If any employees sustain injuries and can’t work, your company may end up compensating them. If so, take the time to double-check entries on Form W-2. Payments to injured employees may be taxable or nontaxable income based on various factors.…
Payroll
Heads up: Two pieces of legislation would provide more health savings account (HSA) flexibility for employees, increasing the value of this benefit. On September 28, 2023, the House Ways and Means Committee approved both bills. Here are some highlights from…
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…
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…
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…
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…
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…
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,…
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…
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…
Businesses will be able to get new hires on the payroll more quickly, now that inspecting Form I-9 documents remotely has been given the green light. The new procedure took effect August 1, 2023. You may recall that during the…
Be sure your company gets the latest version of Form I-9. The new edition went into circulation on August 1, 2023, with its use required shortly after that. In fact, the last day you can use the old form is…
