A Professional Employer Organization (PEO) like Employer Flexible is a third-party firm that manages a company’s administrative management tasks. Tasks such as employee benefits, payroll, and human resources are crucial to the success of any business. With a PEO, business-owners have more time to take care of what really matters: the bottom line.
On July 17, 2017, U.S. Citizenship and Immigration Services (USCIS), part of the U.S. Department of Homeland Security, issued an updated version of Form I-9: Employment Eligibility Verification (Form I-9). Under federal law, every employer that recruits, refers for a fee or hires an individual for employment in the United States must complete a Form I-9.
According to the EEOC, the following are the top 10 reasons for workplace discrimination claims in fiscal year 2016:
Knowing how to read a Form W-2, or Wage and Tax Statement, can help you understand your total overall compensation, and also help you get a head start when preparing your taxes. Not all the information recorded in the boxes of your W-2 is necessary when filing your taxes. Often, the amounts recorded are never transferred to your tax return. They are just there to show you the different income base for different taxes or to record other information, such as union dues.
On October 27, 2017, the IRS announced cost of
living adjustments affecting dollar limitations for retirement related items for tax year 2017.
Federal tax law imposes strict limits on how much can be contributed to a health savings account (HSA) each year. The maximum contribution limit generally depends on whether an HSA-eligible individual has self-only or family coverage under a high deductible health plan (HDHP). Individuals who are age 55 or older by the end of the tax year are permitted to make an additional $1,000 HSA contribution, called a “catch-up contribution.”
On May 18, 2016, the U.S. Department of Labor (DOL) announced a final rule regarding overtime wage payment qualifications for the “white collar exemptions” under the Fair Labor Standards Act (FLSA).
On April 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-28 to announce the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2017. These limits include:
• The maximum HSA contribution limit;
• The minimum deductible amount for HDHPs; and
• The maximum out-of-pocket expense limit for HDHPs.
In early 2016, many employees will receive two important new tax forms. In general, you will receive a Form 1095-B if you were enrolled in your employer’s health plan in 2015. You will receive Form 1095-C if you were a full-time employee of a large employer at any time during 2015.
