On Nov. 9, 2023, the IRS released Revenue Procedure 2023-34 (Rev. Proc. 23-34), which includes the inflation-adjusted limit for 2024 on employee salary reduction contributions to health flexible spending accounts (FSAs). For plan years beginning in 2024, the adjusted dollar limit on employees’ pre-tax contributions to health FSAs increases to $3,200. This is a $150…
The Internal Revenue Service (IRS) has issued Notice 2023-70 to increase the Patient-Centered Outcomes Research Institute (PCORI) fee amount for plan years ending on or after Oct. 1, 2023, and before Oct. 1, 2024. The updated PCORI fee amount is $3.22 multiplied by the average number of lives covered under the plan. For plan years…
Download a copy of your tax planning guide for helpful insights! Once again, it’s time to start thinking ahead to tax season! The last couple months of the year are a great time to make the most of your tax planning opportunities. Our 2023-2024 Tax Planning Guide is designed to support our clients and assist…
Businesses are constantly seeking innovative ways to optimize their operations, streamline financial management, and drive sustainable growth. For smaller organizations, this can become a daunting task. To navigate this terrain successfully, an increasing number of businesses are seeking out the expertise of fractional Chief Financial Officers (CFOs). While fractional CFOs are a foreign concept to…
As we move into the final quarter of 2023, the first half’s market rally has slowed in Q3. Year to date, the S&P is still up 12% and the tech-heavy NASDAQ is up 28%, but Q3 was the first negative quarter of the year, pulling the S&P down by -3% and the NASDAQ by -4%.…
An employee’s regular rate of pay represents the average compensation the employee receives per hour during a workweek. The regular rate of pay can vary from week to week and may be different from the employee’s contractual rate of pay. Regular Rate of Pay To calculate an employee’s regular rate for a specific work period,…
On Aug. 30, 2023, the U.S. Department of Labor (DOL) announced a proposed rule to amend current requirements employees in white collar occupations must satisfy to qualify for an overtime exemption under the Fair Labor Standards Act (FLSA). The proposed rule was published in the Federal Register on Sept. 8, 2023. The general public must…
The rapid rise of artificial intelligence (AI) has dominated recent headlines. The ability to simulate the human cognitive process is a huge technological step forward with seemingly limitless potential. Businesses are rushing to take advantage of its ability to analyze massive amounts of data, automate responses, and streamline processes. However, this surge in popularity comes…
On Aug. 8, 2023, the U.S. Department of Labor (DOL) announced a final rule that updates how wages for construction workers are calculated under the Davis-Bacon Act (DBA) and Related Acts (DBRA). The final rule will be effective 60 days after its publication in the Federal Register. Background Under the DBA, employers must pay locally…
On May 4, 2023, the U.S. Department of Homeland Security (DHS) and U.S. Immigration and Customs Enforcement (ICE) announced that the COVID-19 flexibilities for the Employment Eligibility Verification form (Form I-9) will expire on July 31, 2023. The announcement also clarifies that employers will have until Aug. 30, 2023 to complete all required physical inspections…
