Payroll Briefs

Category: "Benefits"

Social Security Issues Its 2022 Wage Cap and Benefit Amount Increases

On Oct. 13, 2021, the Social Security Administration (SSA) issued its wage cap and benefit amounts for the 2022 calendar year. Compared to 2021, both amounts have increased to account for inflation and cost-of-living adjustments (COLA). DM Payroll Solutions shares key takeaways from the newly increased amounts to prepare you for next year. Social Security […]

How to Remain ACA-Compliant Throughout the Year

U.S. employers with at least 50 full-time equivalent (FTE) employees are required to comply with the Affordable Care Act (ACA) by filing their employees’ health insurance information annually with the Internal Revenue Service (IRS). This information includes the year’s payroll and benefits data broken down by month, and there are also events that must be […]

IRS Shares New HSA Limits for 2022

The Internal Revenue Service (IRS) recently issued a statement sharing the 2022 maximum contribution levels for health savings accounts (HSAs), out-of-pocket spending limits and deductible minimums for high-deductible health plans (HDHPs) that have to be used in tandem with HSAs. The IRS releases the cost-of-living adjustments annually by June 1 and the updates apply to […]

Highlights of the IRS’s Fact Sheet for Paid Leave for COVID-19 Vaccines

The Internal Revenue Service (IRS) created a new fact sheet offering guidance for small to mid-size employers wishing to leverage the refundable tax credits under the American Rescue Plan Act (ARPA). The new guidance states the tax credits will reimburse employers for the cost of offering paid emergency sick and expanded family and medical leave […]

Updates on COVID-19-Related Deadline Extensions for Healthcare Benefits

Recently, the U.S. Department of Labor (DOL) issued EBSA Disaster Relief Notice 2021-01, a communication especially of interest to employers. The notice clarifies the duration of COVID-19-related deadline extensions applying to healthcare benefit plans. Continuing Extensions The DOL and the Internal Revenue Service (IRS) issued guidance last year stating that the COVID-19 outbreak period – […]

How to Report Your Employees’ Paid Leave Amounts Under FFCRA

The Internal Revenue Service (IRS) recently issued Notice 2020-54 detailing how employers must report the amount of emergency sick leave wages as well as expanded family leave wages paid to their employees under the Families First Coronavirus Response Act (FFCRA) within the time period of Apr. 1, 2020 and Dec. 31, 2020. DM Payroll Solutions […]

IRS Issues Changes to Cafeteria Plans, FSA Claims Period and HSA Limits

In light of the COVID-19 crisis, the Internal Revenue Service (IRS) has issued new guidance pertaining to cafeteria plan changes, health flexible spending arrangements (FSAs) and health savings accounts (HSAs) in IRS Notice 2020-29 and Notice 2020-33. The new guidance provides flexibility to employees across the country as businesses continue to navigate the current health […]

The SECURE Act’s Impact on Retirement Plans

The Setting Every Community Up for Retirement Enhancement Act, better known as the SECURE Act, was signed into law at the end of December to help more Americans prepare and plan for greater financial security during their retirement years. Here are some highlights of the main provisions impact on retirement plans: Tax Credit Increased: The […]

7 Advantages to Taking Your Benefits Administration Online

Managing the process of employee benefits administration can be cumbersome, and done via paper forms, extremely overwhelming for most HR departments to handle. That is why many companies today are turning to online solutions that have workflows to reduce the paper shuffling, account for updated regulations and make the whole process more efficient and enjoyable […]

Health Reimbursement Accounts to Take on New Form

A newly issued regulation could change how employers pay for employee health care coverage. On June 13, 2019, the Department of Health and Human Services, the Internal Revenue Service, the Department of Treasury and the Department of Labor issued a new final rule intended to expand the options for health reimbursement accounts (HRAs) for which […]