IRS Releases Adjustment HSA Amounts for 2025
In Rev. Proc. 2024-25, the IRS made changes for health savings accounts for 2025. The maximum annual HSA contribution is: $4,300 for an eligible individual with self-only coverage. $8,550 for family coverage. HSAs are used on conjunction with a High Deductible Health Plan. The 2025 maximum annual out-of-pocket amount for HDHP self-only coverage is $8,300. […]
Ransomware Is Targeting Small Businesses
During the pandemic, data breaches disproportionately affected smaller companies; they were targeted at twice the rate of larger businesses. Since the pandemic, those same smaller companies have been struggling with COVID-19 fallout ranging from supply and labor shortages to bouts of inflation. All those preoccupations have left them more vulnerable to ransomware attacks. Enemy at […]
Recordkeeping for Tax Purposes
Any recordkeeping system that suits you and your company and clearly shows your income and expenses is OK with the IRS. It’s the business you’re in that affects the type of records you need to keep for federal tax purposes. And for how long should you keep records? For as long as needed to prove […]
Creating an Equitable Compensation Plan
Compensation comprises such elements as wages or salaries, benefits, union perks, employer-provided vendor discounts, work flexibility and paid time off. A company’s compensation plan can promote employee engagement, performance and career development; thus, a thoughtful compensation plan boosts recruitment and retention efforts. Compensation is tied to critical business elements, including: Business goals and budget Industry […]
Steps to Take When an Employee Leaves
There are many reasons why employees quit: They feel their salary is too low. They don’t see a clear career track or professional development opportunities. They want more flexibility at work and in their personal lives. They don’t feel valued or appreciated for their efforts and skills. How you respond when someone quits makes a […]
Major Overtime Change Will Deeply Affect Employers
According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to […]
Exciting Changes For CPS
“By staying abreast of the latest payroll trends, technology, and legislation, we continue to improve ourselves, our service, and our clients.†This sentence comes straight from our mission statement and is what I always have on my mind when making any decisions that affect our clients. We recently completed a thorough evaluation of our payroll […]