PayrollOrg

MAY 8, 2023

In this edition of May 2023 Compliance TV: IRS Data Affirms Payroll's Vital Role in Nation's Tax System; SSA Releases Tax Year 2023 W-2 Electronic Filing Specs; IRS Said 2024 Form W-2 Will Not Be Redesigned; DOL Publishes Report on UI Trust Fund Solvency, and more.

Taxes 80

Taxes Payroll Electronics 80

AssuredPartners

SEPTEMBER 11, 2023

Set to begin on January 1, 2024, employers covered under the new law certain employers located within designated Illinois counties and townships, as discussed further below will be required to provide a pre-tax commuter benefit allowing covered employees to utilize pre-tax dollars to purchase a transit pass via a payroll deduction.

Taxes 52

Taxes Transportation Deductions Deductible 52

Professionals Alternative

NOVEMBER 8, 2023

[link] Navigating the Job Market: The Invaluable Impact of 3+ Years of Payroll Proficiency The Importance of Payroll Proficiency in Today’s Job Market In today’s competitive job market, job seekers are constantly looking for ways to stand out and secure their dream job.

Payroll 52

Payroll Payroll Manager Taxes Overtime 52

PeopleStrategy

JANUARY 17, 2024

With 2024 being a leap year, the return of Feb. Leap year impacts payroll, taxes, and benefits, all of which your payroll platform and other support services should be set up to handle. Leap year impacts payroll, taxes, and benefits, all of which your payroll platform and other support services should be set up to handle.

Payroll 52

Payroll Payroll System Deductions Deductible 52

HR Lineup

NOVEMBER 24, 2023

In this article, we will delve into the ten best HR compliance software tools in 2024, providing an in-depth analysis of their features and capabilities. Top 10 HR Compliance Software in 2024 1. It covers a wide range of compliance aspects, including payroll , taxes, and employee documentation.

Software 74

Software Human Resources Healthcare Retirement Plan 74

Employee Benefits

FEBRUARY 14, 2024

A February 2023 report by global HR and payroll firm Remote showed that hybrid and remote workers are least likely to look for new roles (38%), compared to in-office workers (43.7%). The post Kerry Hudson: Change in flexible-working arrangements for 2024 appeared first on Employee Benefits. of the new employee’s salary.

Consulting 110

Consulting Payroll Salary Recruitment 110

PeopleStrategy

DECEMBER 12, 2023

People like HSAs in part because of their triple tax advantage. Contributions, interest and earnings, and amounts distributed for qualified medical expenses are all exempt from federal income tax, Social Security/Medicare tax and most state income taxes.

401(k) 52

401(k) Overtime Health Savings Account Retirement Plan 52

InterWest Insurance Services

JUNE 8, 2023

for 2024, the largest increase ever, brought to you by inflation. Here are the changes coming in 2024: HSA annual contribution limit Self-only plan: $4,150, up 7.8% Here are the changes coming in 2024: HSA annual contribution limit Self-only plan: $4,150, up 7.8% You are not taxed on withdrawals.

Deductions 52

Deductions Deductible Health Savings Account Medical 52

Employee Benefits

DECEMBER 19, 2023

Outgoings can then be divided into fixed costs which have to be paid such as mortgage, rent, council tax, energy and water, and then those which you may be able to cut back on such as supermarket shopping, monthly contracts for TV, subscriptions and other spending. Many employers offer payroll-deducted savings schemes for effortless saving.

Finance 104

Finance Banking Pension Insurance 104

InterWest Insurance Services

DECEMBER 7, 2023

The IRS recently announced that the annual contribution limit for flexible spending accounts will rise to $3,200 in 2024, up $150 from this year. The annual limits on HSA contributions in 2024 are $3,850 for individuals and $8,300 for families, both up more than 7% from 2023’s limits. That’s up $30 from this year.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Pharmaceutical Health Savings Account 98

cipHR

OCTOBER 14, 2022

The announcements made in the mini-budget had a significant impact on payroll calculations, in an already unusual year. We have a further mid-year change to national insurance (NI) with impact for employers, employees, payroll suppliers and HR and payroll teams. Income tax changes. IR35 reforms changes.

Payroll 52

Payroll Outsourcing Payroll Taxes Government 52

APA Congress Today

APRIL 2, 2024

Veteran Congress-Goer Tells How to Prepare Before, During, After The 42nd Annual Payroll Congress in Nashville, Tennessee, is the premier event for payroll professionals to learn, network, and let off some steam. Veteran Payroll Congress-goer Jennifer Andrews, CPP, Payroll and Tax Manager at SMS Holdings Corp.,

Payroll 52

Payroll Payroll Manager Utilities Taxes 52

Business Management Daily

MARCH 23, 2023

Constructive receipt is a tax timing rule requiring you to withhold taxes when employees’ pay is set aside for them to access without restriction, regardless of when they are actually paid. Included for the second time in the administration’s budget are new payroll tax rules governing on-demand pay. SECURE 2.0,

Construction 52

Construction Payroll 401(k) Banking 52

Business Management Daily

SEPTEMBER 1, 2023

Beginning with catch-up contributions to be made next year, employees whose Social Security wages (W-2, Box 3 wages) exceed $145,000 this year can make catch-up contributions on a Roth, after-tax basis only. And then there’s the teeny, tiny glitch of Congress dropping the section of the tax code allowing any catch-up contributions.

401(k) 97

401(k) Taxes Payroll Software Payroll 97

Employee Benefits

JANUARY 24, 2024

Crypto currency is subject to income tax when an employee receives it but could also incur a capital gains tax charge if they hold it for more than 30 days. The growth of digital and micro payments over the next 10 years could see crypto currency become more common in pay strategies, especially for incentive schemes and global payroll.

Global Payroll 105

Global Payroll Employment Taxes Pension 105

Employee Benefits

NOVEMBER 22, 2023

Class 1 national insurance contributions (NICs) will be cut to 10% from 6 January 2024. According to the government, which announced the move in the Autumn Statement, this means the average worker earning £35,400 will receive a tax cut in 2024-25 of more than £450. From next year, employees will pay 10% and 2% respectively.

Insurance 59

Insurance Pension Taxes Salary 59

Employee Benefits

FEBRUARY 27, 2024

With the end of the tax year fast approaching, there is still time for individuals to take full advantage of their £20,000 ISA allowance. This makes it more important than ever to ensure that any savings that people can make, are as tax efficient as possible. The ISA allowance for 2023/24, which ends on 5th April 2024 is £20,000.

Taxes 52

Taxes Pension Payroll Employee Benefits 52

Insperity

OCTOBER 10, 2023

This enables workers to pay taxes up front on the funds they contribute, and then grow and withdraw these larger funds at a later date tax free. Starting in 2024, employees’ annual contribution limits to some SIMPLE 401(k)s or IRAs will rise. Act, such as adapting payroll and record-keeping systems. The SECURE 2.0

401(k) 109

401(k) Retirement Plan Taxes Benefits Package 109

Business Management Daily

DECEMBER 20, 2021

Most of the provisions in the Finance Committee’s release aren’t payroll -related. Like the House’s version of the BBB, paid leave would start in 2024 and would be administered by the Social Security Administration. The BBB—the budget reconciliation bill—already passed the House. The provisions will change for a couple of reasons.

Payroll 52

Payroll Paid Leave Finance Transportation 52

Proskauer's Employee Benefits & Executive Compensa

MARCH 16, 2023

In the wake of the recent news of bank failures, businesses—and their investors—are rightly concerned about the implications of a missed or delayed payroll. Obligation to Make Payroll Under federal and most state laws, employers have both timing-of-pay and frequency-of-pay obligations.

Banking 52

Banking Payroll 401(k) Health and Welfare 52

Benefits Notes

AUGUST 29, 2023

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

Employee Benefits

MAY 1, 2024

These new rules will apply to any pregnancies notified to the employer on or after 6 April 2024 and, in respect of the additional protected period after the end of maternity leave, to leave ending on or after 6 April. The Carer’s Leave Regulations 2024 brings this into force.

Parental Leave 64

Parental Leave Employment Payroll Employee Benefits 64

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

Assurance Agency

AUGUST 23, 2023

The TBPA requires these employers to offer covered employees the opportunity to participate in a tax-free commuter benefit program according to the federal IRS rules found in §132(f). While pre-tax transit programs have been around for several years, not all employers are familiar with the details of how these programs work.

Deductions 52

Deductions Deductible Transportation Taxes 52

CorpStrat

JANUARY 22, 2024

As we settle into 2024, many teams have recently renewed their Employee Benefits plans. Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs) These accounts can be used for various health-related expenses, offering tax advantages and helping your employees save money.

Employee Benefits 52

Employee Benefits Flexible Spending Account Health Savings Account Flexible Spending 52

Business Management Daily

AUGUST 30, 2023

Unlike traditional 401ks, Roths are not tax-deferred. With Roth accounts, employees pay taxes on their retirement contributions in their regular paycheck. Sutton’s reasoning … tax math. With pre-tax deferral accounts, a person pays taxes on the entire balance of their account in retirement. “If

Retirement Plan 52

Retirement Plan 401(k) Taxes Utilities 52

Employee Benefits

DECEMBER 6, 2023

The additional burden on employers and payroll providers would be significant, with errors in contributions and general administration inevitably increasing. The consultation on this and other measures closes on 24 January 2024. Monitoring and enforcement by HMRC and the Pensions Regulator would also become more complex.

Pension 111

Pension Consulting Insurance Government 111

Business Management Daily

MAY 9, 2024

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

Payroll 52

Payroll 401(k) Taxes Retirement Plan 52

Employee Benefits

MARCH 17, 2023

Following much speculation around what the Budget would have in store for pensions tax relief, Chancellor Jeremy Hunt went further than expected, abolishing the lifetime allowance limit on tax-free pension contributions, as well as increasing the annual allowance from £40,000 to £60,000. appeared first on Employee Benefits.

Pension 59

Pension Taxes Government Payroll 59

Business Management Daily

JANUARY 5, 2023

Congress has chosen to pay for it by mandating that plans offering certain 401(k) features, like catch-up contributions, be made on an after-tax, Roth basis. Every mention of the word “Roth” will require significant adjustments to your payroll system to accommodate after-tax withholding. Tax credit for start-up costs.

401(k) 52

401(k) roth 401(k) Taxes Deductions 52

Employee Benefits

MARCH 6, 2024

Analysis by the Living Wage Foundation, Employee jobs paid below the real living wage 2023, published in February 2024, found that 3.7 in London), employees aged 21 plus will, from 1 April 2024, receive £11.44 For a low-paid employee who never has to claim, this simply equates to a higher tax bill,” he explains.

Bonuses 64

Bonuses Life Insurance Insurance Payroll 64

Snell & Wilmer Benefits

JUNE 23, 2023

Participants can elect whether to make catch-up contributions on a pre-tax and/or a Roth basis. As of January 1, 2024, SECURE 2.0 Employers should be working with their recordkeepers and their payroll providers to ensure that they understand the impact of this change and are making the system changes necessary for implementation.

Retirement Plan 52

Retirement Plan Taxes Payroll Employment 52

Higginbotham

JANUARY 12, 2024

These setups can often provide substantial tax benefits as well. Taxes: Withdrawals are not typically subject to income tax, and contributions may be tax-free as well. This can reduce the income taxes that employees owe. While employers are not required to offer HSAs, FSAs or HRAs, many choose to do so.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Employee Benefits

JANUARY 31, 2024

Close Brothers Asset Management’s January 2024 report Spotlight on UK financial wellbeing found that only half of UK employers have a financial wellbeing strategy for their employees, despite the continuing cost-of-living crisis. Implementing financial wellbeing services that include education and coaching is cost-effective.

Pension 64

Pension Finance Education Taxes 64

Employee Benefits

NOVEMBER 17, 2022

The move is part of the government’s attempts to reach a national living wage rate of two-thirds of median UK earnings by 2024. ” Alan Price, chief executive officer (CEO) of BrightHR, said: “Employers should work with HR and payroll teams to implement the change and communicate it with the wider workforce.

Government 105

Government Commissions Consulting Payroll 105

Business Management Daily

FEBRUARY 23, 2023

The regs will be published in tomorrow’s Federal Register and apply to information returns you’re required to file beginning in 2024. Example: In 2024, Sparky files 12 Forms 1099-NEC on paper, but it should have e-filed all of those returns. The IRS has finally released these regs, and they contain a couple of surprises.

Electronics 52

Electronics Taxes Education Software 52

Business Management Daily

JANUARY 17, 2024

With so many small businesses planning to hire remote workers in 2024, now is a great time to build a comprehensive digital onboarding process for your business. If it’s your first time hiring someone in a new state, this research and preparation process will be a bit more time-consuming for the human resources team.

Payroll 59

Payroll Payroll System Taxes Banking 59