Paying Yourself Too Much? Too Little? Be Ready for an IRS Challenge
If you run your own company, is it possible to overpay yourself for tax purposes? If your company operates as a C corporation, the answer is yes. It is also possible to underpay yourself if you're organized as an S corporation. Ideally, you should determine what those limits are before the IRS makes the decision for you and socks you with extra taxes. Here's how you can minimize your chances of falling into that trap.
IRS Sends Signals of Future Fine Print on the ACA Cadillac Tax
As 2018 draws closer, so does the possibility the Affordable Care Act's "Cadillac tax" will be imposed on some employers. In recently issued guidance, the IRS tipped its hand on how it plans to handle a few Cadillac tax facets in 2018. Given the high tax rate to be applied when health benefits exceed the law's thresholds, it's a good time to begin tuning in to this issue.
Be Alert for these Federal Labor Law Enforcement Hot Buttons
Even if you run a tight ship with respect to federal labor laws, it's wise to stay current on what the government considers hot-button issues. Doing so can be helpful as you monitor your company's practices and policies -- looking for areas that could create problems and push some of the hot buttons. Here's the latest summary of where the government is turning its spotlight of enforcement.
Can You Require Employee Vaccines?
The hubbub surrounding the outbreak of measles among people who visited Disneyland late last year rages on. While the initial focus was on the vaccination of children, the spotlight has turned to the workplace. Do employers have the legal authority to require employees to get vaccinated for measles or other diseases like the flu? Here are some considerations that need to be weighed.
Small Employers Get Reprieve on Health Premium Reimbursement Plans
There's some good news for small employers that have been paying employees the cost of buying their own health coverage. If you're one of those employers, you're probably aware that a few months ago that arrangement was deemed unacceptable and, therefore, subject to hefty penalties. Now the IRS has given you a temporary reprieve, but as always, there's nothing simple with the IRS. Here's what you need to know.
Employers Get Extension on Work Opportunity Tax Credit Paperwork
The IRS is giving employers extra time to file a form required to claim the Work Opportunity Tax Credit for eligible employees. Employers now have until April 30, 2015 to file the form that is required to claim the valuable tax credit for qualifying workers hired in 2014. This article has the details about the IRS relief and the steps an employer must take to take advantage of this opportunity.
Itís Not Too Soon to Tackle the Next ACA Compliance Task
If your company has 50 to 99 full-time equivalent employees, you may want to start gearing up to meet some of the IRS filing requirements for 2015. These requirements relate to the "shared responsibility" rules of the Affordable Care Act. In particular, it's time to become familiar with two new sets of forms. Larger employers should already have done this. Here's what you need to know.