Insights: Human Resources

Employee Benefit Plan Limits Increase for 2023

December 6, 2022

Many employee benefits are subject to annual dollar limits adjusted for inflation before the beginning of each calendar year. Due to high inflation rates, many employee benefit plan limits will significantly increase in 2023. Some benefit limits are not indexed for inflation, such as the dependent care FSA limit and the catch-up contribution limit for…

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Off-limit interview questions

November 29, 2022

When interviewing candidates, always make a list of interview questions and make sure every question asks for job-related information that will help in the selection process.  Federal and state laws prohibit discrimination on the basis of an applicant’s race, color, national origin, religion, sex, age or disability. Some state laws also prohibit discrimination based on…

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2023 Health FSA Contribution Cap Rises to $3,050

November 1, 2022

By Drema Foster, PAFM Employees can put an extra $200 into their health care flexible spending accounts (health FSAs) next year, the IRS announced on Oct. 18, as the annual contribution limit rises to $3,050, up from $2,850 in 2022. The increase is double the $100 rise from 2021 to 2022 and reflects recent inflation. If the employer’s…

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2022 AFFORDABLE CARE ACT REPORTING DEADLINES AND POTENTIAL PENALTIES

October 24, 2022

The Patient Protection and Affordable Care Act (PPACA or ACA) requires certain employers to report to the IRS annually regarding the health care coverage they offer to full-time employees. Under Section 6056 of the Internal Revenue Code, an Applicable Large Employer (ALE) must report information on Form 1095-C that discloses if an employer is subject…

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I-9 audits rise by 300%

October 16, 2022

If you haven’t reviewed your company’s I-9 forms and processes, now is the time.  Employer I-9 audits conducted by the Immigration and Customs Enforcement (ICE) spiked by 300% in recent years. Related immigration arrests (of employees and managers) jumped by 600%. Our HR Consulting team has the knowledge and expertise to help you and your…

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Tax Implications of the Inflation Reduction Act (IRA)

August 24, 2022

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…

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Standard Mileage Rates Increase

June 13, 2022

As gas prices continue to soar, the Internal Revenue Service (IRS) announced on June 9 an increase in the optional standard mileage rate for the final six months of 2022. Starting July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will increase four cents from 58.5 cents…

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Once You File Your Tax Return, Consider These Three Issues

April 14, 2022

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…

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Establish a Tax-Favored Retirement Plan

March 21, 2022

If your business doesn’t already have a retirement plan, now might be a good time to take the plunge. Current retirement plan rules allow for significant tax-deductible contributions. For example, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for…

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There Still May Be Time to Cut Your Tax Bill With an IRA

March 10, 2022

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until the April 18, 2022, filing date and benefit from the tax…

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