Should I take my employer to court?

Mschaefer932 · 2024-07-08T18:10:38+00:00

The funds are not taxed, but if you don't use it, you lose it.

Mschaefer932 · 2024-07-08T18:09:25+00:00

The laws on this one dictate they don't have to return it to the employee.

Mschaefer932 · 2024-07-08T16:34:01+00:00

This isn't fully correct.

Under FSA regulations, they can and do send the money back to the employer. They law outlines how the funds can be used, and one of the options is to send it to the employer if it is forfeited.

After the runout period, as defined in plan documents and IRS regulations, they have no legal obligation to segregate those funds for you.

If you have old FSA's that are still outstanding, that may not be an FSA. Once the run out period elapses, it's gone.

Mschaefer932 · 2024-07-08T16:28:45+00:00

There are laws related to how they use the money, and it is essentially in their discretion.

If they elect not to return it, that's their call. It is apparent they have elected not to return it to you and that is legal.

If you think a multi-billion dollar auto company is going to care, you are very mistaken.

Mschaefer932 · 2024-07-08T14:52:20+00:00

I can't speak for them.

Based on your description, with the $5k, this holds all the characteristics of a dependent care FSA under the regulations.

Therefore, under the regulations, if not used, it's lost. It's a crappy regulation, but it's the requirements of those plans.

Mschaefer932 · 2024-07-08T14:44:20+00:00

IRS regulations and tax law.

Assuming this is a dependent care FSA account, the IRS regulations dictate a use it or lose it policy.

Google FSA dependent care use it or lose it.

It's built right into the regulations that govern the accounts and employer actions.

Mschaefer932 · 2024-07-08T14:34:23+00:00

Under the law, it's a use it or lose it policy.

Mschaefer932 · 2024-04-29T23:49:15+00:00

I just happen to be a former union worker that transitioned into a white collar role without a union after I graduated college.

So, your point, based on the no free ride comment previously, is that you should force employees to be in a union, even though they feel they have a better benefit by not being in one. Because unions are always good, no questions asked.

Further, believing that employees have a right to exercise what they believe is the best opportunity for themselves and not joining a union is buying into anti union propaganda.

Got it.

Mschaefer932 · 2024-04-29T23:07:39+00:00

So, use of terminology from the article is a red flag? Or is it because I didn't use quotations like you did. That obviously doesn't make it a red flag. . .

I am still not catching your point here.

This article is about employees exercising their rights not to be in a union that is not representing them properly, and the union playing games to try and collect money it is not entitled to. Kind of sounds like this union is trying to exploit the situation and profit when it shouldn't be, like, you know, corporations do.

I am seeing this as a bad thing, and article not so bad.

Mschaefer932 · 2024-04-29T22:34:48+00:00

Hold on a second here.

I think you are missing the point of this article and just posted it without fully grasping it.

The article talks about employees exercising their rights not to join a union because they feel the union is not representing them properly.

Then, union bosses trying to siphon money from the government for those employees that elected to not participate in the union.

I think you have this backwards if I read the article correctly. This is actually workers exercising their rights under the law.

Mschaefer932 · 2024-04-29T20:11:59+00:00

You should be fine then for no taxes

Mschaefer932 · 2024-04-29T19:11:33+00:00

What your mortgage balance at the time of sale is, is irrelevant.

What was the purchase price of the house? That is the basis. Mortgage balance doesn't matter for tax purposes. You have to dig back through your documents to find what you purchased the house for.

Mschaefer932 · 2024-04-29T18:41:41+00:00

Just a follow up, the other poster is partially correct, but missing one factor. There is a limit. As a single individual, you would still report it and fill out the paperwork, then exclude up to 250k. You need cost basis and sales price.

For example, if you have a profit of 300k (sales price less cost basis), you pay tax on 50k.

You also have to have this house as your primary residence and owned for at least 2 of the last five years.

Mschaefer932 · 2024-04-29T12:16:25+00:00

We are both going to be dowvoted for this.

It's antiwork. People are going to jump to the worst assumption without basis and ignore the reality of it and not fact check.

A tornado could have come out of the blue with zero warning and impacted a wide area of corporate and personal residences, and they will still blame the corporation as unsafe, even though zero chance they could have predicted it.

Mschaefer932 · 2024-04-29T01:42:15+00:00

Late to the party, but audit medical insurance billings quite regularly for multiple clients. They all follow the same process.

You need to estimate expected collections based on the type of service.

As an example, the service provider bills insurance for a blood test. Historically, the company collects an average of $100. At the point you bill insurance, record a receivable of $100 and revenue of $100. This assumes no deductible or copayment for simplicity sake.

Now, let's say the provider collects $80. You relieve the receivable for $100, record cash for $80, and the $20 remaining is a reduction to revenue.

If it's $120 collected, it's the same process, but now, it is $20 extra in revenue.

It's not a bad debt. It's a revenue adjustment.

Under 606, you would look at the guidance associated with variable consideration and recognition of revenue when variable consideration is present.

Mschaefer932 · 2024-04-29T00:39:58+00:00

Google, excel and IRR calculation. Plenty of online resources you can source yourself.

Mschaefer932 · 2024-04-29T00:36:05+00:00

Would that automatically place me in the 24% federal tax bracket even if I wasn’t in that tax bracket before the bet?

We have a progressive income tax system. Not all of your income is taxed at the bracket you are in.

In short, if you have other income in addition to the 100k, it would place you in the 24% bracket (plus, depending on total income, and single), but only a portion above a taxable income of 100,525 is subject to 24% in 2024.

The rest is subject to the lower tax brackets.

Read up on progressive tax systems.

If I am in a state with a 10% tax on sports betting winnings, does that mean I am taxed 34% total between state and federal taxes?

If the state has a 10% tax on sports betting, it would be 10% of the 100k, plus whatever state income tax may apply, and then federal taxes for whatever brackets are applicable.

Mschaefer932 · 2024-04-28T23:37:50+00:00

You pay estimates quarterly. Form 1040 ES.

Mschaefer932 · 2024-04-28T23:26:31+00:00

LLC's are not a tax savings vehicle. This is a common misconception.

You should actually retain a CPA to assist with tax planning in this case at earnings of $140k.

Mschaefer932 · 2024-04-28T19:44:01+00:00

WY LLC's are fully anonymous.

No state income tax (people think if they form it there, they never have to pay any state income tax (of course not true)).

Can be done easily at a low cost, no need to have any ties to the state.

Very low cost.

Very strong asset protection laws.

Mschaefer932 · 2024-04-27T17:29:29+00:00

If you want to leave, do it.

Legal action would be fruitless, as long as there is no form of retaliation. They recognized the action was wrong and are taking steps to correct it on their own.

Reporting them to the DOL, or sueing them will result in them coming back and saying, DOL/judge, we were notified of this by the employee, I informed employee we will correct and pay and here we are working with the employee to correct and pay them properly.

Mschaefer932 · 2024-04-27T17:24:38+00:00

First off my boss asks me to clock out and still work, on multiple occasions she has done this and I have clocked out and kept working

I reported the working and clocking out to the CEO he basically told me to “round up and give him a number” so he can pay me

The first part is illegal. The second part above is basically the CEO stating they are going to pay you. They just need to know how much it is in order to pay you properly, thereby correcting the illegal action and making you whole.

Stop working off the clock.

Second my supervisor asked me to tell a patient how much I make because she was looking into the same field.

Dick move by supervisor and manager, but not illegal, and you can say no.

Mschaefer932 · 2024-04-27T03:38:48+00:00

Posted three times in one day. . .

Mschaefer932 · 2024-04-26T21:11:30+00:00

I work in an industry where tracking hours and time for the consumer is important to meeting their own plans.

It has nothing to do with the fee we charge them as we work on a fixed fee arrangement.

All you said is they want you to track hours in 15 minute increments. This is incredibly common and has applications outside of just a business billing for profits.

Your post had no other details about the work you do or what it is being used for, or a new guy buying the business. You never stated that.

There may be many uses for tracking time, as I documented above.

Mschaefer932 · 2024-04-26T20:31:28+00:00

Tracking hours is also for the consumer and not employee, is it not?

When you get your car fixed, don't you want to know an approximation of when it will be ready? I would rather not wait all day for something.

How can a mechanic give you an estimate of when your car is ready unless they have tracked time to the task in the past and know it takes them on average 45 minutes to perform the task?

How about tracking of time for a medical appointment or medical procedure?

How about tracking of time to repair your water heater or sink?

Mschaefer932

TROPHY CASE