Current News about Payroll Services

Labor Dept Releases New Overtime Rules

The Labor Department finally announced their long anticipated final determination and implementation date of the new salary threshold for salary non-exempt employees who are subject to overtime pay. Beginning Dec. 1, 2016, all non-exempt salary employees who earn less than $47,476/yr, or $913/wk, will be subject to overtime pay. It essentially doubles the current salary threshold rate [...]

By | May 19th, 2016|News|Comments Off on Labor Dept Releases New Overtime Rules

Time & Pay to Offer Overtime Rules Seminar

Time & Pay, working with our HR consulting partner SESCO, is pleased to announce a second free educational tele-seminar on the new overtime rules soon to be implemented by the Dept of Labor. New Overtime Rule Affects Salary Employees As a recent Advi$or noted, the Labor Dept. announced that they are getting ready to implement the [...]

By | May 13th, 2016|News|Comments Off on Time & Pay to Offer Overtime Rules Seminar

Work Opportunity Tax Credit Can Save Your Business Money!

It is now Easy to Save Your Company Thousands of Dollars with the Work Opportunity Tax Credit! Time & Pay's PayEntry Applicant Tracking and On-Boarding system now provides your business with the capability to easily take advantage of the thousands of dollars available with the Work Opportunity Tax Credit. While many employers are familiar with WOTC, many do [...]

By | May 5th, 2016|News|Comments Off on Work Opportunity Tax Credit Can Save Your Business Money!

Labor Dept Closer to Implementing New OT Rules

Labor Dept. officials recently noted that they are getting closer to implementing the new Overtime (OT) rules that will change FLSA requirements for determining salaried employees subject to OT pay. Officials originally anticipated a July release. Now, however, they are still not clear as to when it will be put enforce. As you may recall, [...]

By | April 13th, 2016|News|Comments Off on Labor Dept Closer to Implementing New OT Rules

Government Agencies Pushing for Joint Employment 

In today's challenging economy, many companies are adding to their work force through Leasing, Temp Agencies, Third Party Management Firms, sharing employees or using independent contractors. These arrangements result in a third party actually employing the worker, while the company, generally known as the Joint Employer, directs the worker on the work to be performed. In [...]

By | March 29th, 2016|News|Comments Off on Government Agencies Pushing for Joint Employment 

IRS Alerts of Phishing Scheme Involving W-2’s

IRS Alerts Payroll and HR Dept. Professionals to Phishing Scheme Involving W-2s Copied from the official IRS News Release 3/1/16 IR-2016-34, March 1, 2016 WASHINGTON – The Internal Revenue Service today issued an alert to payroll and human resources professionals to beware of an emerging phishing email scheme that purports to be from company executives [...]

By | March 14th, 2016|News|Comments Off on IRS Alerts of Phishing Scheme Involving W-2’s

Tennessee UI Wage Base Decreases for 2016!

Good news for Tennessee employers! The Tennessee Department of Labor and Workforce Development announced on Jan. 25 that effective Jan 1, 2016, the state's unemployment-taxable wage base was reduced from is $9,000 to $8,000. This decrease indicates an increase in the balance of the state's unemployment trust fund on Dec. 31, 2015, ranging from $900 [...]

By | January 26th, 2016|News|Comments Off on Tennessee UI Wage Base Decreases for 2016!

Employees and the Earned Income Credit Notification

Now that W-2 season is upon us, it is important that you notify certain employees about their eligibility to the Earned Income Credit. As per the IRS: Employers "must notify employees who have no federal income tax withheld that they may be able to claim a tax refund because of the EIC. Although you don't have [...]

By | January 25th, 2016|News|Comments Off on Employees and the Earned Income Credit Notification

IRS Extends 2015 ACA Reporting Deadline.

After consulting with key stakeholders, Treasury and IRS officials have determined that additional time is needed for employers, insurers and other providers of minimum essential coverage to adapt and prepare their systems and procedures to gather, analyze, and report information about the health coverage they offer and provide and thus announced extensions of the due [...]

By | December 29th, 2015|News|Comments Off on IRS Extends 2015 ACA Reporting Deadline.

IRS Issues 2016 Deferred Compensation Amounts

The IRS announced that most deferred compensation, pension plan amounts, including the deferral limit for Section 401(k)-type plans and other retirement-related programs, will remain unchanged for 2016. The IRS noted that because the increase in the third-quarter 2015 cost-of-living index did not meet the statutory thresholds that trigger adjustments, the deferred compensation plan amount limits will [...]

By | December 23rd, 2015|News|Comments Off on IRS Issues 2016 Deferred Compensation Amounts