Your employee benefit plan might be hiding a problem. The payments made by your employees for optional insurance benefits might – without your knowledge – be used to subsidize or reduce your cost for other insurance benefits. If this problem is found during an audit by the Department of Labor (“DOL”), monetary penalties could be significant.
Tag: employment
Avoid These Top 10 HR & Legal Mistakes
Strauss Troy Attorney Theresa Nelson Spoke At Great Clips General Manager Summit. Her presentation, The Top 10 Legal Mistakes Employers Should Avoid, focused on the importance of investing time and effort in good employment practice to minimize exposure and maximize long-term ROI. By avoiding these 10 mistakes franchisee, and other employers, can minimize legal costs, time invested and turn-over.
Making The Most Of Your 401(k) Plan — The Path To A “Back Door” Roth IRA
While most of us will never see a pension, the IRS has been expanding the opportunities for retirement savings using your 401(k) plan. Initially, there was only the opportunity to defer some of your salary into the plan in pre-tax dollars. That would allow the contribution — including the amount that would otherwise be paid in tax — to increase due to investment experience and allow the earnings to compound over the life of the account. Many employers tie the company contribution to the salary deferrals — offering a match — so that electing to defer salary results in an effective “return” on the contribution before it is even invested — essentially “free money.”
Strauss Troy Attorney Patrick Newton Participates In C-Change
Strauss Troy Attorney Patrick Newton is a member of the Cincinnati USA Regional Chamber’s 2015 C-Change Class.
Attorney John Fischer Served As Contributing Editor To Labor Law Text Book
Strauss Troy Attorney John Fischer was a contributing editor to the multi-volume Sixth Edition of The Developing Labor Law and to its just published 2014 Cumulative Supplement.
How To Reduce Your Risk Of Wage, Hour And Overtime Investigations Or Lawsuits
As businesses wrap-up the year and celebrate the holidays, owners may not be thinking too much about 2015. But, there’s a Grinch lurking that may try to steal your joy and put a kink in your works. Government investigations and employee lawsuits are on the rise for wage and hour violations. Small and mid-sized businesses …Read More
Three Strauss Troy Attorneys To Present At National Business Institute Seminars December 8th
Three Strauss Troy Attorneys will present at upcoming National Business Institute (NBI) seminars.
Why A Cafeteria Plan Still May Be The Best For You
Before there were HDHPs (High Deductible Health Plans) and HSAs (Health Savings Accounts), the only way to pay for out-of-pocket medical expenses in pre-tax dollars was through a “Cafeteria Plan” – a special tax provision of IRC Section 125 sometimes referred to as a Flexible Spending Account or FSA. If you’ve been offered an opportunity to participate, this may be your best choice.
Attorneys Corey Hamilton and Theresa Nelson Join Strauss Troy Firm Expands With Additional Expertise In Business & Litigation
Strauss Troy announces that attorneys Corey Hamilton and Theresa Nelson have joined the firm.
Strauss Troy Hosts Summer Work Experience In Law (SWEL) Opening Reception
Strauss Troy hosted the Summer Work Experience in Law (SWEL) opening reception in its Cincinnati office on June 5th. The SWEL program provides paid placements for minority high school and college students to gain first-hand experience in the field of law. Students are placed with private firms, corporate law departments, municipal law departments, and with …Read More
Bitcoin’s Future And IRS Tax Compliance
The dirge for bitcoin may have been a bit premature. Just last week, Dish Network announced that it will begin accepting bitcoin as a form of payment later this year. Bitcoin mining hardware manufacturer, BitFury, also just announced $20 million in new financing that it’ll use to further strengthen its international market presence while accelerating …Read More
It’s Time To Re-Think Roth
If you thought a Roth IRA was out of the picture for you, think again.
IRS Announces Change to the“Use It or Lose It” Rule for FSAs
Amend Your Cafeteria Plan Now To Allow for a $500 Rollover The IRS has announced that Cafeteria Plans (also known as 125 Plans, FSAs and Flexible Spending Accounts) can permit up to $500 to be “rolled over” into the following year – softening the “use it or lose it” rule that had been the hallmark …Read More
When Are Unpaid Internships Legal & Right? Learn How Both Organization& Student Can Benefit
Internships are great avenues toward a career – they give you experience, training and an impressive block of text on your resume. Are these benefits really worth free labor from the student’s perspective, and is the free labor legal? Here’s what you need to know. According to the Fair Labor Standards Act (FLSA), there are six different circumstances under …Read More
Could Safer Screening & Hiring Practices Have Prevented Navy Yard Shooting?
Employers Are Ultimately Responsible For Safe Hiring When tragedy strikes, we all ask why? In the recent case of the Navy Yard shooting, many are asking, “why did the background screening of Aaron Alexis tragically fail?” “I don’t think the background check failed; I think the process failed,” Jason Morris, president of background-screening provider EmployeeScreenIQ, …Read More
Implementing An Effective Workplace Violence Program
Occupational Safety & Health Administration (OSHA) is committed to using all of its inspection and enforcement authority to compel employers to anticipate and avoid incidents of workplace violence. OSHA’s past and present inspections, citations and large fines demonstrate that it is not hesitant to use that authority. The prudent employer acts in advance. That employer protects …Read More
Important Employer Benefits Withholding Changes Take Effect September 16For Married Same Sex Couples
As of September 16, 2013, employers must treat lawfully married same sex couples as married for purposes of withholding and benefits. Individuals may amend their open tax returns (generally 2010 through 2012) to change their filing status if validly married during that year. Individuals may file for a refund of any taxes paid on “imputed …Read More
Buyers of Defunct Companies’ Assets May Face Unwelcome Surprise
If you buy a defunct company, from its bank or out of receivership or bankruptcy, make sure that you aren’t liable for any actual, or alleged, labor and employment law violations of the old company. The burden of proof is on you — even with an asset purchase and hold-harmless agreements. Federal courts can simply ignore these.
Often, labor and employment law’s “federal successor liability rules” actually trump state business laws and contracts designed to protect buyers.
Supreme Court Ruling On Spousal Rights Raises More Benefits Questions For Employers
Guidance Needed From Federal Agencies The Supreme Court’s decision in United States v. Windsor finding Section 3 of the Defense of Marriage Act (“DOMA”) unconstitutional has implications in many facets of law beyond domestic relations. That Section of DOMA defined “spouse” as “only a person of the opposite sex who is a husband or wife” …Read More
Strauss Troy Hosts Summer Work Experience In Law (SWEL) Event
On June 6th, Strauss Troy hosted the Summer Work Experience in Law (SWEL) opening reception in its Cincinnati office. SWEL offers minority high school and college students the opportunity to gain first-hand experience working in law firms, corporate law departments, government law departments and with area Federal and State Court judges. This experience helps the …Read More