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 […]
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 […]
The frequency at which employees receive their paychecks is a fundamental aspect of their compensation, and any changes to this schedule can have a significant impact on both employers and employees. Whether a company is contemplating switching from a monthly to a bi-weekly pay frequency or vice versa, the decision to change pay frequency involves […]
In today’s business landscape, the importance of a well-structured onboarding system cannot be overstated. It’s not merely a routine human resources process, but a pivotal moment that can shape an employee’s entire tenure within a company. In most instances, the onboarding process is the first impression of the company, whether good or bad. Having a […]
Running a construction company involves managing a multitude of tasks, from securing projects and materials to overseeing workers. Among the many responsibilities of running your business is payroll management, which is a critical function. Contrary to popular belief, payroll is not just about paying employees. It encompasses various aspects such as compliance with labor laws, […]
At the end of October, the Equal Employment Opportunity Commission (EEOC) opened the 2022 Employer Information Report (EEO-1) Component 1 data collection application. It was originally scheduled to open in mid-July, however, the EEOC delayed the deadline as it worked to complete a mandatory renewal of the data collection by the Office of Management and Budget. The new deadline […]
As we move into the fall, now is a great time to look at your business processes, including payroll, to assess your solutions and strategy. Looking forward to 2024, does your current payroll provider meet the needs of your growing business and employees? If not, this is the perfect time to transition to a new […]
In a move that could impact millions of Americans, the United States Department of Labor (DOL) has proposed a significant increase to the minimum salary threshold for exempt employees under the Fair Labor Standards Act (FLSA). The long-anticipated proposal has the potential to bring about significant changes in the way employees classify their employees and […]
At the end of August 2023, the IRS announced an administrative transition period for catch-up contributions, extending the deadline to 2026. This will allow higher earners, age 50 and up, to receive two more years to use pre-tax dollars for their retirement savings in 401(k) and similar plans. Employers had been warning officials, after the […]
When it comes to running a business, efficient and reliable payroll is vital for maintaining employee satisfaction and organizational success. Unfortunately, not all payroll providers offer the same level of customer service, and the repercussions of receiving subpar support can be significant. Below, DM Payroll Solutions highlights the hidden costs that businesses may face because […]
