From our Blog
January 25, 2011
Lower Payroll Tax Could Boost 401(k) Savings
In December 2010, President Obama signed into law a tax bill that included a one-year reduction in workers’ Social Security taxes, from 6.2 percent in 2010 to 4.2 percent in 2011.
Essentially, this increases the take-home pay for American workers, creating an excellent opportunity to promote greater 401(k) or 403(b) savings.
Plan sponsors should consider encouraging employees to increase their plan contributions by the same amount of the tax savings, putting more money into their retirement fund without lowering their normal take-home pay.
January 25, 2011
IRS Guidance: Independent Contractors
Knowing the difference between an employee and an independent contractor is essential. The IRS provides seven things business owners should know:
January 25, 2011
Did you know?
Under health care reform, fully insured group health plans will be subject to federal nondiscrimination rules for the first time, representing a major change for those plans.
Due to ambiguity regarding this provision, the IRS has delayed the application of the new nondiscrimination rules until after regulations are issued. Those regulations will provide a new effective date.
