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Compensation & Benefits

Two last-minute laws ease 1095 reporting

12/19/2024
Two laws combined will ease your health-care information reporting responsibilities. The president has indicated he will sign them. These two laws become effective for Forms 1095-C required to be furnished to employees after Dec. 31, 2024.

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.

Roundup: SECURE 2.0 provisions becoming effective in 2025

12/10/2024
We’ve written 10 blogs so far on the challenges associated with implementing SECURE 2.0. Most of these provisions become effective with either the 2025 calendar year or plan year. Today we’re providing general descriptions of these provisions so you can have them in one handy place.

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.