Employee Benefits

MAY 29, 2023

Employee benefits are an important aspect of any job, but can be overlooked when thinking about changing roles. Depending on those on offer, benefits can be just as valuable as a pay rise , and in some cases, even more valuable. So what constitutes a good employee benefits package?

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Employee Benefits

JULY 11, 2023

The remaining amount is covered by employees from their post-tax salary. Some companies offer contribution matching, where they match the employee’s contribution up to a certain limit. Selecting the best pension provider is essential to maximise the benefits for employees.

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PeopleKeep

DECEMBER 11, 2023

Starting in 2024, Indiana employers will have a new tax credit available if they decide to offer their employees a health reimbursement arrangement (HRA) instead of group health insurance. This will allow small businesses and nonprofits to offer affordable and personalized health benefits in The Hoosier State.

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McDermott Will & Emery Employee Benefits

AUGUST 10, 2023

In light of recent Internal Revenue Service (IRS) guidance, employers should carefully examine any supplemental health plan, program or arrangement (which may or may not claim to leverage fixed indemnity insurance) that promises substantial payroll tax savings.

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Benefit Resource Inc.

DECEMBER 5, 2023

In the ever-evolving realm of employee benefits, staying ahead of the curve is essential for HR professionals and benefits advisors. Understanding the intricacies of pre-tax benefit plans and COBRA regulations is crucial, but for those new to the field, it can be a challenging endeavor.

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Kollath CPA

MARCH 9, 2022

Are your employees really employees, or are they actually independent contractors? You don’t generally have to withhold or pay any taxes on payments to independent contractors, as you do with employees. Just make sure not to misclassify an employee as an independent contractor to avoid federal fines and penalties.

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Benefit Resource Inc.

JANUARY 25, 2024

Whether you are a participant exploring your benefit options or an employer preparing a benefits package, you may have formed certain myths about pre-tax benefit accounts. To help cut through the “fuzzy” factor, we present 5 Myths (and Facts) about Pre-tax Benefit Accounts.

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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.

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PeopleKeep

JULY 6, 2022

If you have remote employees in other states than where your organization is located, taxes can be challenging. According to McKinsey’s 1 2022 American Opportunity Survey, 58% of employees work from home at least once a week, while 35% work remotely full-time. Learn more about employee perk stipends.

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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.

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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.

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Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government will maintain the current freeze on income tax personal allowance and higher-rate tax thresholds until April 2028. Chancellor of the exchequer Jeremy Hunt told the House of Commons that personal tax thresholds, including income tax, will be frozen for further two years until 2028.

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Employee Benefits

NOVEMBER 17, 2022

Autumn budget 2022: The government has reduced the threshold at which the 45% rate of income tax becomes payable, from £150,000 to £125,140. In September, then Chancellor Kwasi Kwarteng told the House of Commons in his mini budget statement that the 45% income tax rate would be replaced with a 40% rate from April 2023.

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Benefit Resource Inc.

NOVEMBER 15, 2023

In the dynamic landscape of the modern workforce, employers and HR professionals are faced with the challenge of not only attracting top talent but also ensuring the well-being of their existing employees. These benefits not only enhance the overall compensation package but also provide financial relief to employees facing increased costs.

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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.

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PeopleKeep

MARCH 6, 2023

Offering employee benefits is an effective tool for recruiting and retaining talent for many organizations. When building a benefits package, it’s important to understand which benefits can be paid for through pre-tax contributions and which are covered by post-tax deductions.

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PeopleKeep

JUNE 8, 2022

Offering competitive employee benefits packages is a great way to attract and retain your employees, with many employers looking to employee stipends and fringe benefits. But, as with any employee benefit , you need to know how to manage these perks, including understanding their taxability.

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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.

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WEX Inc.

MARCH 7, 2023

The season for filing taxes is upon us once again. We wanted to share a few tips and reminders about the health savings account (HSA) information you’ll need for your tax return. Make sure your W-2 form shows HSA payroll contributions Provided by your employer, your W-2 shows the wages you earned and any taxes withheld.

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Health Consultants Group

OCTOBER 1, 2021

Reconsidering your employee benefits priorities. As your employees settle into their post-pandemic workflow, you’re probably noticing that they don’t want business-as-usual. After a year of unprecedented medical and personal experiences, employees can easily detect holes in their benefits plans. Adoption Benefits.

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Employee Benefits

JANUARY 18, 2024

Financial wellbeing benefits and incentives were at the top of the list of ways to persuade them to stay. That’s why SmartPay, our cost-neutral salary deduction scheme, is the employee benefit your people and business need in 2024. Offering financial employee benefits that support wellbeing. Affordability.

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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.

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Employee Benefits

MARCH 15, 2023

Spring Budget 2023: In his Budget address to the House of Commons today (15 March 2023), Chancellor of the Exchequer Jeremy Hunt addressed the issue of unpredictable pension tax charges causing employees to leave work, particularly within the NHS. No one should be pushed out of the workforce for tax reasons.”

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CorpStrat

JANUARY 17, 2023

Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). Transportation fringe benefit plans. 401(k) plans.

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Benefit Resource Inc.

OCTOBER 31, 2022

But, there’s one thing that doesn’t have to be scary this Halloween —your pre-tax benefits! Commuter benefits, flexible spending accounts, dependent care, and health savings accounts are just a few of the great employee benefits available to help you save money and reduce stress. Source: EBRI.

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Money Talk

MAY 31, 2023

Tax Planning - Until 12/31/25, taxes are “on sale.” Nobody has a crystal ball, but we know that tax rates will rise starting in 2026 when the Tax Cuts and Jobs Act expires. There are only two ways to reduce taxes: 1. When the government lowers tax rates. Make less income and 2.

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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 […].

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Benefit Resource Inc.

APRIL 6, 2023

National Employee Benefits Day is celebrated on April 6th. This day is dedicated to recognizing employers’ hard work and dedication that provide valuable benefits to their employees. These eight benefits provide an opportunity for over $30,000 of increased value to employees each year.*

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WEX Inc.

SEPTEMBER 12, 2023

If you’ve never been asked if you would like to participate in an employee benefits account before, you might be asking yourself, “What are all these acronyms?” Exploring HSAs and FSAs HSAs and medical flexible spending accounts (FSAs) let you save money because the funds you contribute to them are pre-tax.

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Employee Benefits

JANUARY 23, 2023

Credit: MikeDotta / Shutterstock.com Former Sky Sports presenter and columnist for The Times Stuart Barnes has won a first-tier tax tribunal regarding his IR35 status , carrying £695,000 in tax liability. The post Sky Sports pundit Stuart Barnes wins £700,000 tax case appeared first on Employee Benefits.

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PeopleKeep

JANUARY 26, 2023

If you have remote employees in states other than where your organization is located, understanding the tax rules can be challenging. According to McKinsey’s 1 2022 American Opportunity Survey, 58% of employees work from home at least once a week, while 35% work remotely full-time. Learn more about employee perk stipends

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CorpStrat

JULY 20, 2022

A thorough employee benefit review is critical for every company, but particularly those that are considering entering and preparing for any M&A activity. Here’s a quick hit list of issues that should be reviewed and addressed: Have you benchmarked your Employee Benefits package against companies of similar size in your industry?

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PeopleKeep

MARCH 17, 2022

Many employers are transitioning away from traditional group health insurance by offering more flexible health benefits such as a health reimbursement arrangement (HRA) or health stipend. At the same time, many employees are taking advantage of health insurance subsidies, such as premium tax credits.

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CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. It’s the perfect time to take a closer look and remind your employees about the fantastic, often underutilized benefits these plans offer. Communicating these benefits effectively is equally important as providing them.

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Employee Benefits

MARCH 15, 2023

She did not gain online access to her pay slips until early 2022, nearly a year into her employment, when she discovered that despite not earning enough to meet the tax threshold, deductions had been made from her pay. Storrie’s P60 and pay slip put her gross earnings at below the personal allowance for the tax year.

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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. HOW TO AVOID PENALTIES ON AN HSA WITHDRAWAL. DIFFERENT WAYS TO SPEND DEPENDENT CARE FUNDS.

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Employee Benefits

MARCH 15, 2023

Spring Budget 2023: The government has announced that it will give tax agents access to payroll benefits in kind for employers. Through government provided IT systems, tax agents will be able to payroll benefits in kind on behalf of employers.

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