New and Newsworthy

The U.S. Department of Labor (DOL) is advancing a proposal that would enable 401(k) plan sponsors to automatically transfer account balances up to $5,000 of former participants who have left the company. The amounts would be transferred to the 401(k) plan of an employee's new employer. Assets transferred using this "auto portability" approach would make an intermediate pit stop in an IRA before landing in the former employee's [...]

The employer's role in documenting alien employees is a balancing act. Under the Immigration Reform and Control Act (IRCA) you must verify through examination of certain documents that your employees are authorized to work in the United States. At the same time, you must avoid unfair employment practices. By law, you must complete an I-9 Employment Eligibility Verification form for each new hire and keep the forms on [...]

Department of Labor, which enforces employment rules for several other federal agencies. Paying employees means more than just issuing checks. Your company also needs to keep accurate records for current and past employees for a certain period of time. There are record requirements from both the IRS and the U.S. These records include the following information: name, address, occupation and Social Security number, as well as details of [...]

With the holidays fast approaching, you might want to reward your employees for all their hard work in 2018. Gift-giving ideas include gift cards, holiday turkeys and achievement awards. Although your intent may be essentially the same in all these situations, the tax outcome for recipients of your goodwill may be quite different. Typically, it depends on the value and type of gift or award. The Tax Cuts [...]

Here are two critical questions: How often are Workers' Compensation claims filed against your company? And how often do you contest them? The answers are important. The National Council on Compensation Insurance recently estimated that 25 too 33 percent of all Workers' Compensation claims are invalid, yet less than 10 percent of these claims are challenged. The U.S Department of Labor calls it a crisis and says that [...]

The IRS recently provided transitional guidance about the deductibility of expenses for business meals that are purchased in an entertainment context. (IRS Notice 2018-76) The Basics Businesses can deduct ordinary and necessary expenses paid or incurred during the tax year in carrying on a trade or business. Before it was amended by the Tax Cuts and Jobs Act, the tax code generally prohibited deductions for entertainment, amusement or [...]