2011 Mileage Reimbursement Rates and Additional information

On December 3, 2010, the Internal Revenue Service issued the 2011 optional standard mileage rates to calculate deductible costs of operating an automobile for business purposes. Beginning January 1, 2011 the standard mileage for the use of a car will be:• 51 cents per miles for business miles driven• 19 cents per miles driven for medical or moving purposes• 14 …

Tax Relief Act of 2010 Recently Signed Into Law

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (HR 4853) was signed last Friday by President Obama. This act will provide tax relief to all employees in the country. As reported a few months ago, the individual income tax rate reduction that the country has been operating with in for the past decade would have expired …

Increase in Federal Unemployment Rates for Three States, with More to Come

Employers in 3 states will be required to pay more in Federal Unemployment for 2010, with potentially an additional 21 states following suit in 2011. Employers with business in Michigan, Indiana and South Carolina will have additional taxes added to their 2010 Federal Unemployment Report 940. These states’ unemployment funds borrowed money from the federal unemployment fund and did not …

IRS Releases Form and Additional Guidance on Small Business Health Care Tax Credit

The Internal Revenue Service recently released final guidance on the small business health care tax credit included in the Health Care Reform enacted earlier this year. A one-page form as well as instructions for small employers, were included in this release. Small for-profit businesses will use the new Form 8941 to claim the credit for the 2010 tax year. The IRS also …

HR Holiday Survival Tips

Bells are ringing, lights are blinking and yummy goodies are being shared with holiday cheer.  Although the good feelings and warm wishes surround us during this winter time of celebration, it is also the time for stress and accidents.  Here’s a list of tips from StaffScapes to make sure you and your employees bring in the New Year safely. Around the Office1. …

Recent Update to Grandfathered Status Under the Health Care Reform Act

Multiple government agencies responsible for implementation of the new health care reform bill (PPACA), including the Internal Revenue Service and Health and Human Services, recently announced an amendment to the rules governing the grandfathered status of group health plans. The amendment allows group health plans to change policies, contracts, or carriers and keep their grandfathered status, provided the coverage does …

StaffScapes To Present At Rocky Mountain Indian Chamber of Commerce Event

On Thursday, November 18th, StaffScapes employees Chris Hazlett, Caddo Tribe of Oklahoma Member and Jake Stratton will present a review of key updates business owners need to be aware of at the Rocky Mountain Indian Chamber of Commerce monthly business luncheon.  Stratton and Hazlett plan to discuss legislative changes regarding Medical Marijuana, Onerous 1099 Miscellaneous Provisions, PPACA-Health Care Reform Act, tax credits, …

Flexible Spending Account Open Enrollment

Would you like to have more money in your pocket?  Flexible Spending Account Open Enrollment for 2011 is here!  Please submit your enrollment by December 31, 2010.  FSA’s are easy to use and a great way to save on taxes. Some of the expenses that are eligible to be reimbursed under qualified Flexible Spending Accounts are:-Deductible & Co-pays-Contacts/glasses and eye …

The Colorado Department of Labor recently announced the new minimum wage rate for 2011

The minimum wage rule enacted in 2006 to the Colorado Constitution requires the state’s minimum wage rate to be adjusted each year for inflation. The inflation adjustment is based on the US Bureau of Labor Statistics’ Consumer Price Index for All Urban Consumers (CPI-U) for the Denver-Boulder-Greeley combined area. This adjustment is based on the difference between the CPI-U from …

IRS Announces Relief for Employers from W-2 Reporting of Health Plan Costs

The IRS announced today, October 12, 2010, that it will defer the health insurance reporting requirement for employers, making reporting by employers optional for 2011. The Affordable Care Act requires that the aggregate cost of employer-sponsored health coverage must be reported on a Form W-2.  For this purpose, the aggregate cost is to be determined under rules similar to the …