SMART HR News You Can Use

Don’t forget to refer to the checklist for items you will need to complete in July.  Districts that have July health insurance renewals should be building their July ACA info rows.  It is much easier to build them in July than it is to build them later in the year!

TRA rate change is effective 7/1/2021. The employer contribution will increase annually as shown below.  The employee share will increase in 2023.

CHECK DATE determines which TRA rate to use for the employer share.Checks dated- 7/1/2020-6/30/2021 – 8.13%Checks dated- 7/1/2021-6/30/2022 – 8.34% When you calculate your payoff payroll please review your proof to ensure the correct TRA rate is being used for the employer share.FOR CHECKS DATED JUNE the calculation should use 8.13% for employer share of TRA.FOR CHECKS DATED JULY OR AUGUST the calculation should use 8.34%.

The following are from the IRS Federal, State, and Local Government (FSLG) newsletter Taxable Fringe Benefit Essentials for Employers WebinarThe Tax Exempt and Government Entities Division would like to invite you to register to watch the free Taxable Fringe Benefit Essentials for Employers Webinar on April 14, 2021 at 1:00 p.m. (ET).This webinar is designed to explain what a fringe benefit is and how to value a fringe benefit. It will cover the most common fringe benefits and explain if those f...

The following are from the IRS website at  https://www.irs.gov/newsroom/whats-hotConsumer Alerts on Tax Scams‪Note that the IRS will never:Call to demand immediate payment using a specific payment method such as a prepaid debit card, gift card or wire transfer. Generally, the IRS will first mail you a bill if you owe any taxes. Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying. Demand that you pay taxes without giving you...

Minnesota employers are required to keep certain records about each employee. The Department of Labor and Industry (DLI) can demand and inspect these documents at any time to ensure compliance with Minnesota law. Information employers must record and keep for each employee Name, address and occupation. Rate of pay and the amount paid each pay period. Hours worked each day (including start and end times with a.m. and p.m. designations) and each workweek. ...

You may want to consider setting LIFETAX up as a per pay period item starting in January so it is not forgottenin December each year (or during the year if the employee resigns).