compliance Tag
19 Feb IRS FAQs on Form W-4: Employee’s Withholding Certificate
Employers must have new employees complete a number of forms before they can begin their employment.
Form W-4 is one of these forms. Form W-4 provides employers the information they need to adequately set up a new employee’s filing status for payroll tax purposes. Form W-4 is published and updated by the U.S. Internal Revenue Service (IRS).
On Form W-4, employees can also declare the number of dependents, the tax credits and deductions they intend to claim. While this form is often used for new hires, employees can update the W-4 form they have on file with their employer whenever a change in filing status, dependents or other tax credits and deductions take place.
19 Feb CDC Provides Guidance on Consent Elements and Disclosures for Workplace COVID-19 Testing
The Centers for Disease Control and Prevention (CDC) has issued guidance on the elements of consent and disclosures necessary to support employee decision-making when employers incorporate workplace COVID-19 testing.
Differences in position and authority (such as workplace hierarchies), as well as employment status in nonstandard working arrangements (e.g., temporary help, contract help or part-time employment) can affect an employee’s ability to make free decisions. This guidance suggests measures employers can take when developing a testing program.
30 Dec DOL Issues Guidance on Electronic Posting of Labor Law Notices
On Dec. 29, 2020, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin 2020-7, which addresses when the DOL will consider electronic posting by employers (by email, or an internet or intranet website) sufficient to provide employees with required notice of their statutory rights under a variety of federal labor laws.
The Bulletin was issued in response to employer questions about the use of electronic means to post notices under the following laws, as more employees work remotely due to the COVID-19 pandemic:
06 Nov The Catch-Up Payment Provision for Overtime Exempt Employees
The U.S. Department of Labor’s (DOL) final rule on defining and delimiting the exemptions for executive, administrative, professional, outside sales and computer employees (EAP employees) became effective Jan. 1, 2020. Among other things, the final rule updated the standard salary level employees must satisfy to qualify for an overtime exemption.
The final rule also allows employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10% of the standard salary level if these payments are made at least on an annual basis.
To enable compliance with the nondiscretionary bonus option, the final rule allows employers to make a “catch-up” payment at the end of each 52-week period. This Compliance Overview explains how this provision can be used.
29 Oct Affordable Care Act: 2021 Compliance Checklist
The Affordable Care Act (ACA) has made a number of significant changes to group health plans since the law was enacted in 2010. Since that time, a number of changes have been made to various ACA requirements that employers and plan sponsors should be aware of. It is important for employers to periodically review their benefit plans in order to maintain compliance with these various requirements.
Changes to some ACA requirements take effect in 2021 for employers sponsoring group health plans, such as increased dollar limits. To prepare for 2021, employers should review these upcoming requirements and develop a compliance strategy.
This ACA Overview provides an ACA compliance checklist for 2021. Please contact Reseco Group for assistance or if you have questions about changes that were required in previous years.
24 Oct IRS Provides Transition Relief For 2020 ACA Reporting
On Oct. 2, 2020, The Internal Revenue Service (IRS) Issued Notice 2020-76 To:
- Extend the due date for furnishing forms under Sections 6055 and 6056 for 2020 from Feb. 1, 2021, to March 2, 2021; and
- Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 and 6056; and
- Provide additional penalty relief related to furnishing 2020 forms to individuals under Section 6055. Under this relief, employers will only have to provide Form 1095-B to covered individuals upon request.
24 Oct Final Forms And Instructions For 2020 ACA Reporting Released
The Internal Revenue Service (IRS) Released Final 2020 Forms And Instructions For Reporting Under Internal Revenue Code (Code) Sections 6055 And 6056.
- 2020 Form 1094-B and Form 1095-B (and related instructions) will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that are not ALEs, to report under Section 6055.
- 2020 Form 1094-C and Form 1095-C (and related instructions) will be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.
24 Oct Draft Instructions For 2020 ACA Reporting Released
The Internal Revenue Service (IRS) Released Draft 2020 Instructions Related To Forms For Reporting Under Internal Revenue Code (Code) Sections 6055 And 6056. Draft Forms For This Reporting Were Released In July 2020.
- 2020 draft Forms 1094-Band 1095-B and related draft instructions will be used by providers of minimum essential coverage (MEC), including self-insured plan sponsors that are not ALEs, to report under Section 6055.
- 2020 draft Forms 1094-Cand 1095-C and related draft instructions will be used by applicable large employers (ALEs) to report under Section 6056, as well as for combined Section 6055 and 6056 reporting by ALEs who sponsor self-insured plans.