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Payroll

Inflation and cost-of-living adjustments (COLAs) are driving payroll changes coming for 2023

By Employment Law, Payroll

Changes include: Flexible Savings Accounts (FSAs)/Health Savings Accounts (HSAs) Next year, employees can put an extra $200 into their FSAs/HSAs, with the annual contribution limit rising to $3,050 (up from $2,850 in 2022). Employers should make sure that their plan documents, summary plan descriptions and election forms disclose this change to employees. QSEHRAs Allowances for qualified small employer health reimbursement arrangements (QSEHRAs) increased to $5,850 for individual coverage (an increase of $400) and $11,800 for…

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Businesses Shouldn’t Bear Costs When Switching Payroll Systems

By Payroll

Switching from one payroll software or provider to another is a major decision that can have a significant impact on a company and its employees if not handled correctly. When it comes to the cost of changing payroll systems, the burden should really be on the software or payroll provider to make the transition as seamless as possible for the employer. Migrations that don’t go well can result in: Lost productivity. When migrating from one…

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Final Paycheck Laws Differ by State

By Payroll

When an employee leaves a job for any reason, the employer must follow applicable laws governing how quickly to issue the last paycheck. While federal law does not require employers to issue the final paycheck immediately, some states may require immediate payment. In addition, some states have different final paycheck deadlines depending upon the reason for the employee leaving (i.e., employees who quit vs. being fired or laid off.) In MarathonHR’s primary states of operation…

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The Pros and Cons of Unlimited PTO

By Best Practices, Payroll, Policies and Procedures

Unlimited Paid Time Off (PTO) may sound too good to be true, but it’s one of the latest tactics that employers are using to attract new employees. With unlimited PTO, employees may take off as much time as they wish – for vacation or anything else – as long as they can get their work done and company business isn’t disrupted. The policy can be great for recruiting. A new survey of 2,000 workers by…

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Stay Compliant with Your Wage and Hour Practices

By Best Practices, Employment Law, Payroll

To stay compliant with federal and state labor laws, employers must have systems in place to accurately capture hours worked and payroll records showing that employees were appropriately compensated for those hours. MarathonHR can counsel you on the optimal classification for an employee. One client recently needed guidance on whether a marketing hire should be exempt or nonexempt since the position required working varied hours, including some weekends and evenings. We reminded them that salaried…

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Streamline Collecting Time and Attendance Data

By Payroll, Recordkeeping

MarathonHR’s automated tools help clients manage their human resources processes, including collecting time and attendance data. Web-based time clocks allow employers to collect precise timecard entries, as well as view when and where the work starts and stops. Swipeclock is one such tool that we’ve been using with good success. The data collected by web-based time clocks can be accessed and viewed by employees, the employer and MarathonHR at any time. It’s especially helpful for…

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Scam Alert! New Phishing Emails May Be Circulating in Your Firm

By Payroll, Phishing Scams

Here at Marathon, we are always on the alert to dangers that might befall our clients and their personnel. One we recently identified was a new email phishing scam that leverages information from a company’s human resources or payroll/accounting departments. With this scam, cybercriminals identify a legitimate employee of a company (perhaps through social media or other public-facing information). They then send a spoofed email to the company’s HR, payroll or other finance-related departments requesting…

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Are you Missing Out on the Employee Retention Credit?

By Employee Retention, Payroll

With the advent of the CARES Act on March 27, 2020, most employers were so caught up in deciphering the details of the PPP program that they overlooked another payroll replacement program: The Employee Retention Credit (ERC). The ERC was intended to encourage employers to retain their employees despite a downturn in business by providing aid to employers who experienced a significant decline in gross receipts during any quarter in calendar year 2020. Originally the…

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IRS Provides Retroactive Guidance on Employee Retention Credit for 2020, Certain PPP Loan Recipients May Apply

By Payroll

On March 1, the IRS issued much needed guidance (via Notice 2021-20) for employers attempting to claim the employee retention credit under the CARES Act (signed March 27, 2020), as modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 or the RELIEF Act (signed December 27, 2020). The guidance clarifies what most already knew is that for 2020, the employee retention credit can be claimed by employers who paid qualified wages after…

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IRS Extends Distribution Deadline for Health Care Reporting Forms 1095-C and 1095-B

By Payroll

Shortly after our October blog post explained reporting requirements under the Affordable Care Act (ACA), the IRS announced an extension of the deadline for distributing those forms. On October 2, 2020, the IRS announced it would extend the deadline for employers to provide employees with a copy of their 1095-C or 1095-B reporting form, as required by the ACA, moving the deadline from January 31 to March 2. This is the fourth year in a…

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