A recent court case is a reminder to confirm that you’re using an IRS-designated private delivery service. Otherwise, your mailing may be late. And even one day late is still late. One company had to deal with the fallout from that fact recently. Following an audit, IRS issued a notice of employment tax determination to […]
It’s time for updates: Higher federal per diem rates for business travel have been released by the General Services Administration (GSA). The rates cover business travel occurring between October 1, 2024, and September 30, 2025. These per diem rates can be used to reimburse employees for expenses incurred when traveling within the continental United States […]
A limited-time use of educational assistance programs is scheduled to expire soon. IRS recently provided details about this fringe benefit. As explained in IR-2024-227, an employer may make payments of up to $5,250 per year toward an employee’s student loans through the end of 2025. The payments can be made to the employee or the […]
To prevent tax levies, employees may enter into voluntary agreements with IRS to repay what’s owed. That means Payroll may end up withholding from their wages. The form that an employee would fill out – Form 2159, Payroll Deduction Agreement – has recently been revised. Here’s a look at what’s changed since the last IRS […]
So is the long-predicted recession near — or here already? Depends on who you ask. The traditional bellwether of a recession, gross domestic product (GDP), says it’s not. After all, GDP grew by 2.8% in the 2nd quarter of 2024, a marked improvement over Q1. But 60% of Americans emphatically say “yes” — the current […]
Many paycheck-advance products, such as earned-wage access, are consumer loans, the Consumer Financial Protection Bureau (CFPB) recently stated. Under a proposed interpretive rule released July 18, 2024, the CFPB also announced the Truth in Lending Act and Regulation Z would apply to these consumer loans. If finalized, the rule would replace a 2020 CFPB advisory […]
Earlier this year, actor Tom Hollander — famed for his role as Cutler Beckett in the Pirates of the Caribbean franchise, in addition to other films and TV shows — revealed he mistakenly received a “seven-figure” paycheck belonging to the similarly named (albeit more famous) Tom Holland, aka The Avengers era Spider-Man. While it’s no […]
A North Texas company made a very expensive mistake. It misclassified workers as contractors and didn’t pay them for overtime put in. The Department of Labor’s (DOL) wage & hour division determined that 430 heating, ventilation and air-conditioning (HVAC) technicians got stiffed by C&G HVAC, a contracting company in Dallas. DOL estimated the workers lost […]
Businesses that utilize the ACH network for banking should know that Nacha has amended its operating rules. A new format for the Company Entry Description field must be used by March 20, 2026. Nacha says that’s a “no later than” effective date, and originators can use the new descriptions as soon as is practical. There […]
