Heads up: You may need to ask to see certain employees' Form I-9 documents, even if they were hired several years ago. That's because the flexibility employers had due to COVID-19 will disappear this summer. After multiple extensions of the…
Payroll
The Department of Labor (DOL) has been planning for over a year to revise its overtime exemption regs, with May as its latest deadline. So is the rule imminent? We'd all like to know. After all, if the salary threshold…
Nobody really wants to dock an employee's pay. But sometimes, it's the only step you can take for the sake of your company's bottom line - and in many cases, the person's continued employment. When it comes to docking an…
IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Federal tax filings and tax payments originally due starting April 12, 2023, have been postponed until August 15,…
You can't just sit on forfeited retirement plan funds. But what options do you have? IRS has proposed regulations that'll provide clarity for employers. It's a common situation: A business makes employer contributions to a retirement plan it sponsors, but…
Year-end may seem a long way off, but some changes related to Form W-2 may require your attention now. For example, the Social Security Administration (SSA) and IRS have made recent announcements about the form for TY 2023. Here are…
Due to new IRS regs, employers will be subject to stricter e-filing requirements in 2024. Find out what's coming and check out the list of forms. When the Service released final regs on February 23, 2023, it came as a…
It's no surprise that a medical expense like a dental exam can be paid or reimbursed under an HSA, but what did IRS recently say about nutritional supplements? New guidance released March 17, 2023, sheds light on medical expenses related…
What's contained in the federal budget proposal for FY 2024? For one thing, certain businesses would pay a higher income tax rate under the plan. In fact, the rate would jump from 21% to 28% for C corporations. The Treasury…
One business that claimed a research tax credit ended up with a tax penalty instead. The company fought back in court, but the situation didn't end well. The shipbuilding company had claimed the tax credit, found in Internal Revenue Code…
The U.S. Supreme Court has reached a decision in the case of a highly compensated employee who sued his employer for unpaid overtime. In Helix Energy Solutions Group Inc. v. Hewitt, the court said that although the employee earned more…
For employees on reduced schedule FMLA leave, 12 workweeks will get converted into days, hours or minutes. But that can trip up employers, new guidance shows. The Department of Labor (DOL) just released an opinion letter focused on reduced schedule…
