The US Department of Labor (DOL) recently issued Administrator signed Opinion Letter FLSA2009-5. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations of...
On May 18, 2009, the Internal Revenue Service (IRS) published at 74 FR 23134, REG-115699-09, Suspension or Reduction of Safe Harbor Nonelective Contributions. The proposed regulations take effect May 18, 2009 and may be relied upon by taxpayers until final regulations...
Due to severe storms, flooding, mudslides, and landslides in West Virginia on May 3, 2009, President Barack Obama declared the following counties a federal disaster area: McDowell, Mingo, Raleigh and Wyoming. Therefore, the Internal Revenue Service (IRS) announced...
Due to severe storms, flooding, and tornadoes in Alabama on March 25, 2009, President Barack Obama declared the following counties a federal disaster area: Covington, Geneva and Houston. Therefore, the Internal Revenue Service (IRS) announced recently that it will...
This week’s question comes from Elizabeth, a small-business owner. We just hired a part-time employee who is seventy years old. He’s already collecting social security benefits so I’m not sure if I should still withhold it from his wages. At what age does social...
According to the US Department of Labor, in the week ending May 16, the advance figure for seasonally adjusted initial claims was 631,000, a decrease of 12,000 from the previous week’s revised figure of 643,000. The 4-week moving average was 628,500, a decrease of...
As companies continue to use layoffs in an effort to control costs, they must consider whether those layoffs can cost more in the long-run due to losses in revenue generation and service quality. It is critical that companies retain their most talented employees so...
In IR-2009-050, the Internal Revenue Service (IRS) has announced the release of Notice 1036-P, Additional Withholding for Pensions for 2009, in order to help some pensioners avoid a smaller refund or a balance due when filing their 2009 Form 1040. Although using the...
Due to severe storms, flooding, tornadoes, and straight-line winds in Florida on March 26, 2009, President Barack Obama declared the following counties a federal disaster area: Calhoun, Dixie, Gilchrist, Hamilton, Holmes, Jackson, Lafayette, Leon, Levy, Liberty,...
Due to severe storms and flooding in Georgia on March 26, 2009, President Barack Obama declared the following counties a federal disaster area: Ben Hill, Berrien, Brantley, Brooks, Camden, Coffee, Colquitt, Decatur, Dougherty, Echols, Lanier, Lowndes, Miller,...
Due to severe storms and tornadoes in Arkansas on April 9, 2009, President Barack Obama declared the following counties a federal disaster area: Ashley, Miller, Polk and Sevier. Therefore, the Internal Revenue Service (IRS) announced recently that it will waive...
This week’s question comes from Joel, an HR director. We just implemented a Health Savings Account plan at our company. We know the amounts employees can contribute for 2009. What are the 2010 Health Savings Account inflation adjustments? Answer: the Internal Revenue...
According to the US Department of Labor, in the week ending May 9, the advance figure for seasonally adjusted initial claims was 637,000, an increase of 32,000 from the previous week’s revised figure of 605,000. The 4-week moving average was 630,500, an increase of...
Employers and self-employed individuals within the Metropolitan Commuter Transportation District (MCTD) are now subject to the Metropolitan Commuter Transportation Mobility Tax or MTA Payroll Tax as of March 1, 2009. This tax will provide revenues to the Metropolitan...
Due to severe storms and flooding in North Dakota on March 24, 2009, President Barack Obama declared the following counties a federal disaster area: Adams, Barnes, Billings, Burleigh, Cass, Dickey, Emmons, Foster, Grand Forks, Grant, Griggs, Hettinger, Kidder,...
Monday, May 25, 2009 will be Memorial Day, a federal holiday. The offices of Vision Payroll will close May 22 at 5 pm EDT and re-open Tuesday May 26. Most banks will also be closed in observance of the holiday. Date Paid Process Deadline 5/25/09 5/20/09 5/26/09...
Secretary of Labor Hilda L. Solis recently released the US Department of Labor’s (DOL) fiscal year (FY) 2010 budget request. The budget requests $104.5 billion including $13.3 billion in discretionary funding and 17,477 full-time equivalent employees (FTEs). This...
Nonfarm payroll employment continued to decline in April (-539,000), and the unemployment rate rose from 8.5% to 8.9%, the Bureau of Labor Statistics of the US Department of Labor reported recently. Since the recession began in December 2007, 5.7 million jobs have...
This week’s question comes from Rosa, a business owner. I paid over $5,000 in premiums for former employees who are eligible for the COBRA premium subsidy. The reduction in the federal tax deposit was only about $3,000. Why is my COBRA credit limited? Answer: Pursuant...
According to the US Department of Labor, in the week ending May 2, the advance figure for seasonally adjusted initial claims was 601,000, a decrease of 34,000 from the previous week’s revised figure of 635,000. The 4-week moving average was 623,500, a decrease of...
You’ve certainly heard stories in the media about the swine flu, officially known as influenza a virus subtype H1N1 “A(H1N1)”. The global response is being coordinated by the World Health Organization or WHO, but how your company responds can impact both the health of...
Due to severe storms and flooding in Minnesota on March 16, 2009, President Barack Obama declared the following counties a federal disaster area: Clay, Norman, Traverse, Wilkin, Beltrami, Marshall, and Polk. Therefore, the Internal Revenue Service (IRS) announced...
The US Department of Labor (DOL) recently issued Administrator signed Opinion Letter FLSA2009-4. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations of...
The US Department of Labor (DOL) recently issued Administrator signed Opinion Letter FLSA2009-3. Although Opinion Letters only apply to the exact set of facts and circumstances presented in each case, they are a valuable aid in understanding current interpretations of...
Effective May 1, 2009, new withholding Chart 3 took effect, increasing the percentage of federal income tax to be withheld for Arizona withholding tax purposes. Employees subject to Arizona withholding should see the impact in their next paycheck. Chart 3 applies to...
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