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Compensation & Benefits

More flexibility for 401(k) matching funds? IRS open to applying them to other expenses

12/18/2024
For many employees, access to an employer-sponsored 401(k) retirement plan is one of the most highly prized benefits. Employers often match employee contributions up to a certain percentage of an employee’s annual salary, essentially doubling that employee’s contribution towards retirement. But younger employees tend to leave some of that free money on the table because they can’t afford to contribute their share.

How to handle 401(k) excess deferrals like a pro

12/18/2024
Employees are often advised to max out their 401(k) contributions up to the annual pretax limit ($23,500 for 2025). But contributing too much can have an unintended side effect: Your plan can be disqualified. The IRS has posted an issue snapshot for its 401(k) plan auditors on excess deferrals. You can use it to ensure excess deferrals are corrected expeditiously.

In the Payroll Mailbag: January ’25

12/18/2024
Employee or independent contractor? … Gift boxes of pricey food: Taxable or not?

IRS can do better with scanning payroll returns

12/18/2024
Many employers continue to file their Forms 941 and 940 on paper because the IRS’ e-filing system is cumbersome and expensive. Paper forms are prone to transcription errors, as IRS personnel manually input your figures into computers. In a recent report, the Treasury Inspector General for Tax Administration concluded the IRS needs to do a better job of scanning tax returns.

Jan. 31 is Have Fun at Work Day (only joking)

12/18/2024
Year-end isn’t a barrel of laughs. But cheer up! There is light at the end of this tunnel if you check off these final items from your to-do list by Jan. 31.

Raise your paw if you’re on board with this new benefit

12/16/2024
The New York City Council is considering legislation that would allow employees who work in the city to take paid leave to care for their sick or injured pets.

DOL appeals overtime decision and injunction

12/09/2024
The Department of Labor has appealed a ruling by a federal judge in Texas that overturned the Biden administration’s rule that would have made some 4 million more white-collar workers eligible for overtime pay.

Here come the new state employment laws for 2025

12/06/2024
States are emerging as prime sources of new employment-related laws. Here is a sampling of new laws scheduled to go into effect on Jan. 1, 2025, or soon after.

A hard day’s work deserves a fair day’s pay

12/05/2024
It sounds Dickensian—some employees with disabilities working under so-called Section 14(c) certificates earn $1 or less an hour. The Department of Labor wants to end this practice. New proposed regulations would, if finalized, phase out these certificates, so employees with disabilities would need to be paid at least the minimum wage.

DOL research shows nationwide paid family and medical leave could reduce poverty

12/02/2024
According to the Urban Institute, the adoption of national paid family and medical leave providing workers up to 12 weeks to care for themselves or a loved one could mean 97% of workers are eligible for benefits.