Payroll professionals may assume that complying with IRS regulations is enough to keep their companies out of trouble. That’s not the case — there are a number of requirements under the Fair Labor Standards Act (FLSA) enforced by the Department of Labor (DOL) that companies need to stay on top of, too. IRS guidelines overlap […]
Employers may offer caregiver navigation services, helping workers find vital resources. For finance pros, that raises questions about employment taxes. IRS has provided recent guidance that’ll put your mind at ease if your company offers or is considering offering this fringe benefit. The guidance came in Fact Sheet 2024-13. Caregiver navigation services – sometimes called […]
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Excel spreadsheets that contain currency like an income statement or a balance sheet can be difficult to organize. The numbers, decimal places and dollar signs don’t always line up, which leads to a very […]
IRS has announced some inflation-adjusted dollar amounts you’ll need if your benefits package includes tax-favored health plans. For starters, in 2025, employees will be able to contribute more to their health savings accounts (HSAs) without worrying about federal income tax. IRS provided all the details in a recent revenue procedure. Increases coming next year An […]
The higher overtime salary threshold that kicks in on July 1 will affect a million-plus salaried exempt employees. And it’s good news for many folks — inflation is taking a bigger bite out of everyone’s paycheck and companies are scaling back pay raises and bonuses. Behind the scenes, many employers will be scrambling to adjust […]
Ever-growing postage rates are driving companies to digitize as much as possible. A record-high rate hike set for July 14 is going to impact companies that rely on the mail to do business. The U.S. Postal Service (USPS) announced it will be raising the cost of a first-class postage stamp from 68 cents to 73 […]
Believe it or not, more than 80% of workers like their employers’ Paid Time Off (PTO) packages. But that doesn’t stop a surprising percentage of workers from abusing it. Thirty-seven percent of Millennials (workers in their late 20s, 30s and early 40s born between 1981-96) take PTO “without communicating it to their manager and/or employer,” […]
What’s the maximum you’ll pay per employee in Social Security tax next year? The taxable wage base estimate has been released, providing you with key numbers. According to the intermediate projection issued in a May 2024 report, the Social Security taxable wage next year will be $174,900. That’d be a $6,300 increase from the current […]
IRS gave an update on several initiatives that have been in the works longer than expected. The Service’s latest goals are contained in the second quarter update to the 2023-2024 Priority Guidance Plan, released March 18, 2024. Here are a few highlights: Retirement Plan Changes from IRS On February 27, 2023, the Service released proposed […]
