Small Businesses Find Value in Recruiting Independent Contractors
It may be a candidate’s market, but that’s not stopping small businesses from seeking out slightly cheaper alternatives when it comes to hiring staff.
Tag: IRS
Review IRS 2019 Program Letter Now for Potential Impacts
We’re well into the start of calendar year 2019, and the to-do list to close out 2018 holds many tedious and time-consuming tasks. It is tempting to put off thinking about what may be coming in this new year.
IRS Raises FSA Contribution Limits, Other Thresholds for 2019
Employees will be able to contribute up to $2,700 to a health flexible spending account (FSA) in 2019, a $50 increase from the 2018 amount, the Internal Revenue Service (IRS) announced in Revenue Procedure 2018-57.
Work Opportunity Tax Credit 101
The Work Opportunity Tax Credit (WOTC) is designed to be an incentive for employers to hire people who frequently face difficulty finding employment. As the name implies, this incentive is in the form of a tax credit. As such, it is administered by both the Department of Labor (DOL) and the Internal Revenue Service (IRS). […]
IRS Raises Several Annual Retirement Plan Limits for 2019
For 2019, the Internal Revenue Service (IRS) is raising most of the annual threshold and benefit levels that apply to retirement plans, the IRS announced on November 1.
Missing Participants Errors Now Top DOL, IRS Audit Focus, Nudging Out Late Payroll Deposits, Winston & Strawn Says
Federal agency audits are never far from the minds of employer retirement plan sponsors and their third-party administrators (TPAs), but knowing which recurring errors and internal controls most interest the Department of Labor (DOL) and the Internal Revenue Service (IRS) right now can be helpful in avoiding or preparing for such inquiries.
IRS Ruling Permits Rollover from Deceased Participant’s Account to Non-Designated Beneficiary
Plan sponsors regularly handle situations that arise from a deceased participant’s failure to designate a beneficiary for his or her employer-sponsored retirement account. A private letter ruling (PLR) from the Internal Revenue Service (IRS) earlier this year could provide some insight into the agency’s thinking about allowing surviving spouses to roll over a deceased participant’s […]
Affected Parties Suggest Reasons, Methods for Expanding IRS Determination Letter Program
Retirement plan trade organizations and advocates, law firms, and other affected parties proposed to the Internal Revenue Service (IRS) an expanded range of circumstances they believe merit review and determination letter judgment by the tax agency.
Two Approaches to New Cash Balance Plan
Yesterday we took a look at Internal Revenue Service (IRS) guidance on how to change interest crediting rates in a cash balance (CB) plan. Today we’ll look at the two approaches that the IRS has discussed to address a change in the interest crediting rate.
Business Groups Decry IRS Enforcement of ACA Employer Mandate
In its recent efforts to enforce the Affordable Care Act’s (ACA) employer mandate, the Internal Revenue Service (IRS) has been disregarding key safeguards in the law designed to protect employers from unwarranted penalties, a coalition of business organizations warned in a recent letter to federal officials.