It's important for businesses to have a clear and consistent payment schedule to ensure fairness and adherence to labor laws and employee expectations. Lack of structure around paychecks could throw off budgeting and financial planning processes or put a business at...
Payroll
Can I give my employees gift cards for the upcoming holidays?
Yes, but keep in mind that the value of the gift cards must be reported as wages. The IRS has a provision that allows for non-taxable "De Minimis" gifts, which allows an employer to buy an employee flowers to celebrate an achievement, occasional sporting event...
IRS Announces 401(k) and IRA Limits for New Year
The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. That's just the beginning: The IRS also has issued technical guidance regarding all the...