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DOL Employment
Regs
You’re no doubt aware of the stepped-up enforcement efforts of the Department of Labor (DOL) in the Obama administration. Well, now the DOL wants to make nice — with a new net resource designed to help employers stay compliant with the maze of federal employment regs.
You’re no doubt aware of the stepped-up enforcement efforts of the Department of Labor (DOL) in the Obama administration. Well, now the DOL wants to make nice — with a new net resource designed to help employers stay compliant with the maze of federal employment regs.
HIRE Act
Under the Hiring Incentives to Restore Employment (HIRE) Act, enacted March 18, 2010, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).
The first, referred to as the
payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages
paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.
In addition, for each qualified
employee retained for at least 52 consecutive weeks, businesses will also be eligible for a general business tax credit, referred
to as the new hire retention credit, of 6.2 percent of wages paid to the qualified employee over the 52 week period, up to a maximum
credit of $1,000.
Small Employer Health Care Tax Credit - PPACA
The small business health care tax credit, part of the Patient Protection and Affordable Care Act, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage that they already offer.
The small business health care tax credit, part of the Patient Protection and Affordable Care Act, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage that they already offer.
For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by eligible
small business employers and 25% of premiums paid by eligible tax-exempt organizations, rising to 50% and 35%, respectively, for years
2014 and 2015.
Choosing a Retirement Solution
This website is brought to you in the public interest through an effort of the U.S. Department of Labor and the American Institute of Certified Public Accountants.
This website is brought to you in the public interest through an effort of the U.S. Department of Labor and the American Institute of Certified Public Accountants.
Establishing a retirement plan could
be one of the smartest business decisions you'll ever make.
No matter what size business you own, a retirement plan can help
you gain significant tax advantages and attract and retain great people. And, just as important, the right plan could be the key to
giving both you and your employees the secure retirement you've earned.
With the helpful tools and straightforward facts you'll
find in this site -- along with our interactive Choose a Plan section -- choosing and implementing the right retirement plan is easier
than you might think.
W2 Reporting on the Cost of Group Healthcare
In early 2012 the IRS issued guidance for employers regarding Form W-2 reporting to their employees about the cost of their group health insurance coverage. You are required to start the reporting on the Forms W-2 that you issue to your employees for calendar year 2012.
To help you get started, Grant Thornton has prepared questions and answers organized in the following categories:
- Employers exempt from the reporting requirement
- Commencement of reporting
- Types of coverage to report
- Amount to report
- Reporting for terminated employees and other employee situations
- Special situations: Common paymasters, acquisitions during the year
- Procedural details: Where on Form W-2 to report the cost of group health insurance coverage, Form W-3 considerations
- Questions your employees may ask
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