Payroll Briefs

Category: "Payroll"

New Overtime Rule Increases Compensation Eligibility

Millions of salaried U.S. workers are set to be eligible for overtime pay starting July 1, 2024. Salaried workers earning less than $43,888 a year will qualify for 1.5 times pay if they work more than 40 hours a week. This impending increase updates the present annual salary threshold of $35,568 based on the methodology […]

Payroll Fraud Prevention: 8 Strategies to Protect Your Business

Payroll fraud is a serious threat that can have detrimental effects on businesses of all sizes. From small enterprises to large corporations, no organization is immune to the potential risks associated with payroll fraud. This illicit activity can result in financial losses, damage to the company’s reputation and legal consequences. To help combat this, our […]

IRS Announces Decrease in ESR Penalties for 2025

The IRS announced a decrease for 2025 to the applicable dollar amount used in calculating employer shared responsibility (ESR) payments under the Affordable Care Act (ACA). For 2025, the ESR payment amounts will be $2,900 for failing to offer minimal essential health care coverage and $4,350 for failing to offer affordable minimal essential health care, […]

The Role of Automation in Modern Payroll Processing

In the dynamic landscape of business where innovation is the name of the game, payroll processing has undergone a significant transformation with the integration of automation. Gone are the days of tedious manual calculations and paperwork; automation has emerged as the unsung hero, streamlining processes and enhancing efficiency in payroll management.  Traditionally, payroll processing involved […]

Understanding IRS Form 941 – Employer’s Quarterly Federal Tax Return 

Many businesses are required to report and file tax returns quarterly using IRS Form 941. Form 941, Employer’s Quarterly Federal Tax Return, reports wage withholding to the IRS for income taxes, employees’ shares of Social Security and Medicare taxes and the employer’s share of FICA. The form summarizes the employer’s quarterly payroll tax liabilities and payments, […]

Top Payroll Trends for 2024: Staying Ahead of the Curve

The landscape of payroll management is continually evolving, driven by technological advancements, regulatory changes and shifting workplace dynamics. As we continue into the new year, it’s crucial for businesses to stay ahead of the curve and adapt to the latest trends in payroll processing. Below, we will explore the top payroll trends for 2024, and […]

Navigating Payroll Tax Changes in 2024: What Employers Should Know

As we step into a new year, employers face a fresh set of challenges. One of them being payroll taxes. With tax laws evolving, staying informed is essential for businesses to comply with regulations, avoid potential pitfalls and make strategic decisions for their businesses.  Recent Changes Impacting Payroll  Changes on the Horizon  Tips to Help  […]

8 Considerations for Navigating Year-End Payroll

As the calendar year draws to a close, business owners and human resource teams find themselves immersed in the complexities of year-end payroll processing. Navigating this crucial aspect of business management requires careful attention to detail, compliance with regulations and strategic planning. Below, we’ll walk you through the key steps and considerations to make your […]

IRS Announces 2024 401(k) Contribution Limits 

In a move that directly impacts retirement savers and employers alike, the IRS has recently unveiled the updated 401(k) contribution limits for the year 2024. These limits play a crucial role in shaping retirement planning strategies for both employees and employers. Employers and individuals should take the time to understand the implications of the increased […]

Understanding the Complexities of Merging Payroll Systems During M&A Activity 

Mergers and acquisitions (M&A) represent significant corporate transactions that necessitate the consolidation of operations, assets and often, workforces. Amidst the myriad challenges of these transitions, one often underestimated complexity is merging payroll systems.   Merging payroll systems entails a labyrinth of intricacies that require meticulous planning, scrupulous attention to detail and unwavering adherence to legal and […]