Pass it along to A/P: There are new IRS per diem rates for business travelers, effective Oct. 1, 2023 through Sept. 30, 2024. Notice 2023-68 announced the special IRS per diem rates, which you can use to substantiate the amount of expenses for lodging and meals and incidental expenses (M&IE) for your road warriors. While […]
Most employers give out annual pay raises, according to a new survey. However, the increase isn’t enough to keep up with inflation. The survey, Getting Paid in America, is released each year by PayrollOrg (formerly the American Payroll Association). In this year’s survey, 68.70% of the respondents answered yes, when asked if they receive annual […]
Now more than ever, businesses should be prepared to understand and handle union contracts. The reason? A new ruling from the National Labor Relations Board (NLRB) just paved the way for employees to unionize without an election. According to the NLRB’s decision in Cemex Construction Materials Pacific, LLC, when a union requests recognition based on […]
IRS has given employers two extra years to implement a Secure 2.0 Act provision that’s bringing tax changes for certain retirement plan catch-up contributions. Section 603 of the Secure 2.0 Act says that if employees whose wages exceed $145K in the preceding year want to make catch-up contributions to their employer-sponsored retirement plan, the contributions […]
A proposed change to overtime eligibility by the Department of Labor is causing a fair share of angst for many employers. Companies in the manufacturing and retail sectors will be impacted most. The Biden administration is calling for a roughly 50% hike to the annual salary threshold for OT eligibility – from the current $35,568 […]
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup withholding or fielding calls from unhappy vendors about the reduced payments. It should come as no surprise that the Service is monitoring what you’re doing with the Form 1099 series. If a […]
It’s not a coincidence that National Payroll Week is always the same week as Labor Day. This year, it’s September 5-9. In an interview, 40-year payroll industry veteran James Paille, CPP, and the director of compliance for IRIS Software Group, said that National Payroll Week is just as much of a celebration of labor and […]
The requirements for paying the prevailing wage under federal law have been slowly expanding for decades, but now, updated regs have brought marked changes. The Department of Labor (DOL) issued a final rule on August 23, 2023, revising the regs under the Davis-Bacon and Related Acts (DBRA). According to the DBRA, employers doing construction work […]
If you’re like most employers, you offer paid holidays. But how about paid floating holidays? As we head toward year-end, consider your company policy on this. Floating holidays can be a bit of a misnomer – they may have more in common with paid time off than with standard paid holidays, such as Thanksgiving Day. […]
