Many companies struggle to get employees to participate and to participate at adequate levels in their own 401k retirement savings. A recent article by Lou Carlozo in the CPA Insider quoted Keith Baker of North Lake College in Dallas, “Here’s a scary fact: The average person at age 65 and up has only $41,800 on average in a 401k or Thrift Savings Plan.” The article also referred to the Bureau of Labor Statistics which indicated that in the private industry subset, the participation number in retirement plans was 49%.… Read more >
Today the IRS adjusted the standard mileage rate deduction for 2017 to 53.5 cents from 2016’s 54 cents. Lower fuel prices were the principal driver behind the adjustment.
The mileage rate for medical and moving also dropped to 17 cents from 19 cents in 2016, while the rate to deduct for mileage on behalf of a charitable organization is 14 cents in 2017.… Read more >
The IRS just announced the 2017 cost-of-living adjustments. There re numerous adjustments but some of the highlights are discussed below.
The IRA contribution limits remain unchanged at $5,500 with the catch-up still at an additional $1,000, while the IRA phase-out for IRA contributions also climbed by $1,000 to $99,000 to $119,000 (married) and $62,000 to $72,000 (single head of household.)
401(k) contribution limits are also unchanged at $18,000 and $6,000 for catch-ups.… Read more >
In September 2015, President Obama signed executive order 13706 requiring companies that enter into covered contracts with the Federal Government to provide covered employees with up to 7 days of paid sick leave annually. They are also required to allow this sick leave to be used for family care. Late last month the Department of Labor issued the rules for this change.… Read more >
The federal government is concerned that businesses and other governmental units are discriminating on pay based upon age, race, gender and other factors.
New compliance rules have been drafted that would improve the information flow to the federal government. The rules would require all employers of 100 or more employees to file a new form EEO-1. … Read more >