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…
Payroll
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…
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…
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…
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.…
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…
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…
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…
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…
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…
Not all companies handle payroll records the same way. Firms may keep data in multiple systems -- payroll, HR, timekeeping and the general ledger. There's no one-size-fits-all rule for everyone. Same goes for ditching payroll records that aren't required by…
The Department of Labor (DOL) has released its final overtime rule, bringing mid-year changes and a higher-than-expected salary level increase. It'll happen in two phases. First, by July 1, 2024, executive, administrative and professional employees will need to earn at…
