Should You Up Your 401(k) Matching Contribution?
As an employee, a higher 401(k) plan match rate can translate into more free money in your retirement account. A shorter vesting schedule can mean quicker ownership of your employer’s contributions — your retirement account balance is all yours, even if you were to leave the company for a new job. Adding the maximum amount […]
Keep Calm and Carry On Under Fire
Usually, serious crises pose threats and embody an element of some surprise stemming from unique or unanticipated events. Although the probability of occurrence may be rare, the resulting impact can be immense. The art of crisis management involves managing, preparing for, limiting and mitigating damage. It calls for prompt and resolute actions driven by swift […]
IRS Announces Mileage Change For 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged […]
IRS Announces Retirement Plan Changes
Your max contributions to 401(k) plans for 2025 increase to $23,500, up from $23,000 for 2024, according to the IRS. The tax agency also issued technical guidance regarding cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2025. The limit on annual contributions to an IRA remains $7,000. The […]
Payroll: Deadlines Are Key
Simple payroll errors are avoidable, but if you don’t pay attention, you could end up facing consequences that cost thousands of dollars in compliance penalties. Not only that but you might have to deal with unwanted attention on both you and your payroll department. To mitigate the risks and minimize unfavorable outcomes, pay attention to […]
Form I-9 Basics
Form I-9 has been modernized, allowing E-Verify employers to remotely examine I-9 documents. All U.S. employers must complete Form I-9 for everyone hired — citizens and noncitizens alike. On the form, employees attest to their employment authorization, presenting acceptable documents as evidence of identity and said authorization. Employers examine the documents to see that they […]
How Often to Pay Employees
What pay frequency works best for your business and your employees? To choose the right schedule, consider employee satisfaction, legal compliance and your own cash flow. Also think about time commitment and money in terms of the number of payrolls you run each month. Let’s look at how each pay frequency works: Weekly — Employees […]
Consider the Best Payroll Methods for Your Staff
The ways to pay employees — especially as money continues moving into the digital sphere — have proliferated. You have options. Choose the one that best fits your business. You may want to peruse the different methods to see which makes the most sense for your business in terms of costs and employer responsibilities. Consider […]
Earned Wage Access: What’s the Story?
On the surface, earned wage access is a simple, effective employee benefit; for a small fee — typically less than $5.00 per transaction — employees can access a portion of their paycheck before their actual payday. Many workers have minimal savings in the event of an emergency, and EWA can be a far less expensive […]