There's been buzz about new retirement plan provisions for weeks, and now they're final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the...
Since the Employee Retention Tax Credit (ERTC) was introduced in 2020 as part of the CARES Act there have been many updates and expansions. Luckily for business owners, these updates have made the ERTC more accessible to businesses that are struggling to get back on...
Congratulations — you're a new business owner. Now it's time to get some help — employees. But before you advertise for help, you need to get yourself up to speed with the entire process of paying your employees. Here's what you need to do before tackling...
Beginning on January 1, 2023, the minimum wage for work performed on or in connection with federal contract work will increase as follows: For contracts covered by Executive Order 13658: the minimum wage will increase to $12.15 per hour and the minimum base wage for...
Have you heard about pay transparency? It’s the idea that companies should be open with employees and applicants about pay and, more broadly, what factors they include when making decisions about compensation. It’s no secret that expectations around pay have changed, and employers need to pay...
The endgame is accurate and timely employee paychecks. How do you get there? Have a payroll plan that outlines what the procedures are to get to your goal. The plan should describe how employees document and submit time. Use a reliable timekeeping system. A computer-based system...
Learn how to create an effective payroll budget to avoid wondering how and where your money was spent. Creating a payroll budget helps you understand what percentage of your budget should go to payroll and enables you to stay on track throughout the year. Generally,...
Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you...
Question: An employee let us know their paycheck was short. Can we wait to pay the difference on their next check? Answer: Don’t wait. If the employee was underpaid, it is in your best interest to pay the employee the difference immediately. Wages are due on the...
Employers are scrambling for top talent in a turbulent market. Recent reports published by Statista Research Department show a sky-high inflation rate of 8.3%, baby boomers retiring in droves, and over 47 million people quitting their jobs. So, are companies doing enough to stay attractive...