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Holiday Payroll Notice – Please Look Ahead!

The Martin Luther King holiday will be observed on Monday, January 21.  SIMA is open however, most banks will be closed.  Allow an extra day for direct deposit. If your pay date is on this date please contact your payroll team at payroll@simafinancialgroup.com to let us know whether you would like to move your pay date. Please don’t hesitate to reach out to us if you need additional information or you have any questions....

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Standard Mileage Rate to Increase in 2019

The Internal Revenue Service has announced that the optional standard mileage rate used to calculate the costs of operating a car, van, pickup truck, or panel truck for business purposes in 2019 will be 58 cents per mile, up from 54.5 cents per mile in 2018. The 2019 rates for automobiles used for charitable, medical, or moving purposes were also announced. For more information, please read IRS Notice 2019-02....

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2019 Minimum Wage Rates

The current federal minimum wage rate is $7.25 per hour. However, many states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers must pay their employees the higher rate. The list below outlines states (and the District of Columbia) that have adopted new minimum wage rates. Employers operating in any of these states should review their employees’ pay rates and update their minimum wage poster notices as necessary to ensure compliance with local wage and hour regulations. For more comprehensive information, click here. Alaska Arizona Arkansas California Colorado Delaware Florida Maine Massachusetts Minnesota Michigan Missouri Montana New Jersey New York Ohio Oregon Rhode Island South Dakota Vermont Washington Washington, D.C.  ...

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10 Employee Retention Resolutions for 2019

With a new year upon us, your attention is likely focused on setting financial and productivity goals for your business. As you plan, make sure to look at one area you may have overlooked: employee retention. Employee retention has a huge impact on your bottom line, and now is a great time to make some employee retention resolutions that will pay off all year long. Watch this video to learn 10 key employee retention resolutions for 2019. 10 Employee Retention Resolutions for 2019 - HR 360, Inc....

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Pay or Play Enforcement: What You Need to Know

In late 2018, the IRS began issuing enforcement letters to employers with generally 50 or more full-time or full-time equivalent employees regarding their compliance with the employer shared responsibility rules under the Affordable Care Act (ACA) for the 2016 calendar year. These letters, known as Letter 226-J, inform employers of their potential liability for an employer shared responsibility penalty, if any, for 2016. Who Will Receive These Letters These letters are only sent to employers subject to the employer shared responsibility rules, known as applicable large employers (ALEs). ALEs generally have 50 or more full-time or full-time equivalent employees. The determination of...

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Gen Z is Coming: Are You Prepared?

Soon, Generation Z—those born between 1996 and 2010—will be entering the workforce. Is your company somewhere they can thrive? Is it somewhere they would even want to work? If you want to attract this budding workforce, you need to understand Gen Z-ers' motivations. For instance, Gen Z-ers have never known a life without technology. This means if your business still touts outdated tech, Gen Z-ers likely won't give you a second thought. Consider areas where your company's tech falls short and brainstorm how you can improve. Getting new hardware may be sufficient, but another option is hiring a tech expert to conduct an...

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Health FSA Limit to Increase in 2019

The ACA imposes a dollar limit on employees' salary reduction contributions to health flexible spending arrangements (health FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be increased each year. New Limit Amount In November 2018, the IRS increased the health FSA contribution limit from $2,650 to $2,700 for taxable years beginning in 2019. This increase reflects the steady contribution limit increase from the past few years. Next Steps Employers should ensure that their health FSA will not allow employees to make pre-tax contributions in excess of $2,700 for 2019, and they should communicate the 2019 limit to their...

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2018 Market Recap from Ashley Vice, Portfolio Manager

2018 was perhaps the strangest year I’ve experienced in my career as an investment professional.  Most importantly, it was one of the truly great years in the history of the American economy, and by far the best one since the global financial crisis of 10 years past.  Paradoxically, it was also a year in which the equity market could not get out of its own way. It is almost impossible to cite all the major metrics of the economy which blazed ahead in 2018.  Worker productivity, which is the long-run key to economic growth and a higher standard of living, surged. ...

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New Year Payroll Checklist

On behalf of your payroll team we hope you have a Happy New Year! To get your year started off on the right foot, please review the New Year Payroll Checklist, review each item listed, and determine whether or not it applies to your specific payroll needs.  If you have questions, you can contact a member of our team at payroll@simafinancialgroup.com.  ...

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