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
Under review in relation to the redesigned 2020 Form W-4, and updated to include the aircraft terminal charge and SIFL mileage rates, effective July 1, 2019, and the CONUS per diem rates, effective for travel undertaken on or after October 1, 2019.
Updated to reflect inflation-adjustments to health savings account contribution limits for 2020.
Congress has introduced legislation to increase the ability of employers to provide student loan repayment benefits to their employees.
Updated to reflect forthcoming pre-tax commuter benefits.
In-depth review of the spectrum of Washington employment law requirements HR must follow in respect to taxation of employee compensation.
The IRS has released Revenue Procedure 2018-57, which lists the inflation adjustments for a variety of employer-provided fringe benefits for 2019.
Updated to include proposed regulations regarding § 401(k) plan hardship distributions.
The IRS has released the 2019 cost-of-living adjustments (COLAs) to the dollar limitations on benefits and contributions to qualified retirement and deferred contribution plans.
Payroll tax laws affecting fringe benefits and other common employer payments.