Earlier this year, the Internal Revenue Service (IRS) unveiled a draft of a proposed new Form W-4, Employee’s Withholding Allowance Certificate, that will make accurate withholding easier for employees starting in 2020. Undergoing additional changes in August, the IRS recently released the second draft of the form which will likely be its final transformation before being released later this fall.
Mistakes happen to the best of us. But when they happen on an employee’s paycheck or with a payroll tax payment, it can result in frustration and monetary damages. That’s why it’s important to have a solid payroll processing plan in place to avoid potential errors and fees. To help you avoid payroll-related mistakes, DM […]
The Internal Revenue Service recently announced that the employer-sponsored health coverage will satisfy the Affordable Care Act (ACA) affordability requirement in 2020 if the lowest-cost, self-only coverage option available to employees does not exceed 9.78% of an employee’s household income. This limit comes down from the current year’s 9.86%. As part of ACA’s employer mandate, […]
Earlier this year in May, the Equal Employment Opportunity Commission (EEOC) required employers to submit EEO-1 Component 1 data that lists employees by job category, race, ethnicity and sex. Fast approaching is the September 30 due date for Component 2 data, which includes the employees’ hours worked and pay information from their W-2, broken down […]
A newly issued regulation could change how employers pay for employee health care coverage. On June 13, 2019, the Department of Health and Human Services, the Internal Revenue Service, the Department of Treasury and the Department of Labor issued a new final rule intended to expand the options for health reimbursement accounts (HRAs) for which […]
One of the most costly and time-consuming aspects of running a business is managing your employees’ payroll from week-to-week. And to top it all off, if your payroll isn’t processed on time, it can cost your business thousands of dollars in fines along with irreparable damage to employee morale. If you are not outsourcing your […]
Accidents happen. And when they happen in the workplace, it’s vital to have workers’ comp insurance in place to protect your employees and your business. Regardless of size of your company, insurance is one of the most standard costs of doing business – especially workers’ comp. However, the cost of paying for this coverage isn’t […]
Changes to the Family and Medical Leave Act (FMLA) are on the horizon. Recently, the Department of Labor (DOL) announced it has plans to modify the regulation in an effort to “better protect and suit the needs of workers” and “reduce administrative and compliance burdens on employers” as part of the 2019 Spring regulatory agenda. […]
Health savings account (HSA) contribution limits for 2020 are going up. The Internal Revenue Service (IRS) recently confirmed a $50 increase for self-only coverage and a $100 increase for family coverage due to annual inflation adjustments. For 2020, the annual limit on HSA contributions will be $3,550 for individuals with self-only coverage and $7,100 for […]
In any kind of business that issues payroll to employees, the possibility of payroll fraud exists. According to the Association of Certified Fraud Examiners most recent Report to the Nations, payroll fraud can be financially devastating since it takes place over an extended period of time, and on average, goes undetected for 30 months. Like […]
