As 2019 winds down there are a number of things that you need to be aware of going in to 2020 to ensure compliance with federal and state wage and hour rules and other payroll related laws. Continue reading
The IRS has announced today that the individual contribution limit for 401(k) plans in 2019 will increase from $18,500 to $19,000. Individuals age 50 or over will be able to contribute an additional $6,000 per year as a catch up contribution.
There were also changes announced to other types of retirement plans, you can read more details regarding these changes here: Notice 2018-83.
While nobody wants to think about tragic situations such as the death of an employee, it’s best to have a list of items to take care of should one of your employees pass away. Having a plan of action in place will help you stay organized and ensure all necessary items are addressed properly.
Prior to the death of an employee, and on an at least annual basis, it is recommended that you have employees review and update personnel forms. These forms include emergency contacts, their life insurance and 401k forms, and health medical savings accounts. There are many life events that can occur throughout your employees’ time with your company that can affect how their end of life benefits are administered (when applicable) such as separation, divorce, or death within their family resulting in a change of beneficiary information. Continue reading
Each year there are a number of payroll limits that may change. In preparation for 2018, below is a list of changes that will take effect beginning January 1, 2018 (unless otherwise noted).
- Tax bracket changes (federal) issued by the IRS on October 19, 2017 in Revenue Procedure 2017-58 – click here for more information.
- Social Security limit will increase from $127,200 to $128,400 (NOTE: The Social Security Administration had previously announced a limit of $128,700 but that has been revised to $128,400).