Recent News

With an unlimited number of sources publishing HR related news it can be difficult to keep the facts straight. BASIC strives to deliver simple, easy-to-understand, and timely industry news/updates. From legal advice, regulation updates, and interesting interactive resources – we have you covered!


 Recent News



Don’t Become the Victim of an FMLA Lawsuit

July 27th, 2015

FMLA Lawsuits can be a nightmare. We have seen a growing number of stories about expensive FMLA lawsuits that end up costing employers hundreds of thousands of dollars. How can you as an employer avoid them? Consider these recent lawsuits that could have been avoided. The Staples Lawsuit Staples Inc. recently struggled with an FMLA

Read more

Trade Preferences Extension Act of 2015 Increases Penalties for ACA Reporting

July 7th, 2015

A reporting entity that fails to comply with the Code § 6055 or 6056 reporting requirements may be subject to the general reporting penalties for failure to file correct information returns and failure to furnish correct payee statements. Two different sections of the Internal Revenue Code discuss the penalties for not complying with Code Sections

Read more

Health Coverage: New IRS Guidance on Forms 1094 and 1095

June 25th, 2015

The IRS has provided both new and updated Q&A guidance on the reporting requirements for applicable large employers under the federal tax code. As background, beginning in 2016,  applicable large employers must file Forms 1094 and 1095 to provide information to the IRS and plan participants about health coverage provided in the prior year. The

Read more

Form 5500 Filing Requirement for Employee Health and Welfare Benefit Plans

June 24th, 2015

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

Read more

Supreme Court Rules against Employer in Religious Discrimination Case

June 24th, 2015

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

Read more

IRS issues draft ACA forms for reporting for 2015

June 18th, 2015

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

Read more

How Long Do You Have to Retain Payroll Records?

May 21st, 2015

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.

Read more

Health Savings Account Limits for 2016

May 21st, 2015

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

Read more

Health Reform Questions: Applying Employment Breaks for Schools

April 27th, 2015

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

Read more

Paying Yourself Too Much? Too Little? Be Ready for an IRS Challenge

April 24th, 2015

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

Read more