IRS Form W-2 Reporting Requirement Delayed

November 2nd, 2010

On October 12, 2010, the Internal Revenue Service (IRS) instituted a one-year delay in the Affordable Care Act (ACA) requirement in order to allow employers to make changes to their payroll systems or procedures in compliance preparation to report the cost of coverage under an employer-sponsored group health plan on Form W-2.

The IRS will defer the new requirement under Code Sec. 6051(a)(14) for employers to report the cost of coverage under an employer-sponsored health plan on Form W-2, Wage and Tax Statement, making the reporting by employers optional in 2011. Read the rest of this entry »

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Recession Payroll Strategies for Small Business Owners

October 7th, 2010

According to the U.S. Bureau of Labor Statistics (BLS), the October 2009 employment situation was grim. The national unemployment rate rose to 10.2 percent (an increase of 558,000 unemployed persons). Consumers and business owners may find these statistics startling. Workers may fear for their jobs because they know job cuts are a possibility.

Rising unemployment spells trouble for entrepreneurs and for the national economy. Slow economic growth also means fewer entrepreneurs will launch new businesses and create new jobs for the unemployed. The bottom line is that small businesses owners must achieve better results using fewer payroll hours. Read the rest of this entry »

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