Which Fair Labor Standards Act (FLSA) provision cost employers the most in back wages, according to the latest stats? If you guessed overtime, you'd be right -- by a long shot. Overtime was about five times costlier than the other…
Payroll
Less than six months ago, United Parcel Service (UPS) announced its full-time drivers would be paid $170K per year in salary and benefits after tough negotiations with the Teamsters union. Many in business cheered the news - UPS drivers are…
IRS just released guidance on a new type of emergency savings account, created under the Secure 2.0 Act of 2022. Employers can start offering pension-linked emergency savings accounts (PLESAs) in plan years that begin after December 31, 2023. By way…
Low-dollar-amount errors that appear on Form W-2 won’t lead to penalties. That’s the official word contained in final regulations from IRS. The law that prompted the IRS regs? The Protecting Americans from Tax Hikes (PATH) Act of 2015. Thanks to…
Don't be surprised if employees are smiling a bit more after their first paychecks of 2024 come in. Many workers will see a bump in their take-home pay as a result of revised IRS tax brackets. The Service raised limits…
Upwards of 10 million workers will see a bump in their paychecks in 2024. Twenty-two states hiked their minimum wage rates to help low-income employees make ends meet. The most generous state is Hawaii. The Aloha State is increasing its…
The Secure 2.0 Act of 2022 brought big retirement plan changes. But in spots, the wording wasn't clear, leading to uncertainty among plan sponsors and others. So, Congress is in the process of making some technical corrections. After first sending…
The 2024 tables for federal income tax withholding are now available, IRS said during a recent Payroll Industry Call. The Service posted the draft version of Publication 15-T, Federal Income Tax Withholding Methods, on November 20, 2023, and included the…
How much will employers have to pay for any penalties related to tax year 2023 forms, including W-2s and other information returns? We’ll review those numbers and also take a look at the numbers IRS recently released for tax year…
IRS released regs at the end of November, leaving retirement plan sponsors with just over a month to get their 401(k) plans up to speed. The regs pertain to long-term part-time employees’ eligibility to participate in 401(k) plans – starting…
As you're prepping to file Forms W-2 or Forms 1099 for TY 2023, you know it's tough to avoid all errors. So, it helps to be prepared to file corrections, too. By way of reminder, the deadline for submitting Forms…
If a poll of attendees of a recent IOFM webinar is any indication, it's going to be a very busy Form 1099 reporting season in 2024 for your team. More than half (57%) of the respondents expected to file at…
