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Benefits of Handling W-2s Early

Tax season is approaching, and as most employers know, it’s time to distribute Form W-2s to employees. If MarathonHR is your payroll provider, please rest assured that we’ve handled this task for you and W-2s are already in the mail to your employees. We always strive to distribute W-2s to our clients’ employees during the first week of January, if possible.  Advantages of Sending W-2s in Early January  Although the required distribution deadline for W-2s…
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Make Sure Employees Have Correct Address on W-2

By IRS, Payroll
It’s always a good idea to remind employees to report a change in mailing address, especially if they are remote workers who may not have regular face-to-face contact with their human resource department. In an environment where employees increasingly receive employment and personal financial information digitally, they may forget to report a change in physical address to their employers. Having the correct mailing address on file helps employers make sure that workers receive payroll and…
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IRS Issues Guidance on Catch-Up Contributions

The SECURE 2.0 Act of 2022 contained several provisions aimed at helping Americans amp up their retirement savings. One area of focus centered on expanding “older” workers’ (those age 50+) ability to make catch-up contributions to their employer-sponsored retirement plans. IRS Announces Two-Year Transition Period for Higher Wage Earners SECURE 2.0 caused some concern and confusion for higher wage earners regarding catch-up contributions. Beginning in 2024, workers earning more than $145,000 per year who wish…
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The 80/20 Tip Credit Rule Still Stands

By HR, IRS, Legal, Payroll, Tips
In July, a federal court refused to block the U.S. Department of Labor (DOL)’s “80/20 rule,” which applies to employers taking the tip credit toward their federal minimum wage obligations. The DOL rule is intended to limit the amount of non-tip producing work that a tipped employee can perform when an employer is taking a tip credit. Here is a good article on the 80/20 rule from Fisher Phillips that restaurant owners should read to…
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Tips Must Be Handled Differently Than Service Fees

By IRS, Tips
Restaurants are increasingly adding service fees to customers’ bills. However, service fees are not synonymous with tips, and employers must follow Department of Labor (DOL) regulations for distributing tips. Service Fees vs. Tips There may be instances where restaurants want to add a service fee to a guest's check at the point of sale. Examples include: Upsell fees for special menus Banquet event fees Takeout or delivery fees Bottle service or corkage charges Service fees…
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What You Need to Know about IRS Forms 1095-A, 1095-B and 1095-C

By IRS, Legal
Under the Affordable Care Act (ACA), the IRS requires all employers and qualified health plan providers to report information about their offers of health coverage and health coverage enrollment using tax Forms 1095. What is the Difference Between Forms 1095-A, 1095-B Form 1095-C? Form 1095-A The 1095-A form (Health Insurance Marketplace Statement) is for people who have health insurance through the Health Insurance Marketplace, often called an exchange. These are individuals who do not have…
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