Returning Value Blog

Managing payroll tax obligations is a critical part of running a business. For small and mid-sized companies, the risk of IRS penalties, interest charges, and compliance issues can be overwhelming.  The information below highlights common penalties imposed by tax agencies and offers suggestions to help employers ensure they meet IRS requirements.

In the hiring process, you must ensure that every individual you plan to employ is authorized to accept employment in the U.S. Some individuals are automatically authorized to work based on their immigration status, while others must apply for separate employment authorization.

Payroll cards are cheaper for employers and can be more convenient for employees. However, some cards charge high fees to withdraw money and access account balances. The right payroll card might be a good solution, but it can’t be the only solution you provide.

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships, and even legal consequences. Below are six quick tips to help you stay on track.

Let's start by reviewing what federal law requires you to retain:

A rule that a federal court suspended in August 2024 seems to be  well and truly dead now. As the Society for Human Resource Management explained in a release, the DOL has withdrawn its 80/20/30 rule. This complicated rule, the SHRM noted, divided work into three categories: traditional tipped labor, supporting work preparing or assisting such work, and work that was unrelated to tipped work. Businesses could only apply the tip credit under certain circumstances, based on time spent and the specific categories. The details were complex — and became irrelevant thanks to a 5th Circuit ruling.

As we approach 2025, it is essential for businesses to stay updated on recent changes impacting payroll, benefits, and compensation. This year brings several key updates, including an increase in the IRS standard mileage rate for business use, adjustments to 401(k) contribution limits, and a significant legal decision affecting overtime regulations. Below, we break down these changes and their implications for your payroll operations.

It is more useful to contrast the distinct strengths and skills each of these groups represents. On one hand, lifers embody loyalty and rich experience. They have committed substantial time and effort to help their organizations thrive. Job hoppers, however, are often cultivated as a replacement source of fresh thinking at the cutting edge.

The SECURE 2.0 Act aims to expand the ease of saving for retirement, to simplify the management of retirement plans, and, in general to improve financial security for American workers and retirees. The updated law includes new options for 401(k) and 403(b) employer contributions, adjustments to the required minimum distribution age for IRAs, and increased catch-up contribution limits. The act also has incentives to encourage employee enrollment.

First quiet quitting, now quiet vacationing. What is going on? This is a good question with complicated answers.