Posts from September 2018.
Many employers provide length of service awards for their employees, often in the form of a small gift, to reward employees for their continued service. But employers must be careful to not turn an award program into a tax liability for their employees. An employee will be treated as receiving taxable compensation equal to the fair market value of ...
Our original blog post explained that the correction procedures for an elective deferral failure included the employer making a contribution equal to 50% of the employee’s missed deferral, but noted that the percentage contributed could be reduced to 25% or 0% if one of the IRS exceptions apply. It is now time to discuss those exceptions and find ...