IRS Establishes Mileage Rates for 2023

The IRS has issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. In a statement issued on Dec. 29, the IRS said that beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, … Read more

New Law Ushers in Major Retirement Changes

There’s been buzz about new retirement plan provisions for weeks, and now they’re final, bringing about changes to various federal rules and adding flexibility for current and future retirees. The Secure 2.0 Act of 2022, part of the Consolidated Appropriations Act of 2023, includes the following modifications, some of which are immediate, and others that … Read more

Should You Reimburse Staff For A Home Office?

What challenges have your employees been facing, and how can you offer the solutions they need? Deciding on a home office reimbursement policy can be the difference between successful work-at-home policies and dysfunction, disgruntlement and maybe even lawsuits. When the sudden retreat to homes for work occurred, employees had to make do without the usual … Read more

Why Do Small Businesses Hire Firms to Provide HR Advisory Services?

The foundation of any good company, whether a big multinational corporation or a small business, is only as strong as the people who work there. From the CEO to entry level positions, every employee plays an important role in keeping the company running smoothly. But there’s one department that is absolutely essential to any business: … Read more

How Do Taxes Work With Bonuses?

Bonuses, frequently given at the end of the year, are a popular “thank you” for a job well done, and smart business owners know they can build loyalty, helping retain the most productive employees. However, both owners and employees often misunderstand how taxes work with bonuses, leading to confusion and frustration. Fortunately, with some education … Read more

Staying Current on Labor Rules

Hiring staff? Good for you! It means your business is thriving. Now is the time to get up to speed or reacquaint yourself with any labor laws you’ll need to be compliant with. Labor laws were created to protect employees’ rights. If you’re vigilant, you can avoid financial headaches. Here’s some advice to stay on … Read more

MarylandSaves Program: What Employers Need to Know

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Most businesses operating in the state of Maryland are now required to offer a retirement savings plan to their employees. You may or may not have received information about this new requirement from the state which ratified it back in September. Read on to learn more about this new legislation and what your business should … Read more

3 Tips for Discussing Pay With Your Employees

3 Tips for Discussing Pay With Your Employees

During the normal course of business, managers are typically required to have conversations with their employees regarding compensation. These discussions often revolve around setting pay expectations, communicating pay changes and responding to employees’ questions about pay. Setting pay expectations As stated in an article published by the Harvard Business Review, it’s important to “talk early and … Read more

Employee Retention Credit: Over but Not Done

EMployee Retention Credit: Over but Not Done

The federal government’s Employee Retention Credit proved to be a lifeline for many businesses and their employees. The eligibility rules were complex and changed over time, as noted in an extensive IRS chart. Not all owners may have been able to figure out whether they were eligible; however, the IRS is giving them a break: Even … Read more