COBRA Subsidy Extended
On December 19, 2009, President Obama signed the 2010 Defense Appropriations Bill, which included an extension of the 65% COBRA Subsidy provision originally enacted last February in the Stimulus Bill. If your company takes responsibility for COBRA compliance and issuing COBRA notices (as opposed to contracting it out to a third party or relying on an insurance company) you now have an action item to complete by February 19, 2010: you must send a notice describing the COBRA changes to all individuals who were eligible for the subsidy or who have experienced or will experience a COBRA qualifying event at any time on or after October 31, 2009 and up until February 28, 2010.
EFAST2 Filing System Now In Place
The Form 5500 is changing! Forms in the 5500 series (including the Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form Annual Return Report of Small Employee Benefit Plan) are used annually to report information concerning a welfare benefit or retirement plan's funding, size, operations and other characteristics. The U.S. Labor Department (DOL) has created a new web-based electronic filing system called "EFAST2." Under the EFAST2 system, Forms 5500 filed for plan years beginning on or after January 1, 2009, may no longer be filed in paper format (e.g., mail, fax, private delivery service), but instead must be filed electronically.
IRS Establishes Voluntary Correction Program
Section 409A of the Internal Revenue Code generally provides that nonqualified deferred compensation plans must comply with certain complex rules regarding the timing of deferrals and distributions. Compliance must be in both form and operation. Failure to abide by section 409A's requirements will result in all amounts deferred under the plan for the current year and all previous years becoming immediately taxable to the employee, plus an additional 20% excise tax and interest penalty. As a result, a failure to comply with the requirements of section 409A can have severe adverse tax consequences to the executive. The IRS recently issued a Notice which will provide methods for employers to voluntarily correct many types of failures to comply with the plan document requirements. By taking advantage of this correction program, you may be able to avoid or reduce the current income inclusion and additional tax penalties under section 409A.
The Janitorial Safety Training Program from The Worker Occupational Safety and Health Training and Education Program (WOSHTEP) is now available for small business owners and managers who need to train janitorial employees working alone or in small teams to clean buildings. The training materials include a training guide and focus on health and safety in the janitorial industry. The following topics are covered: Safety Orientation; Chemical Hazards; Electrical Hazards; Ergonomic Hazards; Injuries on the Job; Planning for Emergencies; Robberies and Assaults; and Slips and Falls.
The Office of Advocacy has just released the annual update to theSmall Business FAQ. The easily printed, complete FAQ with tables and many useful statistics is on their web site at http://www.sba.gov/advo/stats/sbfaq.pdf.
Write your legislator and Find your Elected Offical through the National Assocation of Manufacturers.
BSCAI Government Affairs Update: May 2009
Are you in compliance with labor laws? Click here and find out.
Many Business and Industry Groups Are Critical of Employee “FORCED” Choice Act: Members are urged to contact their representatives in opposition of the “Employee Free Choice Act (EFCA).”
Federal Contractors and E-Verify: Read Before Your Company Enrolls in E-Verify
OSHA Outlines Most Frequently Cited Standards
U.S. Labor Department releases model notices for COBRA subsidy under American Recovery and Reinvestment Act of 2009
COBRA Continuation Coverage - New Economic Stimulus Package Expands Employer Obligations
Internal Revenue Service's (IRS) Q’s and A’s on the preparation of Form 941 provides guidance to employers on how to manage the subsidy offsets on their quarterly tax forms
Centrist Dems Dodge Labor Bill
ACT Now in Opposition to the Employee Free Choice Act!
National Immigration Forum Web site
New Immigration Requirements For Federal Contractors
The U.S. Small Business Administration Regulatory Fairness for Small Business
U.S Department of Homeland Security Makes New Effort to Clarify "Safe Harbor" to
No-Match Letters
Download the updated Form I-9, Employment Eligibility Verification
Federal Judge Orders an Indefinite Stay on Law Regarding No-Match Letters
Safe-Harbor Procedures for Employers Who Receive a No-Match Letter
Interested in workers compensation converage in Illinois? Visit www.IABMC.com for more information on workers compensation self-insurance for Building Service Contractors in Illinois.