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...
It may be important for victims of a disaster to reconstruct their tax and financial records to help prove and document their losses so they can get federal assistance or insurance reimbursement. Below are some tips to help people reconstruct important records they may need...
In the war for talent, the right HR practices can determine whether you can hire and retain the best workers or not. Thanks to changing demographic trends, finding top-quality workers isn’t as easy as it was a few decades ago. By making a few changes...
California youth service organizations are now required to comply with newly amended regulations under California Penal Code §11105.3 which builds upon the foundation of California Business and Professions Code §18975 (AB 506). Key legislative changes include: Mandatory national (FBI) criminal history checks Annually signed waivers authorizing...
Every company is aware of time clock abuse, but each company handles this issue differently. Furthermore, wasted company time can come from many areas, such as stretched-out lunch breaks, unjustified sick leave, and excessive socializing among co-workers. Recent Study Revealed...
Federal contractors may need to be prepared to increase pay for employees working on, or in connection with, covered federal government contracts. The hourly minimum wage for employees performing work on federal contracts will rise from $17.20 to $17.75 on Jan. 1, 2025, the Department...