The IRS, ACA and Payroll

The IRS recently confirmed that employers offering affordable coverage to at least 98% of qualifying employees may use simplified reporting rules under the Affordable Care Act but must verify the coverage percentage on a monthly basis. The law states that employers with over 50 full-time equivalent (FTE) employees must provide health insurance coverage to their employees or [...]

By | November 26th, 2014|News|Comments Off on The IRS, ACA and Payroll

Payroll Benefit and Contribution Limits for 2015

The IRS has finalized payroll related benefits and contribution limits for 2015. Below are the maximum benefits and contribution limits. Elective Deferrals (401(k) and 403(b); not including adjustments and catch-ups) $18,000 457(b)(2) and 457(c)(1) Limits (not including catch-ups) $18,000 Section 414(v) Catch-Up Deferrals to 401(k), 403(b), 457(b), or SARSEP Plans $6,000 Defined Benefit Plans $210,000 [...]

By | November 11th, 2014|News|Comments Off on Payroll Benefit and Contribution Limits for 2015

4 States Vote to Increase Minimum Wage

Minimum wage referendums were on the ballot in Arkansas, Nebraska, Alaska and South Dakota on Tuesday. With the results in, all 4 will now raise minimum wage. The Arkansas referendum, which voters approved by a 65% to 35%  margin, will increase the minimum wage incrementally to $8.50 per hour by 2017. The measure will increase the state’s minimum wage [...]

By | November 5th, 2014|News|Comments Off on 4 States Vote to Increase Minimum Wage