Create a Strategy To Bring Back Workers

“Going back to the office” takes on new meaning after more than a year of working from home. Some people are excited to get back to “normal” as quickly as possible, others do not want to go back to the old status quo, and still others are seeking a happy medium. Businesses are left scrambling … Read more

Executive Order Targets Noncompete Agreements

These days, many employees at companies large and small to sign an agreement when they’re onboarded. It says that they’re not allowed to work for a competing company, or to start a competing company, for a certain number of years after they part ways with their current employer. Once a rare practice restricted to specialized … Read more

What Employers Need to Know About FICA Taxes

The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and the Medicare taxes. The current tax rate for the Social Security tax is 6.2% for the employer and 6.2% for the … Read more

EEOC Publishes Updated COVID Guidance

Open Enrollment

As workplaces resume in-person operations, or at least consider doing so, there are many questions about the rules and requirements. However, the Equal Employment Opportunity Commission has published a lengthy Q&A to help make sure everyone knows how to proceed. Managers and employees may want to review the entire document, but can get started with some of … Read more

Affordable Care Act Upheld — Again

Navigating Open Enrollment

In a 7-2 decision, the U.S. Supreme Court upheld, again, the Affordable Care Act. Texas and other states had sued to overturn it. The court’s opinion, written by Justice Stephen Breyer, said that plaintiffs had argued that without the noncompliance penalty, which had been stripped from the act, the entire law was unconstitutional. But Breyer … Read more

Retirement Plan Startup Costs Tax Credit

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A tax credit for small-employer pension plan startup costs may be awaiting you. You may be able to claim a tax credit of up to $5,000 when you set up an SEP or a SIMPLE IRA or a qualified plan such as a 401(k). You qualify to claim this credit if you meet all these … Read more

Planning Ahead for Tax Credits and Deductions

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even … Read more

What Is a Money Purchase Pension Plan?

A money purchase pension plan is an employee retirement benefit plan that requires companies to contribute a specific percentage of an employee’s salary each year, regardless of the firm’s profitability. Because of this, money purchase plans can be attractive options for employers to attract and retain key employees, though they can be pricey for firms … Read more

IRS Adjusts HSA Limits for 2022

As it does each year, the IRS has announced changes for health savings accounts, which are associated with high-deductible health plans. The figures for 2022: Self-only: $3,650 (a $50 increase from 2021). Family: $7,300 (a $100 increase from 2021). According to the Society for Human Resource Management, the government bases its decision on the Consumer Price … Read more