IRS Won’t Tax Personal Use of Employer-Provided Cell Phones

  • December 1, 2011

The IRS has announced in its recent Notice 2011-72, that it will not tax employees’ personal use of their employer-provided cell...

Is Your Employer Sponsored Retirement Plan in Compliance with the IRS?

  • November 2, 2011

written by Kevin Hogan Employer sponsored 401(k) and 403(b) retirement plans continue to be the most popular means for providing retirement...

IRS Defers Reporting of Employer-Provided Health Insurance Costs on Form W-2

  • November 1, 2010

Employers are eligible for a one-year deferral of mandatory reporting of the costs of employer-provided health insurance on an employee's Form W-2, Wage and Tax Statement. According to the IRS, many employers need more time to make the necessary changes to their payroll systems to ensure accurate reporting.

Q & A: How Do I Set Up a Retirement Plan for Employees of My Small Business?

  • August 2, 2010

Many small employers want to offer their employees the opportunity to save for retirement but are unsure of how to go about setting up a retirement plan. In this article, we'll explore three options that are widely used by small businesses: payroll deduction IRAs, SEP plans, and SIMPLE IRAs.

The IRS Initiates Project to Review 401(k) Plan Compliance

  • June 21, 2010

According to the IRS web site - 401(k) plans represent the largest retirement plan market segment and have a significant impact on the health of the private retirement system in America. Employee Plans Examinations, previously conducted a baseline study of 79 market segments, and the findings indicated that 401(k) plans are by far the most non-compliant plan type in the retirement plan universe. In an effort to improve plan compliance the IRS is sending a questionnaire to 1,200 randomly selected 401(k) sponsors that filed a form 5500 in 2007. The questionnaires were designed to assess compliance with retirement plan regulations. Plan sponsors who receive a letter will complete the Questionnaire by accessing a special Web site.

Smaller Not-for-Profit Entities May Qualify for the New Small Business Health Care Tax Credit

  • June 7, 2010

A provision of the recently enacted Patient Protection and Affordable Care Act provides a Small Business Healthcare Tax Credit. The tax credit is retroactive to January 1, 2010, and applies to certain not-for-profit entities. The credit is designed to encourage smaller not-for-profit entities with low to moderate income employees to provide health care coverage for its employees. While the eligibility rules restrict the credit to relatively small organizations with low to moderate wages, the credit can be significant and possible allow the organization to provide health care benefits when it might otherwise be unable to do so.

FAQ: Are Individuals Now Required To Purchase Health Insurance?

  • May 3, 2010

The answer is no for 2010, but yes, in practical terms, for 2014 and beyond. The health care reform package (the Patient Protection and Affordable Care Act of 2010 and the Health Care and Education Reconciliation Act of 2010) does not require individuals to carry health insurance in 2010. However, after 2013, individuals without minimum essential health insurance coverage will be liable for a penalty unless otherwise exempt.

Electronic Filing Of All Form 5500s Is Now Mandatory

  • March 3, 2010

The Department of Labor is moving to electronic filing of all Form 5500s starting January 1, 2010. Electronic filing is mandatory. They will not accept paper filings for plan years beginning after January 1, 2009.

FAQ: Did Congress Extend COBRA Premium Assistance For Individuals Involuntarily Terminated From Employment In 2010?

  • February 1, 2010

Yes, but only for a limited time. In late December 2009, Congress passed the 2010 Defense Appropriations Act (2010 Defense Act). The new law temporarily extends the eligibility period for COBRA premium assistance through February 28, 2010 and the duration of the subsidy for an additional six months (up to 15 months).