Proskauer's Employee Benefits & Executive Compensa

MAY 23, 2023

The Tax Court’s May 3, 2023, decision in ES NPA Holding, LLC v. As background, Revenue Procedure 93‑27 provides a “safe harbor” definition of a profits interest. While the Tax Court’s decision can be interpreted as being generally consistent with market practice, there are meaningful nuances to the Tax Court’s decision.

Taxes 52

Taxes Incentive Compensation Executive Compensation IT 52

Stratus.HR

JUNE 28, 2021

The IRS recently announced that its program to provide advanced monthly payments of 2021 Child Tax Credits will begin in July. What is the Child Tax Credit? The Child Tax Credit is something a taxpayer typically claims when filing taxes. Not sure whether you qualify for the Child Tax Credits?

Taxes 57

Taxes Paid Leave Consulting Employee Retention 57

Benefit Resource Inc.

JULY 18, 2019

For most people, the definition of preventive care is broad and rather abstract in nature. However, under HSA rules, the definition becomes more important. What services were added to the definition of preventive care? Vote to repeal Cadillac Tax. Yesterday, the House also voted to repeal the Cadillac Tax.

Deductions 56

Deductions Deductible Medical Taxes 56

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

401(k) 188

401(k) Taxes Retirement Plan Finance 188

Genesis HR Solutions

MARCH 31, 2022

In this article, we’re honing in on one of the most important aspects of working with a PEO—the tax perspective. Not realizing the importance of details related to finances, payroll, and taxes presents one of the biggest risks for growing companies. Tax/Financial Differences Between Working With A PEO Vs. A CPEO.

Taxes 52

Taxes Professional Employer Organization Finance 401(k) 52

Patriot Software

MARCH 13, 2019

As an employer, you are likely familiar with reporting regular wages and taxes withheld on Form W-2. Imputed income is adding value to cash or non-cash employee compensation to accurately withhold employment and income taxes. Employers must add imputed income to an employee’s gross wages to accurately withhold employment taxes.

Payroll 46

Payroll Net Pay Taxes Online Payroll 46

Benefit Resource Inc.

MARCH 12, 2019

This may be the shortest blog on pre-tax benefits you will ever read. We’re going to take 5 minutes to redefine 9 confusing pre-tax phrases used in pre-tax benefits. Pre-tax benefits. Pre-tax benefits are, in effect, a way to decrease your income before taxes so you pay less in taxes.

Taxes 63

Taxes Flexible Spending Account Health Savings Account Medical 63

Money Talk

OCTOBER 6, 2022

Below is a list, in no particular order, of insights, facts, and recommendations that stood out to me as being original, significant, and/or useful: New Definition of Retirement- The word “retire” does not necessarily mean “stop working.” Each has a different type of tax treatment. net investment income tax (NIIT).

Taxes 187

Taxes Finance Education Retirement Plan 187

Patriot Software

OCTOBER 20, 2022

Non-taxable wages are wages given to an employee or individual without any taxes withheld (income, federal, state, etc.). The IRS definition of a non-taxable wage and other tax-exempt income is fairly narrow. However, most wages that you pay out to your employee(s) are taxable. So when are wages non-taxable?

Taxes 77

Taxes Payroll 77

InterWest Insurance Services

JULY 26, 2022

Tax-deductible premiums. No prior year tax returns or income verification are required. More restrictive definitions. With disability insurance policies, the definition of the word “disability” in the contract itself is of paramount importance. Easy, streamlined administration. List billing.

Disability Insurance 94

Disability Insurance Insurance Carriers Insurance Deductions 94

HR Digest

OCTOBER 22, 2023

Image courtesy – Freepik ) Definition of Fringe Benefits In simple words, the meaning of fringe benefits is exactly what it sounds like— external, outlying benefits. Fringe benefits can take on many forms and its definition can vary according to the company. So what are some fringe benefits then? What does “fringe benefit” mean?

401(k) 52

401(k) Employee Stock Option Deductions Deductible 52

Business Management Daily

DECEMBER 8, 2023

This is the classic definition of a tax-free de minimis fringe benefit. And we are deeply sorry about this, but yes, you will need to play the Grinch and deliver the bad news to employees about taxes and require HR to keep track of who won what at the holiday party. Myth #3: Gift cards worth less than $75 are tax-free Again, no.

Taxes 52

Taxes Employment Management IT 52

Money Talk

JULY 21, 2021

. ¨ Advance Child Tax Credit (ACTC)- Initial ACTC payments began on July 15. Just like authors receive an advance against future royalties on a book, the ACTC is an advance of half of the expanded child tax credit (CTC) available under the American Rescue Plan. End of Eviction Moratoriums- Nearly 6 million U.S.

Taxes 130

Taxes Food Government Retail 130

HR Lineup

JULY 21, 2023

Definition and Core Function: Employer of Record (EOR): An Employer of Record is a third-party entity that takes on the legal responsibility for employing workers on behalf of a client company. EORs manage all aspects of HR administration, payroll, benefits, tax compliance, and other employment-related functions for the workers.

Employment 82

Employment Taxes Payroll Payroll Manager 82

WEX Inc.

FEBRUARY 15, 2023

If you’re a first-time medical FSA participant, you may not be familiar with FSA definitions and rules. A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses. It is not legal or tax advice.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 98

Employee Benefits

MAY 1, 2024

As its shop workers spend most of their time standing on their feet, which can be physically taxing, it initially offered on-site pilates sessions to help them stay healthy and flexible. Building a culture of support and balance is definitely key. After all, happy employees are more productive and make for a happier workplace.

Medical 59

Medical Taxes Insurance Recruitment 59

Attorney Charlie Hall

DECEMBER 31, 2021

A veteran disabled while on active military service can get approval for SSDI benefits only if he or she meets the Social Security Administration’s strict definition of disability. DEFINITION OF DISABILITY. Getting approved for disability benefits provides increased income stability for veterans and their families.

Disability Insurance 130

Disability Insurance Medical Insurance Taxes 130

Proskauer's Employee Benefits & Executive Compensa

DECEMBER 2, 2022

Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). While not the focus of this blog post, the IRS also harmonized and extended certain “remedial amendment periods” across individually designed 401(a) and 403(b) plans and updated and restructured certain related definitions.

Taxes 109

Taxes Employment Retirement Plan Pension 109

AssuredPartners

AUGUST 13, 2023

In addition to reducing the 250-return threshold to 10 or more, the final regulations specify that filers will be required to aggregate the various types of information returns covered by the regulations, which includes Forms W-2, 1099, along with certain tax returns, in addition to Forms 1094-C and 1095-C.

Electronics 98

Electronics Taxes Utilities Insurance 98

Snell & Wilmer Benefits

JUNE 23, 2023

Participants can elect whether to make catch-up contributions on a pre-tax and/or a Roth basis. This definition will likely differ from the definition of “compensation” or “wages” that many employers currently use under their plans and will require them to keep track of yet another dollar limit. As of January 1, 2024, SECURE 2.0

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 52

Money Talk

DECEMBER 21, 2022

Buy and hold investing can often outperform actively-managed investing because trading expenses are reduced and capital gains taxes are deferred. For additional definitions of financial and investing terms, review this glossary from Rutgers Cooperative Extension. Simply divide 72 by the specified time period.

401(k) 176

401(k) Banking Food Deductions 176

Employee Benefits

JULY 19, 2023

Other issues include those around employment rights tax, financial consequences , health and safety, IT security and data protection concerns. An employer can face legal issues where work activity spans a longer period of time or where the usual place of work shifts.

Taxes 52

Taxes Employment Employee Benefits Management 52

Business Management Daily

AUGUST 8, 2022

As financial statements, tax returns, and similar types of records will be a concern for all organizations, including your CPA or a similar accounting professional on the team is a smart move. If you have employees, you must keep all employment tax records for at least 4 years after the date the tax becomes due or is paid, whichever is later.

Family and Medical Leave Act 105

Family and Medical Leave Act Taxes Deductions Deductible 105

Qandle

APRIL 7, 2022

Payroll administration is the difficult task of keeping track of your employees’ financial data, such as pay, benefits, taxes, and deductions. Calculating your employees’ salary, issuing payments, preserving payroll records, and collecting tax forms are all part of payroll management. Avoid late payments and mistakes.

Payroll Service 98

Payroll Service Payroll Payroll Software Management 98

Florida Workers' Comp

NOVEMBER 16, 2023

If you buy a sedan that does not meet CAFE standards, there is a special tax. That tax does not apply to minivans, trucks, and more. Corvette - tax, minivan with same MPG estimate - no tax. There is freedom, but at a price, and according to government rules. Government encouragement to buy this, not that.

Government 80

Government Manufacturing Taxes Food 80

Enjoy Benefits

JULY 19, 2023

In 2022 she commissioned her own study when she was unable to find ‘ definitive research’ into workplace retention of new mothers. “In In the four years I’ve been running the business, I’ve never managed to find definitive research into the extent of the problem,” Jen told Raconteur business magazine.

Commissions 52

Commissions Taxes Work From Home Payroll 52

Employee Benefits

MARCH 10, 2023

Hovis can well afford to increase the pay of their workforce; they have enjoyed huge success in recent years posting pre-tax profits of almost £50 million in 2021. Why should workers pay the price for the current economic crisis , when it was definitely not of their making?

Taxes 59

Taxes Employee Benefits Employment IT 59

Employee Benefits

APRIL 10, 2023

Ayres also explained some of the nuances of pensions, such as tax allowances and how much people should be aiming to have in their pot for retirement. The workshops covered everything from explaining what a pension is to accessing pensions early.

Retirement Plan 52

Retirement Plan Pension Taxes Education 52

Employee Benefits

NOVEMBER 22, 2023

For an employment tribunal to determine that disability discrimination has taken place, it must first consider whether the claimant’s impairment meets the definition of disability under the Equality Act: a physical or mental impairment that has a substantial and long-term effect on their ability to carry out daily activities.

Deductions 144

Deductions Deductible Medical Employee Benefits 144

Business Management Daily

JUNE 26, 2023

A fiscal year simply represents the 12-month period that a business uses for its accounting, taxes, and budgeting purposes. So whenever you hear someone talk about their fiscal year, they’re referring to the 12-month period they use for accounting and taxes. These types of business expenses are often tax deductible, which is a bonus.

Finance 105

Finance Banking 401(k) Deductions 105

Benefit Resource Inc.

MARCH 2, 2023

Commuter benefits are employer-provided benefits that help employees cover the cost of their commute, including mass transit and parking, on a pre-tax basis. As we mentioned previously, the biggest perk of commuter benefits is that they’re tax-free. That means employees can save up to 40% on their commute costs.

Taxes 52

Taxes Transportation Work From Home Payroll 52

Employee Benefits

NOVEMBER 29, 2023

The decision turns on the definition of worker for the purposes of the right to seek trade union recognition. The UK has for this purpose used the worker definition, which requires personal obligation to deliver services. On the court’s analysis, this definition is permitted by the ECHR, so no breach by the UK has occurred.

Government 52

Government Employee Benefits Employment Taxes 52

Higginbotham

OCTOBER 13, 2023

Both types of accounts allow employees to use funds without paying taxes on the money, as long as certain rules are met. With Lifestyle Spending Accounts, funds are taxed, but employers have more freedom to dictate how they want the accounts to be used instead of having to follow legally established rules. However, there’s a catch.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Flexible Spending Taxes 52

cipHR

MARCH 27, 2023

The definitive A-Z of payroll outsourcing in the UK A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | A: Auto-enrolment The process through which qualifying employees are automatically entered into workplace pension schemes. In most cases, it is down to the employer to establish this.

Payroll 52

Payroll Outsourcing Payroll Payroll Software Family and Medical Leave Act 52

Business Management Daily

OCTOBER 11, 2021

They may struggle with the definition of “reasonable accommodations” or who exactly qualifies for assistance. Item 3: Examine the definition of “reasonable” and of “undue hardship”. The rest typically cost only $500, and tax incentives are available to help employers cover costs. Next, consider the definition of “undue hardship.”

Family and Medical Leave Act 105

Family and Medical Leave Act Human Resources Medical Consulting 105

Money Talk

JUNE 30, 2021

Taxes: It’s Not What You Earn, But What You Keep Consult with a CPA® or financial advisor the first tax season after leaving work to get a professionally prepared template tax return. A New Definition of Busy Identify one or more high-priority “big rocks”; i.e., activities that take a big chunk of time.

Consulting 100

Consulting Taxes Media Employment 100

Vantage Circle

JANUARY 30, 2022

This blog will cover everything you need to know while considering taxable benefits so that you don't get caught off guard when tax time rolls around. But some benefits need to be taxed and added to their income. To make things clearer, here's a quick rundown on the benefits tax exempted as per IRS guidelines. Transit passes.

Employee Stock Option 52

Employee Stock Option Taxes Paid Vacation Life Insurance 52