November Compliance Updates: Discover Two Advantages of WOTC From the IRS

Two IRS Publications Tout Work Opportunity Tax Credit

Recently, two IRS publications have highlighted the advantages that employers can enjoy through the Work Opportunity Tax Credit (WOTC).

The Work Opportunity Tax Credit (WOTC) is a valuable business credit provided under Code Sec. 51, jointly administered by the IRS and the U.S. Department of Labor (DOL). Employers can take advantage of the WOTC by paying wages to eligible individuals who start work on or before December 31, 2025. Click here to read more. 

We are pleased to share that Proliant offers WOTC services. Feel free to reach out, and one of our Payroll Professionals will help you ensure accuracy and prepare, review, and file all necessary documents.

Your Guide to Year-End 2023: Bonuses

Year-end processing presents various complexities for payroll administrators, accountants, business owners, and employers across industries. To assist you in navigating through the challenges of the year-end processing season, Checkpoint Payroll has meticulously curated a collection of articles to provide guidance and support. 

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Your Guide to Year-End 2023: Personal Use of a Company Car

Having an employer provide employees with a car they can use during non-work hours is a fantastic perk. However, it's important to note that the value of this benefit is typically subject to taxation. So, the question arises: How exactly do you calculate the taxable value of a non-cash fringe benefit?

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401(k) Contribution Rises to $23,000 in 2024; IRA to $7,000

The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans, as well as the federal government's Thrift Savings Plan, has been raised to $23,000, an increase from the previous limit of $22,500.

Furthermore, the limit on annual contributions to an IRA has been increased to $7,000, up from $6,500. It is important to note that the IRA catch-up contribution limit for individuals aged 50 and over remains $1,000 for 2024 despite including an annual cost-of-living adjustment in the SECURE 2.0 Act of 2022 (SECURE 2.0).

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