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Overview: Fringe benefits, such as health benefits, company cars, commuter transportation benefits and educational assistance plans, just to name a few, are the icing on the cake in attracting and retaining high quality employees. In this heavily regulated area, however, employers must stay abreast of frequent payroll tax law changes to prevent an otherwise tax-free fringe benefit from becoming fully taxable. Employers must also look out for changes to the special payroll tax rules that apply to other common types of payments such bonuses, severance pay and back pay.
Author: Rena Pirsos, JD, Legal Editor
In an information letter, the IRS concludes that benefits an employer provides under its company parking policy are taxable income to the employees that choose to use the benefit.
Despite the Congressional joint resolution that nullifies the Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) rule regarding state auto-enrollment IRAs, the Oregon State Treasury will proceed with its plan to roll out its OregonSaves pilot program on July 1.
A joint resolution that nullifies a Department of Labor, Employee Benefits Security Administration rule advising states on auto-enrollment IRAs is headed to the President's desk.
Two IRS Chief Counsel Advice Memoranda provide good examples of the tax ramifications of wellness program benefits provided under various scenarios.
Congress has voted to overturn the US Department of Labor rule regarding auto-enrollment IRAs. The joint resolution now heads to the President's desk for signature.
Updated to include the terminal charge and SIFL mileage rates for the first half of 2017.
Updated to include information on Qualified Small Employer HRAs, effective January 1, 2017.
Updated to reflect 2017 inflation-adjusted amounts, and 2018 inflation-adjusted amounts for Health Savings Accounts.
Payroll tax laws affecting fringe benefits and other common employer payments.