Between state and local mandates, and the coronavirus pandemic, more employers must provide workers with paid sick and family leave. These initiatives are meant to be beneficial – but they’re full of red tape and confusion. That’s according to the ERISA Industry Committee’s (ERIC’s) latest survey of large employers. For many employers that offer these […]
Employers with 2021 dependent care flexible spending accounts have several changes to contend with. The American Rescue Plan Act just raised the annual limits for pretax contributions for 2021. (Note: This applies to the calendar year.) The 2021 dependent care limits: $10,500 for single taxpayers (up from $5,000), and $5,250 for married individuals filing separately […]
Your company’s retirement plan poses serious cybersecurity risks. So says the Government Accountability Office (GAO). It just released a new report on defined contribution plans. First, think of all the sensitive info needed for a 401(k). Then that data travels between the employee, your company, the plan itself. And often a third party gets involved. […]
IRS Notice 2021-15 spells out new extensions for flexible spending accounts (FSA) and dependent care assistance programs. So your company can continue to be a bit more flexible with its cafeteria plan. And it comes courtesy of the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Last March, IRS first offered employers the ability […]
Now your company will need to accept telemedicine visits as certification for employees’ Family and Medical Leave Act (FMLA) requests. A new Wage and Hour Division Field Assistance Bulletin clarifies that a virtual doctor’s visit counts as an “in-person” doctor’s visit for FMLA purposes. Here’s what you need to keep your company in compliance. To […]
Your employees will soon be equipped with an online health shopping tool to make smarter, more informed healthcare choices … and save your company money as a result. Starting Jan. 11, 2022, health insurers must provide a publicly available, updated data file on costs via an online self-service shopping tool. That way your plan participants […]
Right on schedule! IRS has updated annual limits for cafeteria plans and fringe benefits. Revenue Procedure 2020-45 maps out the info your finance staffers will need as they prep for tax year 2021. Cafeteria plans The carryover limit for unused amounts in cafeteria plans will rise in 2021 to a maximum of $550. That’s up […]
Finance and Accounting won’t have to make any adjustments to the amount they can reimburse employees tax-free for their commuting expenses. IRS announced in Revenue Procedure 2020-45 that it’ll hold both 2021 transportation fringe benefit limits steady. So for tax year 2021, the monthly limitations remain the same as in 2020, which are: $270 for […]
IRS has just announced the 2021 pension plan limits — and surprised many employers in the process. In an unexpected move, the Taxman will hold many pension plan limits steady, including several of the “biggies.” Of course some other limits will increase. Here’s what you need to make sure Payroll is ready come January. What’s […]
