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 […]
The Financial Accounting Standards Board (FASB) is calling on publicly traded companies to report employee compensation. And that’s not all. As we reported a few months back, FASB also wants public firms to report manufacturing and inventory expenses on their financial reports. The board unanimously (7-0) approved the disaggregation of income statement expenses (DISE) rule. […]
The Department of Labor’s independent contractor (IC) rule that went into effect on March 11 is forcing many businesses to triple-check they’re in full compliance. The rule helps to clarify gray areas in IC/employee determinations. Employers must follow a six-factor test in Labor’s rule to comply with the Fair Labor Standards Act. Classifying someone as […]
For most employers nationwide, the new salary threshold for who’s exempt from the federal overtime and minimum wage requirements took effect July 1, 2024. The legal challenges continue, though. Earlier in the year, three lawsuits had been filed in federal district courts, contesting the Department of Labor’s (DOL’s) final rule. The April 26, 2024, rule […]
