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Compensation & Benefits

Giving crypto a try? Heed these 4 payroll precautions

06/21/2024
Cryptocurrency is hot, with the value of Bitcoin, Ethereum and other forms of digital currency growing more than 60% since the beginning of 2024. Some of your employees may have started asking if they can be paid in cryptocurrency. Proceed with caution!

Lawsuits pending: Will new OT rule go into effect July 1?

06/21/2024
A new U.S. Department of Labor rule scheduled to go into effect July 1 will raise the overtime salary threshold for white-collar employees to $43,888 per year, up from the current $35,568 per year. However, a trio of lawsuits could derail those plans. All ask federal courts to prevent the overtime rules from taking effect, at least temporarily.

Prepare to comply: Final PWFA rules now in effect almost everywhere

06/21/2024
Final rules implementing the Pregnant Workers Fairness Act took effect June 18, with partial exceptions limited to employers in Louisiana and Mississippi, employers affiliated with the Catholic Church and state government agencies in Texas. That means almost all employers must now comply with the final PWFA rules.

401(k) assets offer a lifeline after disasters

06/20/2024
It can take a lot of money to dig out of a natural disaster. One ready pot of money is employees’ 401(k) plans. Rather than counting on Congress to provide disaster relief after every hurricane or wildfire, SECURE 2.0 establishes rules for disaster distributions on an ongoing basis.

In the Payroll Mailbag: July ’24

06/20/2024
What expenses can a health FSA reimburse tax-free? … How do we tax all-expenses-paid trips for employees & spouses?

Payroll pro & con: To auto-deduct for meals or not

06/20/2024
The reasoning behind auto-deducting meal breaks is simple: Employees no longer need to think about it and you no longer have to deal with those who forget to clock in and out. In theory, auto-deducting eliminates wage overpayments and faulty regular rate and overtime calculations. But there are issues you need to resolve before you buy into auto-deductions.

He said, they said: No records puts employer in a messy place

06/20/2024
Lawsuits for unpaid overtime aren’t always so cut-and-dried. They can come in layers, with each layer costing you more. The 5th Circuit ruled that an employer could be liable for unpaid overtime if it misclassified workers as independent contractors, even though the workers had scant evidence of their unpaid overtime.

Emergency preparedness can pay off for payroll

06/20/2024
The National Oceanic and Atmospheric Administration is predicting a banner summer for hurricanes and tropical storms. This spells trouble for payroll departments. By taking some simple steps now, you can secure your payroll and business records against anything Mother Nature can devise and get the business back up and running in no time.

The late bird doesn’t get the W-2 worm

06/20/2024
Aug. 1 is the last date to file 2023 W-2s without having to pay an enhanced penalty.

Hot fun in the summertime

06/20/2024
Performing general payroll maintenance tasks is essential to your day-to-day operations. It’s also the key to a successful year end.