With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some…
Recently, the Departments of Labor (DOL) and Health and Human Services (HHS) issued an updated template and related materials for the summary of benefits and coverage (SBC). These materials are required to be used for plan years beginning on or after Jan. 1, 2021. This means that the updated template must be used for the…
Performance reviews are an annual ritual for many employers, but their usefulness has been debated for years. To make sure you—and your employees—get the most out of performance reviews, follow these five tips. Perform formal evaluations at the same time for everyone each year. While this increases the workload of managers and supervisors during review…
Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. Listed below are upcoming important compliance deadlines for employer-sponsored group health plans, organized chronologically. For these requirements, the information provided herein shows the deadlines that apply to calendar year plans. For non-calendar year plans, these deadlines…
The 2019 ACA Reporting is Due in Early 2020 The IRS has released final 2019 versions of Forms 1094-C, 1095-C, 1094-B, and 1095-B that employers will use in early 2020 to report on the group health insurance coverage they offered during the 2019 calendar year. Instructions on how to complete Forms 1094-C and 1095-C and…
Employers Must Begin Using the New Form Jan. 1 On Dec. 5, 2019, the Internal Revenue Service released an updated version of its W-4 form, also known as the “Employee’s Withholding Certificate.” Employers use IRS Form W-4 to determine each employee’s federal tax withholdings. The new form is intended to harmonize tax withholding declarations with…
On Dec. 31. 2019, the Internal Revenue Service (IRS) issued the 2020 optional standard mileage rates, which are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel…
