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…
Payroll
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…
Looks like AI won't be taking the place of all those vacant jobs after all. CEOs at bigger companies -- some who laid off a lot of people over the last eight months -- are chomping at the bit to…
The metropolitan areas where employers and employees want to settle are in flux this decade. COVID-19 accelerated the flexible on-site work routine for millions of people. And as companies insisted their people come back into the office, a company's location…
After several years of volunteer work, three individuals filed a lawsuit under the Fair Labor Standards Act (FLSA), saying they should have received paychecks. They'd been given benefits such as discounted golf for volunteering. But in their lawsuit, they claimed…
IRS recently made changes to Form 941. For one thing, a Spanish version of the federal tax form is now available starting with the first quarter of 2024. On February 28, 2024, IRS released final versions of the 941, Schedule…
Whether payroll professionals use the most current Excel in Microsoft 365 or an earlier version, they'll never find enough time to use all of the functions and shortcuts available to them. Even expert users of Excel will stumble upon a…
Before we get too far into the new year, double-check that all changes to state income tax rates and laws have been caught. Better for Payroll to uncover glitches as early as possible to avoid withholding and reporting headaches, especially…
State legislators and public interest citizen groups are pushing harder for minimum wage (MW) increases for next year and beyond. Recent evidence shows many businesses are responding in ways that will hurt, not help, workers in the long run. First…
With TY 2023 forms out the door, you may be thinking about next year-end and what changes you can expect on Form W-2. IRS posted the final version of the 2024 Form W-2 on its website in December of 2023.…
Federal and state courts hearing overtime pay disputes will always defer to the maxim that the employer must prove employees aren't subject to the OT they claim is owed. Unless an employee meets the salaried, "white-collar" exemption (executive, administrative, professional…
