401(k) and IRA Contribution Limits Increase

The IRS has announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal...

Social Security Changes for 2019

According to the Social Security Administration, Social Security and Supplemental Security Income benefits for more than 67 million Americans will increase 2.8 percent in 2019. Increased payments to more than 8 million SSI beneficiaries will begin on...

2018 Tax Wrap-Up

The tax reform passed at the end of 2017 runs to about 70,000 words. It's a large and complicated piece of legislation, and we can look forward to additional guidance and clarifications. For now, here are summaries of some of the key provisions impacting...

Do You Have a Branded Benefits Program?

According to the Society for Human Resource Management, an employer brand "is essentially what the organization communicates as its identity to both potential and current employees. It encompasses an organization's mission, values, culture, and...

Can You Make All Employees Nonexempt?

To be exempt from the minimum wage and overtime pay requirements of the Fair Labor Standards Act, an employee must pass the FLSA job duties test (specific to his or her position) and receive no less than a certain amount of pay. For some positions, there...

Inclement Weather and Your Payroll Obligations

Hurricanes, storms, tornadoes, blizzards, floods and other weather-related disasters can cause inclement weather closures. But even if one of these calamities causes your business to close, your employees must still be paid on their next regularly...

Debunking 4 Common Payroll Myths

Many companies subscribe to myths about payroll. Let us "bust" them for you. 1. I don't have enough employees to use a payroll service. Even if you have only one employee, there's still a lot to be done in terms of payroll. Ultimately, you must...

2019 Minimum Wage Schedule

Maine Minimum Wage Maine's minimum wage is increasing, effective January 1, 2019. Maine statute regarding salary workers is based on the state minimum wage and therefore will also see an increase. 2019 State Minimum Wage: $11.00* 2019 Minimum Direct...

Differences Between HSA and FSA Accounts

Are an HSA and FSA right for you? Explained by the IRS, a health savings account is a tax-exempt trust or custodial account used to "pay or reimburse certain medical expenses you incur; you must be an eligible individual to qualify for an HSA." Companies...

Decoding the ‘Group’ in Group Health Insurance

Group health insurance is a single health insurance policy issued to a group. Typically, this group is a business with employees. The employer purchases the policy on behalf of its employees, which is why group health insurance is also called...