Over the last few years, “The Office” has made a comeback — not the long-running TV sitcom but the traditional workplace where employees spent most of their workdays. However, your latest office rollout is likely to look significantly different than it did back in the good old days. Numbers Don’t Lie The COVID-19 pandemic and the […]
Which employees have the highest potential? The answer isn’t always obvious. Sometimes, these workers are early in their careers, and other times they’re farther along. It’s possible that a mid-career employee has the capacity to take on much greater responsibility and move into a leadership role. Likewise, a potentially great employee may be low-key, rather than […]
If you’re a contractor, manufacturer or another type of business that deals with hazardous materials, you’re probably already mindful of the legal and practical steps you need to take to safeguard your employees and facilities. On the other hand, if your working environment is a typical office, you might assume you’re largely off the hook for […]
Many businesses have established employee assistance programs (EAPs) to help their workforces deal with the mental health, substance abuse and financial challenges that have become so widely recognized in modern society. EAPs are voluntary and confidential work-based intervention programs designed to help employees and their dependents deal with issues that may be affecting their mental […]
Let’s say your company wants to commemorate the long career of a retiring employee instrumental in its success. It hosts an evening celebration that culminates with the presentation of a plaque and an expensive gift. What are the tax implications? Generally, such “employee recognition awards,” also called “achievement awards,” are tax-deductible for employers and tax-free for […]
You’re probably knowledgeable about the FICA tax, which was established by the Federal Insurance Contributions Act, and is paid by both employers and employees through payroll deductions. FICA tax includes a Social Security and Medicare portion. Less is likely known about the FUTA tax, authorized by the Federal Unemployment Tax Act. This unemployment insurance tax […]
In April 2024, the U.S. Department of Labor (DOL) issued a new final rule that’s slated to expand the number of workers who are eligible for overtime pay under the federal Fair Labor Standards Act (FLSA). It’s expected to affect four million workers. The rule, which dramatically increases the salary threshold for so-called exempt workers, is […]
Open enrollment for most health care plans is many months away. That makes now a good time for businesses to consider changing their employer-sponsored coverage for next year, or perhaps to think about launching a plan for the very first time. If you’re going to do either, you’ll have many details to sort through. To simplify […]
In today’s tight labor market, your business may want to perk up its compensation package to attract and retain in-demand employees. For example, you might offer moving expense reimbursements or other relocation payments to lure job candidates from afar. Under current law, moving expense payments can’t be deducted by employees or excluded from tax. However, employers […]
As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor […]