Category
IRS
2025 HSA and HDHP Limits Announced by IRS
The IRS recently announced the 2025 annual limit on HSA contributions for self-only coverage will be $4,300, a 3.6 percent increase from the $4,150 limit in 2024. For family coverage, the HSA contribution limit will jump to $8,550, up 3 percent from $8,300 in 2024. The IRS has not yet revealed the 2025 catch-up contribution......
IRS Mileage Rate for 2024 is 67 cents per mile
Businesses and individuals who rely on their vehicles for work-related travel will be impacted by changes in the IRS mileage rate. The IRS periodically adjusts the standard mileage rate to reflect the true costs of operating a vehicle for business purposes. In 2024, there’s a notable increase that will have implications for those who use......
Checklist of HR and Payroll Updates for 2023
Happy new year! It’s now time to review and update your company’s HR and payroll practices and documents for 2023. As we close out 2022, and begin 2023, it’s time for human resources and payroll to take some important January actions. Here is Consultstu’s 10 point HR checklist to help you get up to date......
IRS Increases Standard Business Mileage Rate to 62.5 cents per mile
High inflation and soaring gas prices caused the IRS to make a mid-year adjustment in the business mileage rate. Effective July 1 through Dec. 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile—the highest rate the IRS has ever published—up 4 cents from the 58.5......
New COBRA Subsidies in the American Rescue Plan (ARPA)
President Biden has signed the massive American Rescue Plan Act of 2021 (ARPA), which includes a federally-financed COBRA subsidy that is available for up to six months for eligible individuals. The COBRA subsidy will be available beginning on April 1, 2021 and end on September 30, 2021. Further guidance will be coming from the DOL......
Mandatory Paid COVID leave (FFCRA) Expires 12/31/20, Now Voluntary
On January 1, 2021, employers are no longer mandated to provide expanded paid COVID sick days and emergency family leave benefits that was put into place by the Family First Coronavirus Response Act (FFCRA). Covered employers (private employers with under 500 employees and public employers) have the option to voluntarily permit employees to use any...
What is Trump’s Employee Payroll Tax Deferral program?
Is your head spinning yet? There have been a dizzying array of federal, state and local financial programs launched to help employers and give economic stimulus to the struggling American economy. The latest program is the Employee Payroll Tax Deferral program, and it has generated a good number of questions to our office from companies......
Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave
On Friday (March 20), the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-rel...
How much can Employees’ Contribute to a 401(k) plan in 2020?
More than ever, companies are taking action to improve the financial well-being of employees and providing them with tools and information to better prepare them for retirement and financial literacy. A credit union relationship and information sessions about investing and retirement planning are great solutions. Offering a company-sponsored 401k p...
Ten Step January Checklist for HR Fitness
BRING IT, 2019! As we resume our normal work schedules, with the holidays behind us and all the local gyms at full capacity, it’s time to apply a little extra New Year’s energy and resolve to our HR practices. From updating HR forms to adding up injury numbers, here is a ten step HR Fitness......
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