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Payroll

‘Anyway’ is an adverb, not a category of business expenses

10/16/2024
“Anyway expenses” aren’t a category of deductible business expenses. A business owner who billed himself as a tax expert peddling these “anyway expenses” and other dubious tax-avoidance strategies met his match when the Tax Court disallowed the vast majority of his expenses.

Social Security wage base increases to $176,100 in 2025

10/10/2024
The 2025 taxable wage base for the Social Security portion of FICA increases to $176,100, the Social Security Administration announced this morning. This is a 4.44% hike over the 2024 wage base of $168,600.

Baseball wildcard series Friday wrap: Federal contractor employees get raises, time is running out for 2023 1040s, disaster relief and more

10/04/2024
Raises for federal contractor employees, 2023 1040 deadline approaching, new CAF number process and more in the first wrap of October.

The ERC this week: A larger appeals window to dispute claim disallowances

09/24/2024
You now have two years, instead of the typical 30 days, to file an administrative appeal disputing the IRS’ disallowance of your ERC claims. This extension of time responds (sort of) to the National Taxpayer Advocate’s most recent criticism of the IRS’ handling of ERC claims. But weigh your options carefully: The IRS can’t issue a refund beyond this two-year period.

10 low-cost communication tips to start open enrollment right

09/23/2024
With benefits election open-enrollment season looming at organizations across the country, make sure you avoid the mistake too many employers make: plopping a benefits booklet in front of employees and telling them to figure it out. That just doesn’t work anymore. Benefits have become too complex for employees to figure them out on their own. Here are 10 ways you can do a better job of communicating with your employees.

In the Payroll Mailbag: October ’24

09/19/2024
Rarely asked questions don’t have less value than frequently asked questions. And in Payroll, the rarity usually causes all the trouble. Two questions illustrate.

Guidance clarifies student loan 401(k) matches

09/19/2024
Beginning with the 2024 plan year, SECURE 2.0, the 2022 401(k) reform law, allows you to make matching contributions into the 401(k) accounts of employees who self-certify that they’re repaying their student loans. Interim guidance issued by the IRS describes the self-certification process and sets other rules.

Who can sue you if employees work remotely?

09/19/2024
The Fair Labor Standards Act sets nationwide standards for wage-and-hour compliance and also allows employees to bring collective lawsuits against their employers for FLSA violations. Can employees who work remotely in far-flung states join together in one lawsuit and sue their employer?

Fix it fast: What to do with ITINs in the payroll system

09/19/2024
You’ve heard this a million times: Individual Taxpayer Identification Numbers are provided to foreign nationals with nonwork U.S. tax obligations; employees always have Social Security numbers. Third-party payroll providers’ systems, however, may accept ITINs, which can put you in line for a hefty penalty for filing incorrect W-2s. It’s a tough bind you don’t want to find yourself in.

2024 FUTA credit-reduction states

09/19/2024
The Department of Labor has identified the potential 2024 FUTA credit-reduction states.