Several types of earnings would no longer be taxable for income tax purposes, according to plans put forth by President Trump. In his address to a joint session of Congress on March 4, 2025, Trump called for tax cuts that…
Payroll
The IRS recently issued updates affecting semiweekly tax depositors. Specifically, the Service pushed back two due dates for making deposits through the Electronic Federal Tax Payment System (referred to as EFTPS) and other electronic funds transfer methods. Here’s what the…
With tax year 2024 Forms W-2 out the door, it’s time to turn your attention toward the changes IRS has made for TY 2025 forms. The IRS released final versions of Form W-2 and Form W-3 for 2025 on January…
Wage bases for 2025 have rolled out across the country. You can ensure you're accurately withholding for unemployment insurance (UI) tax. Take a moment to double-check the information for your state. While most states with changes have increased their wage…
After President Biden issued an executive order saying all federal departments and agencies would be closed on Jan. 9, 2025, employers wondered if the date would have the same impact as a federal holiday. Would banks be open -- or…
Beware of auto pilot when issuing expense reimbursement checks to employees. Some, or all, of the money may technically be wages instead. Says who? The DOL. New guidance from the agency sheds light on a common scenario businesses face: Employees…
If you have employees who drive personal vehicles for work or employer-provided vehicles, check out these IRS mileage and other transportation updates for 2025. First, IRS said in a recent notice that the business standard mileage rate for 2025 is…
When Congress passed the Tax Cuts and Jobs Act (TCJA) of 2017, the expiration date for some of the provisions seemed far off. Now, the date is imminent. Problem is, it's unclear if the provisions will end when originally planned…
The DOL has begun to roll out its Retirement Savings Lost and Found. It'll be populated with information from plan sponsors and administrators. The Secure 2.0 Act required the DOL to get the database up and running by the end…
A federal district court overturned the overtime rule that would have raised the minimum salary level for exempt employees on January 1, 2025. What’s more, an increase that already took effect on July 1, 2024, has been vacated. So, the…
When a natural disaster hits, you'll be focused on ensuring your people and property are safe. Details like tax deadlines may not be top of mind. So, if there's any uncertainty about how much time you have to make deposits…
Employees who want to set aside more money for retirement in 2025 will be able to do so. The IRS recently announced retirement plan increases, putting your year-end prep in high gear. The 401(k) plan salary deferral limit will inch…
