Does It Pay to Be an Unpaid Intern?

Evidently not, according to a survey conducted by the National Association of Colleges and Employers (NACE). Unpaid internships led to full-time jobs 36 percent of the time with a median starting salary of $35,721 a year, according to survey results. In contrast, new hires with no internship experience were awarded a slightly higher starting salary, […]

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Treasury, IRS Now Allow $500 Rollovers on FSAs

The Department of the Treasury and the IRS today issued a notice modifying the longstanding “use-or-lose” rule for health flexible spending arrangements (FSAs). To make health FSAs more consumer-friendly and provide added flexibility, the updated guidance permits employers to allow plan participants to carry over up to $500 of their unused health FSA balances remaining […]

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IRS Health Insurance Penalty Deadline Extended Six Weeks

Due to a conflict between the date that the Internal Revenue Service (IRS) said individuals must have health insurance or face a tax penalty and the date that the Marketplaces will cease selling coverage, the administration has pushed back the penalty date by six weeks. Both dates have now been set at March 31, 2014, […]

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IRS Issues Guidance on Refunds for Prior Same-Sex Spouse Benefit Taxes

Following the Supreme Court decision invalidating Section 3 of the Defense of Marriage Act (DOMA), the Internal Revenue Service (IRS) issued a ruling that legally married same-sex couples are now entitled to the tax benefits long accorded legally married opposite-sex couples. The IRS has subsequently issued guidance granting refunds for any taxes paid prior to […]

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‘Christmas in July’ Spending Intensifies as FY 2013 Nears End

Federal agencies, though with reduced budgets because of the sequestration that kicked in at the start of the calendar year, are still rushing to spend every allocated penny before the close of the federal fiscal year on Sept. 30. The spending is part of a Washington routine known as "Christmas in July" as federal agencies […]

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IRS Recognizes Same-Sex Spouses for Tax Purposes

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does […]

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IRS Issues Final Regs on Penalties for Not Buying Insurance Under Obamacare

The Internal Revenue Service (IRS) yesterday issued final regulations regarding penalties under the Affordable Care Act (ACA) for those who fail to maintain "minimum essential coverage." Those who fail to maintain minimum essential health insurance coverage in 2014 will pay a fine of $95 or 1 percent of houshold income, whichever is larger. The fine […]

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Government Issues Final Rules on Employment-Based Wellness Programs

The U.S. Departments of Health and Human Services, Labor and the Treasury have issued final rules on employment-based wellness programs. The final rules support workplace health promotion and prevention as a means to reduce the burden of chronic illness, improve health and limit growth of health care costs, while ensuring that individuals are protected from […]

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IRS Relaxes Rules for Worker Misclassification Program

Started in 2011 and ending on July 30 of this year, the worker misclassification forgiveness program run by the Internal Revenue Service (IRS) just relaxed its entry rules. The program is designed to allow employers to fess up to misclassifying employees as independent contractors and also failing to issue 1099s for them. Accepted employers can […]

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New Health Care Taxes Take Effect

Most Americans may have avoided the so-called "fiscal cliff" that would've plunged them into higher tax brackets, but at the dawn of the New Year, two health care levies took hold that could affect a lot of taxpayers. First, a new 3.8 percent Net Investment Income Tax now applies to individuals, estates and trusts that […]

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