So is the long-predicted recession near -- or here already? Depends on who you ask. The traditional bellwether of a recession, gross domestic product (GDP), says it's not. After all, GDP grew by 2.8% in the 2nd quarter of 2024,…
Payroll
Many paycheck-advance products, such as earned-wage access, are consumer loans, the Consumer Financial Protection Bureau (CFPB) recently stated. Under a proposed interpretive rule released July 18, 2024, the CFPB also announced the Truth in Lending Act and Regulation Z would…
Last year, actor Tom Hollander — famed for his role as Cutler Beckett in the Pirates of the Caribbean franchise, in addition to other films and TV shows — revealed he mistakenly received a “seven-figure” paycheck belonging to the similarly…
A North Texas company made a very expensive mistake. It misclassified workers as contractors and didn't pay them for overtime put in. The Department of Labor's (DOL) wage & hour division determined that 430 heating, ventilation and air-conditioning (HVAC) technicians…
Businesses that utilize the ACH network for banking should know that Nacha has amended its operating rules. A new format for the Company Entry Description field must be used by March 20, 2026. Nacha says that’s a “no later than”…
The Financial Accounting Standards Board (FASB) is calling on publicly traded companies to report employee compensation. And that's not all. As we reported a few months back, FASB also wants public firms to report manufacturing and inventory expenses on their…
The Department of Labor's independent contractor (IC) rule that went into effect on March 11 is forcing many businesses to triple-check they're in full compliance. The rule helps to clarify gray areas in IC/employee determinations. Employers must follow a six-factor…
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…
Some payroll staffers 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…
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.…
