Additional 2021 Tax Year Benefits Now Available for Employees with Dependents

The $1.9-trillion stimulus package known as the American Rescue Plan Act (ARPA) includes major changes to the longstanding federal-income-tax child and dependent care credit. Your employees who have dependent care expenses can get additional tax deductions for the 2021 tax year. The American Rescue Plan Act (ARPA), a $1.9-trillion stimulus package, includes major changes to…

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Federal Government Allows 401(k) Distributions for Birth or Adoption

Your employees can use their 401(k) savings to help with the costs of a qualified birth or adoption. The 2019 Setting Every Community Up for Retirement Enhancement (SECURE) Act gives employers the option of allowing employees to take money out of their 401(k) retirement account to help with the costs of the birth or adoption…

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New Federal Guidance for Requiring COVID Vaccinations

With some exceptions, you may legally require your employees to get a COVID-19 vaccination as long as the disease is a threat to the workplace. As vaccines are being developed and made available, many employers are wondering whether they can protect their employees and customers by requiring all employees be vaccinated. The Equal Employment Opportunity…

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New Hospital Cost Transparency Rule Now in Effect

The Hospital Price Transparency rule issued by the Department of Health and Human Services (HHS) went into effect Jan. 1, 2021. The rule affects all hospitals operating in the United States. Federally owned and operated hospitals such as Veteran’s Administration, Indian Health or Department of Defense operated hospitals are exempt. The Centers for Medicare &…

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Are Employer-Mandated COVID-19 Vaccinations Legal?

When a COVID-19 vaccination is made  available to the public, should employers  require employees to get the vaccination?  The COVID-19 vaccination  has been touted  as the easiest way for  our country to return  to normalcy following the almost  year-long pandemic. Such vaccinations  will allow businesses to safely  reopen and permit individuals and  families to return…

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Pandemic Puts Pressure on Workers

The COVID-19 pandemic has changed the face of today’s workforce. Older workers are leaving their jobs in droves. It’s uncertain whether the changes are permanent — or if employers can stem the tide. Older Workers The Schwartz Center for Economic Policy Analysis (SCEPA) at The New School reports that 2.8 million older workers have left…

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Prescription Drug Executive Orders’ Future Unknown

Even though President Trump signed four executive orders in July aimed at lowering prescription drug costs, it doesn’t appear they will be implemented before the election in November. The Secretary of Health and Human Services must move the directives through the federal rulemaking process first before they can take effect. Trump says the orders will…

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Pros and Cons of Employees Working Remotely

With two-thirds of employees working from home at least part-time, employers are finding there are advantages and disadvantages. When the danger presented by COVID-19 was discovered, federal, state and local governments ordered businesses to temporarily shut down, leading many employers to decide it might be advantageous to have a lot of those employees work from…

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Short on Funds? When Furloughs Make Sense

Furloughs — mandatory, temporary suspensions from work without pay — have allowed many employers to hold on to their businesses during the coronavirus pandemic. If you were lucky enough to avoid having to furlough your employees, congratulations! But should you find yourself needing to furlough employees in the future, it’s important to understand when furloughs…

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How to Keep Employees from Raiding Retirement Funds

The COVID-19 pandemic has wreaked havoc upon the finances of many employees, and some have been forced to use funds from their retirement plans. A spokesman for Betterment for Business, which offers 401(k) plans, pointed out that retirement savings plans represent the bulk of what most Americans have saved, and, in some cases, is all…

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