SMART HR News You Can Use

The following are from the IRS Federal, State, and Local Government (FSLG) newsletter Taxable Fringe Benefit Essentials for Employers WebinarThe Tax Exempt and Government Entities Division would like to invite you to register to watch the free Taxable Fringe Benefit Essentials for Employers Webinar on April 14, 2021 at 1:00 p.m. (ET).This webinar is designed to explain what a fringe benefit is and how to value a fringe benefit. It will cover the most common fringe benefits and explain if those f...

The following are from the IRS website at  https://www.irs.gov/newsroom/whats-hotConsumer Alerts on Tax Scams‪Note that the IRS will never:Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes. Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying. Demand that you pay taxes without giving you...

Minnesota employers are required to keep certain records about each employee. The Department of Labor and Industry (DLI) can demand and inspect these documents at any time to ensure compliance with Minnesota law. Information employers must record and keep for each employee Name, address and occupation. Rate of pay and the amount paid each pay period. Hours worked each day (including start and end times with a.m. and p.m. designations) and each workweek. ...

You may want to consider setting LIFETAX up as a per pay period item starting in January so it is not forgottenin December each year (or during the year if the employee resigns).

The IRS has delayed the deadlines by which employers must furnish 2020 Forms 1095-C and 1095-B in early 2021. For 2020, the furnishing deadline was Feb. 1, 2021, Since Jan. 31, 2021, is a Sunday. The IRS has provided an additional 30 days for furnishing the 2020 Form 1095-B and Form 1095-C, extending the due date from Feb. 1, 2021, to March 2, 2021. The deadline for filing with the IRS under Sections 6055 and 6056 remains March 1, 2021 (since Feb. 28, 2021, is a Sunday), or March 31, 2021, if fi...

SMART eR now has the ability to build and track a questionnaire for COVID-19 self-examination. It will automatically track employee ID, date, and time of submission. To setup or view employee questionnaire answers, the user will need specific permissions to ensure confidentiality.  Please contact any SMART payroll/HR support staff at Region 1 for assistance setting up permission. 

Issue Number: Tax Tip 2020-105 The latest tax information and tips are just a click away. IRS.gov provides taxpayer assistance 24/7 and is regularly updated to reflect the most current tax information for most tax-related questions. The agency encourages the public to visit IRS.gov to: Get answers to tax questions. The Interactive Tax Assistant asks a series of questions and immediately provides answers on a variety of tax law topics. Download forms and publications. View, download and...

TRA rate change is effective 7/1/2020. The employer contribution will increase annually for the next 4 years. The employee share will increase in 2023.