The IRS published the 2025 limits for several types of benefits that have maximums subject to annual change. You can find the full list of the new amounts in the IRS Revenue Procedure 2024-40. The most commonly asked about limits are below and are applicable to taxable...
Question: We’ve just hired a remote employee who will be working in a different state. Do we need to make a new employee handbook? Answer: You probably don’t need a whole new employee handbook, but you’ll certainly want to review the one you currently have in...
When your board declares your annual clergy housing allowance, they must declare a specific dollar amount or percent as the housing allowance. The designation must be made in advance of the payment. A general declaration that you have a housing allowance without naming a specific...
Whether you run a small “mom and pop” type of business or a fast-growing company with a large number of employees, you can benefit from utilizing an automated timekeeping system. Why would a company need timekeeping to be automated? When you sign up with a timekeeping...
Do you often find yourself still paying off credit card debt long after the holidays? Keeping spending under control can be difficult at this time of year, which is why using cash — not credit — is so important. Here are a few tips. BE EFFICIENT ...
The first step in this process is to analyze the type and tax status of your retirement savings. For this purpose, divide your accounts into three categories: Taxed Later: Traditional IRAs, 403(b), and 401(k)s are types of savings accounts that give you a tax deduction at...
Designing an effective and feature-rich employee benefits strategy is crucial for attracting and retaining top talent while also fostering a positive workplace culture. To help you and your team develop one, here are some critical steps to consider. Step 1: Understand Your Workforce - The first step is...
There is an appeal process for being denied the 4361 minister exemption. If a minister, member of a religious order, or Christian Science practitioner is denied the exemption from self-employment tax under section 1402(e), they have the right to an administrative review and appeal process. Initial...
WASHINGTON – The U.S. Department of Labor has issued guidance and provided relief for participants and beneficiaries and employee benefit plans affected by Hurricane Helene and by Hurricane Milton. The department recognizes that plan participants and their families affected by these disasters are facing many challenges, including the...
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA). While this pause creates some uncertainty, it’s important to understand the potential next steps and what this means...