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Compensation & Benefits

2023 Forms 1099-NEC: So many changes, so little time

Only the smallest employers will be able to file their 1099s on paper. Final regulations require you to e-file all your information returns if you’re filing an aggregate of 10 information returns.

Prelude to a drumstick

Stuffed? Instead of cramming year-end duties into December, you’ll find the going considerably smoother if you pace yourself. Here are some key tasks you can complete now.

Holiday bonuses: Pass the bucks…please

If you want to retain top talent, you need to give them a reason to stay. Holiday bonuses may be the answer the C-suite is looking for. If you’ll be doling out the dough next month, the time to plan for it is now.

ERC fraud pushes IRS to halt Form 941-X processing

The IRS has a moratorium through at least the end of the year on processing all 941-X forms on which the ERC is claimed, and a processing delay of 180 days for forms already in the pipeline as of Sept. 14, the day the moratorium began. The IRS has also taken other steps to stanch ERC fraud.

Avoid tax trap built into holiday gift cards for employees

In today’s inflationary economy, employees will probably be thrilled to receive gift cards redeemable for merchandise or—even better!—gasoline. Who wouldn’t like 25 or 50 extra bucks during the holidays? However, employees’ excitement may dim when they realize the value of those gift cards counts as taxable income. That’s because giving gift cards to employees is the plastic equivalent of giving them cash—and cash is always taxable.

Benefits: Employers target health-care costs, mental health as they look toward 2024

More than six out of 10 employers responding to a new Willis Towers Watson survey agree about their primary concerns as they anticipate managing health benefits in 2024.

Brace for higher health-care costs in 2024

What accounts for the predicted increases? One factor may be Food and Drug Administration approval of several blockbuster drugs officially meant to treat diabetes but used off-label to help patients lose weight.

IRS releases details on how to withdraw ERC claims

The IRS has kept its promise to provide relief to employers that filed Forms 941-X to claim the pandemic-era employee retention credit for which they aren’t eligible. The guidance is aimed at employers with claims pending as of Sept. 14, the day the IRS imposed a moratorium on processing Forms 941-X on which the credit is claimed, but who haven’t yet received their ERCs.

To pay or not? Rest periods versus meal periods

Do you know the difference between a rest period and a meal period? It’s an important distinction because one does not count as working time, while the other does.

Court shoots down one objection to the new OT rule

Robert owns 14 fast-food restaurants in Texas, all employing managers classified as exempt. That means he must pay them a salary that meets the minimum salary level set when the Department of Labor last updated the overtime rules: $684 per week.