Insights: Human Resources
Don’t forget to empty out your flexible spending account
If you have a tax-saving flexible spending account (FSA) with your employer to help pay for health or dependent care expenses, there’s an important date coming up. You may have to use the money in the account by year-end or you’ll lose it (unless your employer has a grace period). As the end of 2023…
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2023 Affordable Care Act (ACA) Reporting Deadlines and Potential Penalties
By: Drema Foster, PAFM As we’re closing in on 2024, employers must be aware of the most recent changes to Affordable Care Act (ACA) reporting. Since 2015, employers have been able to file their Forms 1094-C and 1095-C by paper rather than electronically if they were filing less than 250 returns. However, beginning in 2024,…
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SECURE 2.0 – IRS Delays Roth Catch-up Contribution Requirement to 2026
By: Drema Foster, PAFM One of the key provisions of the SECURE 2.0 Act passed at the end of 2022 included a requirement that those earning over $145,000 in 2023 would have to make their 401(k) Catch-Up contributions as Roth (on an after-tax basis) beginning January 1, 2024. Those 50 years and older can contribute…
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The tax consequences of employer-provided life insurance
If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive The first $50,000 of group term…
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New Version of I-9 Form Released Along with New Verification Procedures for E-Verify Employers
By: Drema Foster, PAFM United States Citizenship and Immigration Services (USCIS) announced on July 21, 2023, a new Form I-9—which has been streamlined and shortened—that employers should use beginning August 1, 2023. The new form can be found here: https://www.uscis.gov/sites/default/files/document/forms/i-9.pdf Employers may continue to use the older Form I-9 (Rev. 10/21/19) through October 31, 2023.…
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Solo business owner? There’s a 401(k) for that
If you own a successful small business with no employees, you might be ready to set up a retirement plan. Now a 401(k) might seem way out of your reach — only bigger companies can manage one of those, right? Not necessarily. Two ways to contribute With a solo 401(k), the self-employed can make large annual deductible contributions to…
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Hiring family members can offer tax advantages (but be careful)
Summertime can mean hiring time for many types of businesses. With legions of working-age kids and college students out of school, and some spouses of business owners looking for part-time or seasonal work, companies may have a much deeper hiring pool to dive into this time of year. If you’re considering hiring your children or spouse,…
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6 Benefits of Human Resources Outsourcing
Written By: Drema Foster, PAFM Are the human resource functions of your business taking up too much of your time? You’re not alone. On average, small businesses can spend up to an entire day every week or more dealing with HR tasks. With resources draining, it can be challenging to grow your business successfully. However,…
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Rules of Thumb: 1099s for Legal Settlements and Attorneys
Written by: Saundra Uy CPA, CVA, CGMA For most businesses, 1099 rules are the same across the board. In general, business payments made for services of $600 or more in a calendar year to a non-incorporated vendor require that the business issue a Form 1099 to that vendor. However, 1099s rules for attorneys are unique…
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6 Benefits of Human Resources Outsourcing
Written by: Drema Foster, PAFM Are the human resource functions of your business taking up too much of your time? You’re not alone. On average, small businesses can spend up to an entire day every week or more dealing with HR tasks. With resources draining, it can be challenging to grow your business successfully. However,…
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