Exempt vs. Nonexempt Employees: Understanding the Differences Classifying employees as exempt or nonexempt is not merely a formality; it affects workers’ rights and employer obligations. Misclassifying employees can expose you to back wages, penalties and enforcement actions. Understanding the...
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Dear Valued Client, We would like to make you aware of an important new savings opportunity available for families: Trump Accounts, a new tax-favored investment account designed to encourage long-term savings and financial literacy for children. Under current law, Trump...
Understanding the Tax Consequences of Canceled Debt When you borrow money and are legally obligated to repay it, you have a debt. If a creditor later forgives that debt or agrees to accept less than the full amount owed,...
Never Mind April 15: It’s Tax Time Now! It’s halfway through the year, which is a great time for taxpayers to do a quick check to make sure they’re on a smooth track to next filing season, advises the...
What You Should Know About 529 Plans Section 529 plans are sponsored by states or educational institutions. They were originally designed to cover college costs, but their use has expanded to include postsecondary education, K-12 tuition (up to $10,000...
Building the Structure AI Needs to Succeed For many companies, the question is not whether to adopt AI, but why so many initiatives fail to progress beyond early testing. Often, the issue is not about technology but rather the...
It’s Not Too Early To Start Planning For Next Year: Check Withholding Now Even though the tax filing deadline for tax year 2025 is in the rearview mirror, it’s not too early to start planning for next filing season....
The FICA Tax From the Employer’s Viewpoint FICA funds Social Security and Medicare programs that support Americans throughout their lives. Established in 1935 during the Great Depression, FICA originally provided benefits only to retirees. Over time, its scope expanded...
Understanding Trump Accounts Key Takeaways Trump Accounts are tax-advantaged investment accounts designed for U.S. citizens under the age of 18 who have a Social Security number. Launching July 4, the program will provide $1,000 to every American child born...
Staying Power: Employee Retention Through Stay Interviews Why Stay Interviews Matter High-performing workplaces such as Google, IBM, Nissan and Starbucks are among a growing list of organizations that have benefited from having their employees participate in stay interviews. Traditionally,...