The Affordable Care Act and Medical Loss Ratio (MLR) – The MLR generally requires that 80% or 85% of the premiums collected by insurance companies be spent on health care services and health care quality improvement rather than on overhead, administrative costs, and profit (healthcare.gov). Starting in 2012, an insurer that does not spend enough…
Found an interesting article the other day on the “Top 10 Payroll Mistakes Companies Make“. The article begins by stating that the IRS is attempting to close the tax gap. In order to discover the most common areas of employer non-compliance, the IRS launched the Employment Tax Research Project (ETRP) in 2010. Such areas include;…
Recently, a client of ours had been audited to determine if their contract worker had been “misclassified”. This client had a contract in place with this worker that clearly outlined the structure of their working relationship. However, once out of work, the contract worker filed for unemployment and claimed that in actuality he was an…
As an employer, you are required to do many things by law. One of which includes maintaining accurate records for current and past employees for a specified period of time. These requirements are enforced by both the IRS and U.S. Department of Labor. Some local and state agencies may also require additional record keeping. Generally…
Have you filed your taxes, but you’re still waiting on your refund? Follow the link below to check the status of your refund. http://www.irs.gov/individuals/article/0,,id=96596,00.html?portlet=8 If you have a smartphone, you can use the IRS2go App to check the status of your refund. In addition, the IRS2go App allows you to receive tax updates, follow IRS…
In 2013, HSA’s will increase for the first time in the past three years. The minimum deductible will increase to $2,500 for a family and $1,250 for an individual. Also in 2013, HSA’s maximum contribution will rise to $6,450 for a family and $3,200 for an individual. In addition, an extra $1,000 contribution will be…
U.S. Citizenship and Immigration Services (USCIS) announced today that Self Check, a free online service of E-Verify that allows workers to check their own employment eligibility status, is now available in all 50 states, Washington D.C., Guam, Puerto Rico, the U.S. Virgin Islands and the Commonwealth of Northern Mariana Islands. “Self Check was developed through…
Employee Withholding Rates:
Employer Withholding Rates:
Employee portion of FICA will remain at 4.2% through the end of February when it will be returned to 6.2%.
“The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. Code §415 requires the limits to be adjusted annually for cost-of-living increases. The IRS announced on October 20, 2011 cost-of-living adjustments applicable to dollar limitations for pension plans and other items for tax
year 2012.”
What if you could offer your employees’ the tax benefits of group health insurance without any of the headaches or costs? Well you can! No need to pinch yourself, you aren’t dreaming… this is REAL! It’s called the Health Care Reimbursement Plan (HCPR Plan). It came out in the 2009 legislation and falls under the…
