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Compensation & Benefits

August 2024: Employer’s business tax calendar

06/30/2024
Here’s your monthly guide to critical payroll due dates.

SECURE 2.0 challenges, part 7: Distributions on account of emergencies and domestic abuse

06/25/2024
Beginning Jan. 1, 2024, SECURE 2.0 allows employees facing personal emergencies or who are victims of domestic abuse to access their 401(k) plans without incurred the 10% penalty on early distributions. IRS Notice 2024-55, in question-and-answer form, provides some guidance on these two provisions.

GOP senators attempt to block overtime rule

06/24/2024
Republican Sens. Tommy Tuberville (Ala.) and Mike Braun (Ind.) on June 17 introduced a resolution calling for the repeal of the Department of Labor’s final rule raising the overtime salary threshold for white-collar employees.

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.

5 tips for managing summer vacation requests

06/21/2024
It’s officially summer, a popular time for employees to use their paid time off. Ideally, your company’s policy and culture encourage employees to submit their vacation requests early so the dates they’ll be out are already known. Early vacation requests and approvals make planning and accommodating multiple requests easier, while ensuring “the work” still gets done.

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.