Resources

Recently, Illinois became the first state to break ground on what could be the next big trend affecting organizations and their employees preparing for retirement. Signed into law on Jan. 4, the Illinois Secure Choice Savings Program Act requires companies to automatically enroll their employees in – or give them access to –personal Individual Retirement Accounts (IRA) funded through payroll deductions.

Earlier this month, the Internal Revenue Service released Notice 2015-2, containing new guidelines to assist employers in making retroactive adjustments for 2014’s employer-provided excludable transit benefits.

Here we are, kicking off 2015 – the official beginning of the Affordable Care Act’s employer mandate. However, some employers have plan years that don’t begin on Jan. 1 and will not take part in the fun just yet.

President Obama has signed into law the Tax Increase Prevention Act of 2014, which extends the Work Opportunity Tax Credit (WOTC) until the end of December. Employers have diligently processed their employees for WOTC not knowing if the potential credit would be renewed, but with the recent extension they can be assured their efforts to utilize WOTC and other tax credits were not wasted; however, we are quickly approaching a deadline that is now just days away.

It is time to collect! President Barack Obama has signed HR 5771, aka the Tax Increase Prevention Act, into law. The highly anticipated legislation renews more than 50 expired tax breaks, allowing businesses, commuters and more to collect with tax season around the corner. For many in the corporate world, the excitement centers on the Qualified Transportation Fringe Benefit.

Heads up: The IRS is requiring employers to notify their employees of the Earned Income Credit (EIC) for 2014.

Employers already are well aware that the health care landscape is changing – and changing drastically. But now employers who thought they were complying with the Affordable Care Act (ACA) are being told otherwise, as the Obama administration works to close loopholes – and fast.

If you employ 50 or more full-time or full-time-equivalent employees, you should be ready for the Affordable Care Act’s employer mandate, as we are now T-minus 44 days from the New Year. While you’re planning holiday parties and strategizing for Black Friday, don’t overlook prepping for ACA compliance. Here’s the good news: 92% of Paycom’s ACA webinar attendees feel their company is in compliance with the ACA. That’s a staggering number considering all of the changes and unknowns that still exist with one of the largest changes to health care our country has ever seen. If you aren’t among that 92%, here’s what you should be asking yourself as you head into the New Year.

California employers already have a myriad of employment laws to comply with, so what’s one more? California Gov. Jerry Brown recently signed into state law the Healthy Workplaces, Healthy Families Act of 2014. Effective July 1, 2015, all employers — no matter the size — must provide paid sick time to their employees, including part-time and seasonal workers who have worked at least 30 days in a year.

The Affordable Care Act (ACA) has already or will drastically impact employers with 50 or more full-time employees; however, the IRS announced it will be expanding incentives – in the form of a tax credit – to small employers who offer insurance through the exchange to its employees.

On the eve of Independence Day, I want to take a moment to look at a unique comparison between our country’s founding fathers and the people who have helped create jobs for you and me: the American entrepreneur. Although separated by time, the two have something in common in the Affordable Care Act (ACA). The federal government’s controversial legislation has our founding principles and entrepreneurial spirit on the proverbial pins and needles.

Released concurrently with Feb. 10’s changes to the employer mandate, the Affordable Care Act’s shared-responsibility regulations offer guidance to employers in two areas: non-assessment periods and transitional relief. The non-assessment portion allows for specific periods of time when employers will not be held accountable for fines levied for failure to offer qualifying health insurance to a full-time employee. Additionally, employers entering their first year as an applicable large employer (ALE) were given details on a transition rule, giving them a specific time frame to comply fully with ACA mandates without being penalized.