Plans with more than 100 participants on the first day of the plan year must file Form 5500 with the Department of Labor (DOL) each year whether funded or unfunded. Funded plans must file regardless of the participant count. An unfunded plan is one in which benefits are paid solely from the general assets of
In a case decided on June 1, the U.S. Supreme Court ruled that even without direct knowledge of an applicant’s religious beliefs, an employer could be liable for discrimination for not accommodating those beliefs. Facts of the Case The case began when a 17-year-old applied for a job at an Abercrombie & Fitch store in
2015 Draft IRS Form 1095-A: Health Insurance Marketplace Statement (PDF) Internal Revenue Service [IRS] 6/17/2015 [Official Guidance] Draft version, dated June 16, 2015. 2015 Draft IRS Form 1095-B: Health Coverage (PDF) Internal Revenue Service [IRS] 6/17/2015 [Official Guidance] Draft version, dated June 16, 2015. 2015 Draft IRS Form 1095-C: Employer-Provided Health Insurance Offer and Coverage (PDF) Internal
Just in time for spring cleaning, the Social Security Administration and the IRS have issued a joint publication — the Spring 2015 issue of SSA/IRS Reporter — which offers valuable pointers for employers who want to clean up their old payroll files. In most (but not all) cases, that means following a four-year retention rule.
With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a variety of medical expenses such as doctor visits, prescriptions, chiropractic
Provided by Larry Grudzien Question: A local school district hires Mary, a long-time substitute, to be a substitute for Jane during Jane’s six week maternity leave and, during that period, credits Mary with 280 hours of service. Jane then returns and Mary is off work for ten weeks. At the end of those ten weeks, the district
It is generally more tax-efficient to be paid a salary than to receive dividends, given that salary expense is deductible and dividends are paid on an after-tax basis. If the IRS thinks some portion of your salary really should be treated as a distribution of profit, that portion would be added to the pool of
Standard U.S. mail is still looked upon as a reliable service. Nevertheless, employers without dependable third-party administration find it challenging to identify a mailing process that fully complies with DOL (The Department of Labor) regulations. This is fortunately not the case for BASIC’s employers. BASIC’s standardized mailing process, “Certificate of Mailing,” provides evidence that the
Fact Sheet for Small Business: On April 20, 2015, the U.S. Equal Employment Opportunity Commission (EEOC) will publish a Notice of Proposed Rulemaking (NPRM) in the Federal Register that describes how Title I of the Americans with Disabilities Act (ADA) applies to employee wellness programs that are part of group health plans and that include
Provided by Larry Grudzien, Attorney-At-Law I have created two checklists to assist in completing Forms 1094-C and 1095-C. One checklist is for fully insured medical plans and the other is for self-insured medical plans. These checklists provide guidance on both what information has to be collected and how such information is applied in completing the forms.