December Compliance Updates: Year-End Guide to Third-Party Sick Pay

Your Guide to Year-End 2023: Third-Party Sick Pay

Many American workers are fortunate to have safeguards against loss of income, thanks to employer-sponsored sick leave plans and sickness and accident insurance (commonly known as third-party sick pay or disability pay), or sometimes even both.

Click here for an overview of how to effectively manage employer-provided sick leave that is funded through the employer's regular payroll account. Sick pay typically comprises short and long-term benefits and is commonly expressed as a percentage of the employee's regular wages.

Failure to File Deadline Approaching for Required Workforce Demographic Data Report

The deadline for employers to file their workforce demographic data with the federal Equal Employment Opportunity Commission (EEOC) is approaching.

Since 1966, the EEOC has mandated that employers submit EEO-1, Component 1, information annually. Private employers with 100 or more employees and federal contractors with 50 or more employees that meet specific criteria must report the number of individuals they employ by job category, and by sex, race, or ethnicity.

Click here to read more. 

IRS Issues 2024 Standard Mileage Rates

The IRS has issued the 2024 standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The Notice also contains the maximum automobile cost used to calculate the allowance under a fixed and variable rate (FAVR) plan and the maximum fair market value of employer-provided automobiles for purposes of the fleet-average valuation rule or the vehicle cents-per-mile valuation rule. 

Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

• 67¢ per mile driven for business use, up 1.5¢ from 2023.
• 21¢ per mile driven for medical or qualified moving purposes, down 1¢ from 2023.
• 14¢ per mile driven in service of charitable organizations. (This rate is set by statute and remains unchanged from 2023.

Click here to read more.