Vision Payroll

March 28, 2011

IRS to Host Free Webinar on Small Business Retirement Plans

Filed under: News — Tags: , , , — Vision @ 4:59 pm
IRS to Host Free Webinar on Small Business Retirement Plans
IRS to Host Free Webinar on Small Business Retirement Plans
On April 7, 2011, the Internal Revenue Service (IRS) will host a free webinar titled Easy, Low Cost Ways to Start Your Small Business Retirement Plan.

Learn What Will Work for Your Small Business

Watch this free webinar to learn about the following:

  • Low-cost retirement plans
  • Low-maintenance alternatives to traditional 401(k)s
  • Points to consider in choosing the right plan for your business
  • Types of advisors who can help you set up and operate your plan
  • How to avoid plan mistakes
  • How the IRS can help correct mistakes in your plan

Small Businesses Can Benefit from This Webinar

The webinar is suited for the following:

  • Small businesses and sole practitioners
  • Tax professionals working with small business
  • Enrolled Retirement Plan Agents
  • Enrolled Agents

Contact Vision Payroll Today

Contact Vision Payroll today if you have further questions on small business retirement plans.

January 23, 2011

2010 Form W-2 Tips, Part 14, Box 13 Checkboxes

This is one in a continuing series on the 2010 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than January 31, 2011. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet that deadline may file a request for extension of time to furnish the forms. Today we review Box 13, checkboxes.

First Checkbox Is for Statutory Employees

Three checkboxes must be completed in certain circumstances. First is a checkbox for statutory employees. Statutory employees are independent contractors who are legally classified as employees for certain purposes. Employers must withhold social security tax and Medicare tax from statutory employees. Employers do not withhold federal income tax from statutory employees.

Second Checkbox Is for Retirement Plan Participation

The second checkbox is for retirement plan participation. Employers must check the box for active participants in certain retirement plans. Generally, employees are active participants in defined benefit plans if they are eligible to participate for that tax year. Employees are generally active participants in defined contribution plans for any tax year that either the employer or employee makes a contribution, including forfeitures added to the employee’s account.

Third Checkbox Is for Third-Party Sick Pay

The final checkbox is for third-party sick pay. This box is used either by payers of third-party sick pay filing on behalf of an insured or by employer’s reporting payments made by the insurer.

Deceased Employee Checkbox Has Been Eliminated

The checkbox for deceased employees was eliminated after the year 2000 reporting period and is no longer required.

Box 14, Other Is the Next Topic

The next topic in this continuing series will be Box 14, other. Contact Vision Payroll with any questions on the 2010 Form W-2.

January 30, 2010

2009 Form W-2 Tips, Part 14, Box 13 Checkboxes

This is one in a continuing series on the 2009 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 1, 2010. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet that deadline may file a request for extension of time to furnish the forms. Today we review Box 13, checkboxes.

There are three checkboxes that must be completed in certain circumstances. First is a checkbox for statutory employees. Statutory employees are independent contractors who are legally classified as employees for certain purposes. Employers must withhold social security tax and Medicare tax from statutory employees. Employers do not withhold federal income tax from statutory employees.

The second checkbox is for retirement plan participation. Employers must check the box for active participants in certain retirement plans. Generally, employees are active participants in defined benefit plans if they are eligible to participate for that tax year. Employees are generally active participants in defined contribution plans for any tax year that either the employer or employee makes a contribution, including forfeitures added to the employee’s account.

The final checkbox is for third-party sick pay. This box is used either by payers of third-party sick pay filing on behalf of an insured or by employer’s reporting payments made by the insurer.

The checkbox for deceased employees was eliminated after the year 2000 reporting period and is no longer required.

The next topic in this continuing series will be Box 14, other. Contact Vision Payroll with any questions on the 2009 Form W-2.

January 31, 2009

2008 Form W-2 Tips, Part 14, Box 13 Checkboxes

This is one in a continuing series on the 2008 Form W-2, Wage and Tax Statement, which employers must generally furnish to employees no later than February 2, 2009. Forms mailed on the due date are considered furnished if properly addressed. Employers unable to meet that deadline may file a request for extension of time to furnish the forms. Today we review Box 13, checkboxes.

There are three checkboxes that must be completed in certain circumstances. First is a checkbox for statutory employees. Statutory employees are independent contractors who are legally classified as employees for certain purposes. Employers must withhold social security tax and Medicare tax from statutory employees. Employers do not withhold federal income tax from statutory employees.

The second checkbox is for retirement plan participation. Employers must check the box for active participants in certain retirement plans. Generally, employees are active participants in defined benefit plans if they are eligible to participate for that tax year. Employees are generally active participants in defined contribution plans for any tax year that either the employer or employee makes a contribution, including forfeitures added to the employee’s account.

The final checkbox is for third-party sick pay. This box is used either by payers of third-party sick pay filing on behalf of an insured or by employer’s reporting payments made by the insurer.

The checkbox for deceased employees was eliminated after the year 2000 reporting period and is no longer required.

The next topic in this continuing series will be Box 14, other. Contact Vision Payroll with any questions on the 2008 Form W-2.

November 5, 2008

Tip of the Week: Visit VisionPayroll.com for 2009 Facts and Figures

Filed under: News — Tags: , , , , , , , , — Vision @ 10:14 am

Are you ready to make a higher contribution to your retirement plan in 2009? Did your company establish an HSA and you’re not sure how much you can put away? Do you need to know the maximum Social Security tax that can be withheld? The election results are in and so are most of the 2009 inflation adjustments for payroll facts and figures. We’ve collected what you’ll need and added them to our 2007 and 2008 presentation and now you can get them all in one place. Click Tutorials, then Important Facts and Figures. We’ll update them as needed so you can always visit VisionPayroll.com when you need the latest results.

August 7, 2008

Retirement Plan Transfer Disallowed Under Section 401(a)

In Rev. Rul. 2008-45, the IRS ruled that the transfer of the sponsorship of a retirement plan from an employer to an unrelated entity when not connected “with a transfer of business assets, operation, or employees” is a violation of the exclusive benefit rule of §401(a). The plan would no longer be maintained by an employer for its employees since the transfer was to an entity that did not employ the plan participants. The IRS also announced that it was proposing a framework for legislation that would allow transfers of so-called frozen plans, “provided certain conditions are met.” The requirements proposed by the IRS are:

  • Plan participants, their representatives, and ERISA regulators would be required to receive advance notice of a plan transfer, and the parties to the transaction would be required to provide regulators information necessary to review and approve the proposed transaction.
  • Only financially strong entities in well-regulated sectors would be permitted to acquire a pension plan in a plan transfer transaction.
  • The parties to the transaction would be required to demonstrate that participants’ benefits and the pension insurance system would be exposed to less risk as a result of the transfer, and that the transfer would be in the best interests of the participants and beneficiaries.
  • Limitations on transfers would be imposed to limit undue concentration of risk.
  • Transferees and members of their controlled groups would assume full responsibility for the liabilities of transferred plans and would comply with post-transaction reporting and fiduciary requirements.
  • Subsequent transfer transactions would be subject to the rules applicable to original transfer transactions.

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