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 salary threshold for executive, administrative and professional (EAP) exempt employees has dropped back down to […]
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 and submit reports, that’s going to make recovery efforts more challenging. In a new report, […]
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 up to $23,500 (currently $23,000). How about the salary deferral limit for 403(b) plans and […]
The IRS has updated its specs for e-filing Form 1099. If you’re using any independent contractors, you’ll need this info as you head into year-end. This latest round of updates was contained in Publication 1220. The publication contains pertinent details for e-filing more than just Form 1099. You’ll also want to get up to speed […]
The amounts you can exclude from an employee’s gross income for certain fringe benefits will increase for 2025, IRS announced. As you know, fringe benefits are generally subject to income tax withholding as well as Social Security and Medicare taxes, unless they meet IRS requirements for exclusion from income. And for many fringe benefits, the […]
Time to update your systems: SSA has announced the 2025 Social Security taxable wage base. Next year’s number will increase to $176,100 – that’s $7,500 more than the current amount of $168,600. So, the official projection released earlier this year ($174,900) was slightly low, although not too far off. The Social Security tax, as set […]
IRS announced new per diem rates for business travel, effective October 1, 2024. Employers can use these rates through September 30, 2025. Notice 2024-68 contained the IRS per diem rates, which you can use to substantiate the amount of expenses for lodging, and meals and incidental expenses (M&IE) for your road warriors. While not mandatory, […]
A recent court case is a reminder to confirm that you’re using an IRS-designated private delivery service. Otherwise, your mailing may be late. And even one day late is still late. One company had to deal with the fallout from that fact recently. Following an audit, IRS issued a notice of employment tax determination to […]
It’s time for updates: Higher federal per diem rates for business travel have been released by the General Services Administration (GSA). The rates cover business travel occurring between October 1, 2024, and September 30, 2025. These per diem rates can be used to reimburse employees for expenses incurred when traveling within the continental United States […]
