Ask the Expert: What Are the Rules for Mileage Reimbursement?
When an employee uses a personal car for work, are employers required to reimburse mileage? Are they required to reimburse at the IRS rate or is this just the recommendation?
Tag: IRS
Ask The Expert: What Are My Options for Affordable Care Act (ACA) Reporting?
Employers will need to do ACA reporting for this year, including forms 1094 & 1095. What options (e.g. software) does the employer have to for reporting? (Currently I use Quickbooks to submit my W2 forms.)
Catering to Candidates with Student Loans
By Holly Jones, JD, Senior Legal Editor In yesterday’s Advisor, we took a look at why certain 401(k) benefits are not as attractive to candidates with significant student loan debt. These candidates might not be able to contribute, and so the benefit becomes a nonbenefit. Today we’ll explore how employers can offer an alternate benefit […]
I Have a Question Regarding Compensation for Contractors vs. Employees
There is really no absolute definition of an independent contractor. The important distinction, from the point of view of an employer, is that an independent contractor is an individual who is performing services for the employer but who is not an employee.
What’s Worse than Speaking in Public?
Most people in the United States believe they deserve a raise (89 percent) but would rather do onerous activities than actually request one, according to a survey by staffing firm Robert Half.
IRS Fleshes Out Plans for Applying ‘Cadillac Tax,’ Seeks Input
New IRS guidance spells out more issues the agency plans to address in imposing the excise tax on high-cost employer-sponsored health coverage (commonly known as the Cadillac tax). These include: (1) identifying taxpayers who may be liable for the excise tax; (2) aggregating several employers under one plan sponsor’s payment; (3) allocating the tax among […]
IRS Freezes New DB Lump-sum Distributions for Retirees, Beneficiaries
IRS on July 9 announced that it intends to amend regulations to prohibit defined benefit retirement plans from replacing retiree benefits being paid through joint and survivor, single-life or other annuity benefits with lump-sum distributions or other accelerated payments. The change is effective immediately, IRS said. Notice 2015-49 will amend IRS required minimum distribution regulations […]
It’s Back! New Law Revives the Health Coverage Tax Credit
Presumably put to final rest due to the Affordable Care Act, a program has been revived that establishes a health coverage tax credit for certain individuals — including COBRA qualified beneficiaries — who lose their jobs because of trade-related reasons. The new HCTC program, which will be effective through Dec. 31, 2019, includes provisions on […]
1099 vs. W-2: Should You Classify as ‘Independent Contractor’ or ‘Employee’?
During the hiring process, a crucial decision for an employer is whether to bring on a new individual as an employee or as a contractor. Granted, in some businesses the choice may be clear, but in others it can require more of a judgment call. This decision is not a small one—it has legal consequences […]
IRS Further Explains Large-employer ACA Reporting
Large employers learned more details in new IRS guidance about how to both report about their coverage and fill out and file IRS forms designed to determine whether they are meeting the Affordable Care Act’s coverage requirements for employers. Under the new guidance, if a large employer’s workforce is comprised entirely of part-time employees who were […]