Potential FUTA Tax Increases on the Horizon

Employers in certain states may face increased unemployment taxes for 2014, payable in January 2015.  Some states have had to borrow funds from the federal government due to their depleted unemployment insurance funds.  Employers in these states may have a larger payment in January 2015.
 




Taxability of Employer Gifts/Awards to Employees

Have you ever given a gift to an employee on their work anniversary?  Was the fair market value of that gift taxable to the employee?  Were you able to deduct the full value of the gift?  Many times employers give gifts and don't think about the tax effect to the employee.  The last thing the employer wants is for the employee to be taxed on the gift.  Below we will discuss some rules that apply when the gift or award is non-taxable to the employee.
 
De Minimis Fringe Benefits:
 




IRAs and Roth IRAs

In previous weeks, we’ve discussed various retirement plans that employers may establish to assist their employees with saving for retirement.  Another way that individuals may save on their own for retirement is by contributing to an Individual Retirement Account or Individual Retirement Annuities (IRAs).  There are two types of IRAs:  Traditional and Roth.  We will discuss each of these below.
 




401(k) Plans

In recent weeks we have discussed a couple ways that employers can assist their employees with saving for retirement.  This week we will look at another retirement plan employers can establish – a 401(k) Plan.
 




Comp Time or Overtime?

 
Do you have employees who work overtime?  Would you rather provide them comp time (time off) rather than overtime pay?  For employers trying to maintain a consistent payroll, comp time can be an attractive option to keep hours worked under control.
 




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