With the current labor market, many businesses are running with lean teams leading to the possibility of overtime for their employees. A recent U.S. Supreme Court decision serves as a reminder that overtime rules are not always easy to follow. Fair Labor Standards Act The Fair Labor Standards Act (FLSA) establishes the minimum wage, overtime pay, recordkeeping […]
The EEO-1 report, also referred to as the Equal Employment Opportunity Compliance (EEOC) report or simply “EEO report”, is a mandatory annual reporting requirement for many U.S. employers. The report can be multi-faceted and complex; therefore, it is important employers know what is required of them. What Does the EEO-1 Report Entail? The EEO-1 report […]
On March 8, 2023, the Democratic-led Michigan House approved a package of bills repealing the decade-old right-to-work law and restored prevailing wage requirements for government contracts. The three-bill package passed along party lines with a 56 to 53 vote. Under the repealed legislation, workers at a unionized private sector business who chose not to pay […]
Are you struggling to find workers? For employers facing a tight job market, the Work Opportunity Tax Credit (WOTC) could help offset hiring and training costs by providing a federal business tax credit. The Consolidated Appropriations Act, 2021 authorized the extension of the WOTC until Dec. 31, 2025. In September 2022, the Internal Revenue Service […]
As the first month of 2023 comes to a close, this is a good time to encourage your employees to do a paycheck checkup. With most employees receiving their paychecks direct deposited, it can be easy for them to forget to examine their withholding year-over-year. As their personal financial situations change, their withholding may need […]
The Internal Revenue Service (IRS) recently announced the 2023 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Rate Breakdown Effective Jan. 1, 2023, the standard mileage rate for the use of a vehicle, which includes cars, vans, pickups or panel trucks, will be: […]
On Thurs., Jan. 26, a panel of Michigan Court of Appeals judges overturned the lower court’s ruling which would have raised Michigan’s minimum wage to $13.03 per hour and increased the tipped minimum wage to $11.73 an hour by Feb. 19, 2023. This new ruling, which took effect immediately, determined the “adopt and amend” strategy […]
Previously, for tax years beginning before Jan. 1, 2023, a qualified small business could elect to claim up to $250,000 of its credit for increasing research activities as a payroll tax credit. The Inflation Reduction Act of 2022 (the IRA) increased the election amount to $500,000 for tax years beginning after Dec. 31, 2022. To […]
With 2023 upon us, it’s a great opportunity to look at your business processes, including payroll, to assess your solutions and strategy. Are you unhappy with your current payroll provider? Is the solution lacking the right integrations to make your payroll process more effective? Use the new year as an opportunity to make improvements to […]
As the end of the year approaches, it is crucial to ensure your payroll year-end information is accurate to help your business and employees prepare for tax season and year-end reporting. Even if you are an experienced pro, it can be easy to overlook items during the year-end crunch time. DM Payroll Solutions has outlined […]
