Advice

DOL sets 2020 penalties

February 19, 2020

The Department of Labor has announced the 2020 inflation adjustments to penalties for violations of the Fair Labor Standards Act, the Family and Medical Leave Act and ERISA.
The IRS is a prodigious publisher. Here are digests of three recently released legal memoranda.
If you front load employees’ vacation leave at the beginning of a year, and they take some time off but terminate their employment before they’ve earned the equivalent of their annual leave, you’ve technically advanced employees wages and now you’re owed a debt.
Dentists and the IRS have a lot in common. Both can use painful tools to compel compliance. But in a recent contest between the IRS and a dental practice, it was the dentist who got the drill and the IRS came out on top.
Formerly 58¢ per mile, the rate is now 57.5¢ per mile for 2020.
If you reclassified some exempt employees as nonexempt in the wake of the new overtime salary threshold rules that went onto effect Jan. 1, you should now check your health benefit and 401(k) plan documents.
The new Department of Labor joint-employer rule that takes effect March 16 will make it less likely that more than one employer will be held liable for the same federal wage-and-hour violation. Here are three scenarios that illustrate how the rule will apply.
Tax audits are all about your records. Have good, accurate and complete records and you will walk away from an audit relatively unscathed. Have sloppy, incomplete and inaccurate records and you will needlessly pay tax penalties. Two cases are illustrative.
NACHA—the electronic payments organization behind all electronic banking transactions, including direct deposit—has developed a standard, voluntary protocol to help employees’ banks fight direct deposit-related ID theft.
While you were shopping for, opening and then returning holiday gifts, the IRS dropped some presents of its own. On Dec. 27, it released the final version of Pub. 15-T, which contains all the worksheets and withholding tables for 2020. On Dec. 31, it released the 2020 standard mileage rate.