What is the right 401(k) for your business?
Most employers know the value of offering employees a tax-advantaged retirement plan, but the question is finding the right one. The most common plan of this type is a 401(k), but you may not be aware that there are a variety of types. Below is an overview of some of the most popular options: Traditional. […]
WOTC is a win-win for employers and employees alike
Employers can get credit where credit is due. The Work Opportunity Tax Credit is a valuable and beneficial tool for employers to receive a tax credit for hiring certain workers who face significant barriers to employment. The Work Opportunity Tax Credit generally is based on wages paid to eligible employees during their first year of […]
Tax reform changes to employee benefits tax breaks: 4 negatives and a positive
The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the benefits. 4 breaks curtailed Beginning with the 2018 tax year, the TCJA reduces or eliminates tax breaks […]
ACA Employer mandate penalties increased for 2018
While the Affordable Care Act’s Individual Mandate is repealed beginning in 2019, the Employer Mandate still is the law, and the IRS recently updated those penalties for 2018. The penalties relate to applicable large employers, or ALEs, that fail to offer affordable coverage to all their full-time employees. The update, along with additional information for […]
2017 Firm Holiday Party | Photos
We celebrated another great year and beginning of the holiday season with our annual holiday party held at the Irish Bred Pub in Covington. Here are just a few images from the night.
Financial hardship? Your retirement plan is an option
Employers often offer their employees a retirement plan as a part of their benefits package. Since these funds are to be invested for use upon retirement, they are largely untouchable until later in life. However, sometimes real life gets in the way of a well-laid plan. The IRS does make provisions for early distributions from […]
ACA: While questions swirl, it remains the ‘law of the land’
It appeared as though earlier this year that the Affordable Care Act would be repealed, relieving employers of many regulatory obligations. However, when Congress failed in March to act on the American Health Care Act, it left the Affordable Care Act – or Obamacare – in place, along with its regulatory provisions. As stated by […]
Deadline for providing written notice of HRAs temporarily lifted
Employers offering Health Reimbursement Arrangements to their employees currently do not have to give employees written notice 90 days before the beginning of the year when the HRA will be provided. The IRS recently suspended the small employer deadline to provide HRA notice to their employees until further notice. Providing qualified small employers – those […]
Go the extra mile: Two options for reimbursing employees for business use of autos
While it would be nice to be able to provide your employees with a company car, this isn’t always a possibility. Many business owners have employees whose job requires them to drive as a part of their daily duties. One option you have as a business owner is to reimburse your employees for their business […]
New law opens door to HRAs for small businesses
A new law, The 21st Century Cures Act, signed in December by President Obama has eased some restrictions and provided some flexibility for small employers who want to offer their employees financial assistance through a standalone health reimbursement plan beginning in 2017. A standalone HRA – Health Reimbursement Arrangement – is one that is not […]