Tax & Accounting Blog

Minimum Wage Updates—July 2016

Minimum Wage Updates—July 2016

Without much fanfare, several minimum wage changes occurred on July 1, 2016. Minimum wage increases usually take effect on January 1 of each year, but several areas—particularly localities—enacted changes in July due to increased pressure and publicity nationwide around minimum wages. Keep reading for a list of many of these changes and how Thomson Reuters … Read More

The 2016 Halfway Point: Reflections & What’s Ahead

The 2016 Halfway Point: Reflections & What’s Ahead

Summer is here, and it’s hard to believe we’re already halfway through 2016—and since it’s a presidential election year, law changes are usually minimal. Let’s take a moment to review what has transpired and been enacted earlier in 2016 and what’s on the horizon for the remainder of 2016. The Affordable Care Act (ACA) became … Read More

Department of Labor Releases New Overtime Wage Thresholds

Department of Labor Releases New Overtime Wage Thresholds

On May 17, 2016, President Obama announced new wage thresholds for nonexempt wage earners to be subject to overtime. The old limits of $23,660 and $100,000 for high earner test have been in place since August of 2004. The new wage thresholds become effective on December 1, 2016. The final regulation should be available on … Read More

Upcoming Payroll Deadlines, and a Special Announcement

Upcoming Payroll Deadlines, and a Special Announcement

Let’s take a look at some of the deadlines and changes that will affect payroll in the upcoming months. Affordable Care Act (ACA)—June 30, 2016 is the deadline to electronically file forms 1094s and 1095s for 2015. All applicable large employers (ALE—businesses who employ 50 or more full-time employees or full-time equivalents) received increased flexibility … Read More

Team up with myPay Solutions to Avoid Payroll Risks

Team up with myPay Solutions to Avoid Payroll Risks

As any payroll provider can tell you, offering payroll services is rewarding, but it can come with some headaches too. For example, you can encounter challenging and complex legislation, ever-changing rules and regulations and potential risks. If you don’t have a dedicated payroll staff to help you manage the extra work, it can be a … Read More

What You Need to Know About President Obama’s 2017 Budget Proposal

What You Need to Know About President Obama’s 2017 Budget Proposal

It’s time for President Obama’s 2017 budget proposal. This is his last budget proposal and, while not much is new, there are several items that directly affect payroll and payroll departments. The concern is that some items will pass, if they get proposed enough times. Here are the items that will keep payroll professionals up … Read More