plan 187

WEX Inc.

AUGUST 10, 2023

Thanks to the (CARES) Act , you can use HSA or FSA pre-tax dollars to purchase over-the-counter medications with your pre-tax dollars — these include allergy medicine , pain relievers , heartburn medication , acid reflux relief and cold and flu remedies. The information in this blog post is for educational purposes only.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

Abel HR

DECEMBER 8, 2020

One of the most perplexing topics in the human resources industry is that of the payroll tax. What are Payroll Taxes? When business owners pay their employees’ wages, the law requires them to make tax payments on their behalf. Payroll taxes finance social insurance programs such as Medicare and Social Security.

Taxes 52

Taxes Payroll Net Pay Deductions 52

Proskauer's Employee Benefits & Executive Compensa

JULY 26, 2021

Now that the dust has settled on the first round of election notices, employers and plans have turned their attention to another pressing topic: claiming the COBRA premium assistance tax credit. Why is it Important to Apply for the Tax Credit? This subsidy is implemented by a tax credit mechanism. How Is the Tax Credit Claimed?

Taxes 40

Taxes Payroll Employment Insurance 40

WEX Inc.

AUGUST 29, 2023

Fertility treatments will qualify for HSA and medical FSA funds to the extent that procedures are performed on the participant, spouse, or another individual whose expenses are eligible for tax-free reimbursement. The information in this blog post is for educational purposes only. It is not legal or tax advice.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

Qandle

DECEMBER 5, 2023

In this detailed blog post, we’ll explore the key components of payroll processing and how organizations can streamline this complex function. This intricate task demands precision to comply with tax regulations and ensure employees receive their rightful earnings. Looking for the Best HR Payroll Process ?

Payroll 98

Payroll Net Pay Gross Pay Payroll System 98

Qandle

JUNE 15, 2023

Tax Deducted at Source (TDS) is a mechanism employed by the Indian government to collect taxes at the source of income. This blog post aims to provide a step-by-step guide on how to make TDS payment online. This blog post aims to provide a step-by-step guide on how to make TDS payment online.

Deductions 98

Deductions Deductible Taxes Government 98

WEX Inc.

APRIL 25, 2024

An HSA is a tax-advantaged savings account that allows you to save money specifically for medical expenses. Contributions to an HSA are tax-deductible, and funds can be used to pay for qualified medical expenses including: Doctor visits Prescriptions Dental care Vision care And many more! It is not legal or tax advice.

Health Savings Account 52

Health Savings Account Deductions Deductible Out of Pocket Cost 52

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs. It is not legal or tax advice.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 98

Benefit Resource Inc.

FEBRUARY 9, 2021

As a result, this should help them better understand pre-tax benefits and how to effectively use their accounts. With child care options more limited due to the pandemic, Dependent Care FSA account holders wanted to know if their pre-tax dollars could be used to pay for a babysitter. How well do employees understand pre-tax benefits?

Taxes 40

Taxes Banking Medical Employment 40

Money Talk

JULY 13, 2022

I recently wrote a blog post about doing a mid-year financial check-up in early July so you have six months to work on planned action steps. Also be sure to adjust tax withholding for RMD withdrawals using quarterly estimated tax payments to the IRS or tax withholding by the retirement plan custodian.

Taxes 246

Taxes Retirement Plan Finance Consulting 246

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. A FSA is an account that allows you to set aside pre-tax funds to pay out-of-pocket healthcare costs.

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

WEX Inc.

SEPTEMBER 21, 2023

The information in this blog post is for educational purposes only. It is not legal or tax advice. For legal or tax advice, you should consult your own legal counsel, tax and investment advisers. WEX receives compensation from some of the merchants identified in its blog posts. The post Vision expenses piling up?

Health 98

Health Flexible Spending Account Health Savings Account Flexible Spending 98

WEX Inc.

AUGUST 14, 2023

Read our blog posts on grace periods and run-out periods for the rest of the series. Yes, employers do have the option of providing employees with an FSA carryover. Learn more about additional options you can provide FSA participants by reading our blog posts on grace periods and run-out periods. We break down FSA carryovers below.

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

WEX Inc.

OCTOBER 5, 2023

In the final blog post of our three-part series to educate first-time participants, we explore all the unknown voluntary benefits terms and bring clarity of information to first-time participants. Check out our other first-timer series blog posts on health plans and employee benefits. It is not legal or tax advice.

Voluntary Benefits 98

Voluntary Benefits Life Insurance Health Insurance 98

WEX Inc.

AUGUST 15, 2023

For first-time health insurance and benefits electees, we’re kicking off a three-part blog series just for you to walk through considerations when making these decisions. Subscribe to our blog to stay updated on all the benefits information you need! The information in this blog post is for educational purposes only.

Deductions 98

Deductions Deductible Healthcare Flexible Spending Account 98

McDermott Will & Emery Employee Benefits

AUGUST 22, 2023

The US Department of the Treasury and the Internal Revenue Service recently issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The post Forfeitures: Changing the Rules of the Game for Retirement Plans appeared first on EMPLOYEE BENEFITS BLOG. Read more here.

Retirement Plan 79

Retirement Plan Taxes Employee Benefits 79