FINANCE

Payments for Medicare Premiums Also Prohibited A recently released IRS letter reaffirms the agency’s view that funds from a health flexible spending arrangement (health FSA) may not be used to reimburse health insurance premium payments or Medicare premium expenses. Certain Premiums May be Deducted The IRS letter points out that health insurance premium payments, including those for Medicare, may be […]

Final 2017 Versions to be Released Later The IRS has released draft versions of the Forms 1094-B, 1095-B, 1094-C, and 1095-C that employers and insurers will use in early 2018 to report on health coverage offered in the 2017 calendar year. 2017 Draft Forms The following draft forms are now available for 2017: Draft Form […]

Reports Due by September 30 Federal contractors and subcontractors are advised that the reporting season for the 2017 VETS-4212 report begins August 1, 2017 and ends September 30, 2017.   Who is Required to File a VETS-4212 Report? In general, federal contractors and subcontractors who aren’t exempt and whose contract with any department or agency of the United States is at least $150,000 must annually […]

Employers Can Submit Comments through September 25, 2017 The U.S. Department of Labor (DOL) has published a request for information (RFI) seeking input on its 2016 final rule which adjusted the salary thresholds for executive, administrative, and professional employees to be exempt from federal minimum wage and overtime pay requirements. What Was in the 2016 […]

Employers Can Submit Comments through September 25, 2017 The U.S. Department of Labor (DOL) has published a request for information (RFI) seeking input on its 2016 final rule which adjusted the salary thresholds for executive, administrative, and professional employees to be exempt from federal minimum wage and overtime pay requirements. What Was in the 2016 […]

Overview of Employer Responsibilities for Handling Rebates The Medical Loss Ratio (MLR) rules under Health Care Reform require an issuer to provide rebates if its medical loss ratio (the amount of health insurance premiums spent on health care and activities to improve health care quality) falls short of the applicable standard during a reporting year. Each […]

Overview of Eligibility Requirements for Small Employers The Small Business Health Care Tax Credit is designed to encourage small businesses and small tax-exempt employers to offer health insurance coverage to their employees. The credit can be worth up to 50% of the amount a small business contributes toward employees’ premiums (35% for tax-exempt small employers). In general, […]

Certain Group Health Plans Required to File Group health plan administrators are reminded that Form 5500, Annual Return/Report of Employee Benefit Plan, must be filed with the U.S. Department of Labor (DOL) by the last day of the seventh month after the plan year ends. For calendar-year plans, that due date falls on July 31. Who Must […]

Guidance on Tax Withholding, Tip Income Reporting & More Students and teenagers often get summer jobs to earn extra spending money or to save for later. The IRS offers a few tax tips for taxpayers with a summer job: Withholding and Estimated Tax: Student and teenage employees normally have taxes withheld from their paychecks by […]

Effective July 1, the minimum wage is increasing in the following states and localities: Maryland: $9.25 per hour Oregon: $10.25 per hour ($11.25 per hour in the Portland metropolitan area; $10.00 per hour in nonurban counties) Los Angeles, CA: $12.00 per hour for employers with 26 or more employees; $10.50 per hour for employers with […]