UNEMPLOYMENT
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The Minnesota has repealed the sunset date on a provision that allows employers to pay wages by means of a payroll card. The provision, passed in 2005, was set to expire May 31, 2007. In 2007, the provision was extended to May 31, 2008. The repeal of the sunset date makes the provision allowing the use of payroll cards permanent. (S.B. 2830, Laws 2008, approved April 3, 2008, effective April 4, 2008, amending S.B. 1495, Laws 2007, approved May 18, 2007.) Read the story at Payroll Management Daily Document ¶3342aa.
The IRS has issued and updated it priority guidance plans for the upcoming year. The payroll-related items are listed below. Previously published items are not listed below.
(IRS Priority Guidance Plan, April 22, 2008.) The complete story is found at Payroll Management Daily Document ¶3347aa.
The IRS has issued final regulations providing guidance on employer comparable contributions to Health Savings Accounts (HSAs) under Code Sec. 4980G where an employee has not established an HSA by December 31 and where an employer accelerates contributions for the calendar year for employees who have incurred qualified medical expenses. The regulations are effective on April 17, 2008, and apply to employer contributions made for calendar years beginning on or after January 1, 2009. However, employers may rely on this guidance beginning on or after April 17, 2008. (T.D. 9393, 73 FR 20794, April 17, 2008.) Read the rest of the story at Payroll Management Daily Document ¶3348aa.
The House Ways and Means Committee has approved legislation to provide extended unemployment insurance benefits to long-term unemployed workers. The committee passed the legislation--the Emergency Extended Unemployment Compensation Act (H.R. 5749)--on April 16 by a 23-13 vote. The bill would provide up to 13 weeks of extended unemployment insurance benefits in every state to workers whose benefits run out. Workers in states with high unemployment rates--6 percent or more--could receive an additional 13 weeks, for a total of 26 weeks of extended benefits. Nationally, the unemployment rate currently stands at 5.1 percent. The extended benefits program would be in effect through January 2009. Democrats hope to pass the bill in the House as part of a broader economic stimulus package. "This bill demonstrates our commitment to act quickly and responsibly," said Rep. Jim McDermott (D., Wash.), the sponsor of the bill. "The economy is in trouble, the American people are in trouble, and we intend to help. If ever there was a time when the American people expected action out of Congress, this is it." (John Scorza, CCH Washington News Bureau). For the full report, read CCH Unemployment Insurance with Social Security Daily Document ¶12,552.
Unemployment Insurance Reporter with Social Security provides in-depth coverage of federal and state laws and regulations, including Unemployment Insurance, Social Security, Supplemental Security Income, and Disability. With all the facts and data about taxes and benefits under major subject categories, and expert “plain English” explanations, analyses and indexes, there is no other product that offers the same scope of coverage.
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