WASHINGTON — The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and...
Form 300A Workplace Posting Begins February 1 Covered employers that had 11 or more employees in the entire company at any point in 2024 are required to post the Occupational Safety and Health Administration (OSHA) Form 300A, Summary of Work-Related Injury and Illnesses, from February...
To set up a Qualified Charitable Distribution (QCD) from your IRA to a qualifying charity, follow these detailed steps and ensure you meet all IRS guidelines, limitations, and restrictions: Steps to Set Up a QCD Verify Eligibility: Age Requirement: Ensure you are at least 70½...
All over the business world, accountants, lawyers, financial executives and journalists have been scrambling to keep up with the latest soap opera in the financial community: what's happening with the Corporate Transparency Act and its ownership reporting rules. The key message: As of Dec. 26, the...
Question: Should we include a pay range in our job postings even though we aren’t required to by law? Answer: We generally recommend including pay ranges in job postings even if it isn’t legally required. First, since the practice has become more common, more job seekers...
WASHINGTON — The Internal Revenue Service reminds taxpayers that during open enrollment season for flexible spending arrangements (FSAs) they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans. An employee who chooses to participate in an FSA can...
On Sept. 10, USCIS further extended the validity of Permanent Resident Cards (PRC, or Green Card) from 24 months to 36 months for lawful permanent residents who have filed Form I-90, Application to Replace Permanent Resident Cards, to renew their PRC. Individuals newly filing Form I-90 will receive...
A common method for determining the fair rental value of clergy housing is using a fixed percentage, like 12%-15% of the current home value. However, this method may be inaccurate. The IRS and tax courts typically recommend using methods such as the comparable fair rental...
Start by asking employees why they are clocking in early. That information will help you determine whether the issue could be solved with a simple conversation or whether there are other factors at play you may need to address. If employees are simply unaware of your...
Question: Do we need to pay our remote employees for a full day if they lose internet access for a few hours? Answer: It depends on their status under the Fair Labor Standard Act (FLSA). Your exempt employees need to be paid their full salary for...