Taxation of Compensation and Benefits

New and Updated

• Type:

  Employment Law Guide

  Taxation of Employee Compensation: Federal

  Updated to reflect IRS Notice 2024-68, regarding the annual optional high-low and transportation industry per diem rates, effective October 1, 2024; and the aircraft terminal charge and SIFL mileage rates, effective July 1, 2024, through December 31, 2024. 

• Type:

  50-State Charts

  Taxation of Supplemental Wages by State

  Updated to reflect forthcoming rate reductions in West Virginia.

• Type:

  50-State Charts

  Internal Revenue Code Conformity by State

  Updated to reflect a changed IRC reference date in Arizona, effective July 20, 2024.

• Type:

  Quick Reference

  Annual Retirement Plan COLAs and Fringe Benefit Limitations

  Updated to reflect forthcoming inflation-adjusted amounts for health savings accounts under IRS Rev. Proc. 2024-25.

• Type:

  Policies and Procedures

  Employee Business Expense Reimbursement Policy

  Enhanced to improve the comprehensiveness, organization and scope of coverage.

• Date:

  January 4, 2024

  Type:

  News

  IRS Limits Retirement Plan Enrollment Incentives to $250

  A new notice from the IRS also provides guidance on Roth matching contributions, auto enrollment plans and more.

• Type:

  Employment Law Guide

  Taxation of Employee Compensation: Illinois

  Updated to reflect the Transportation Benefits Program Act, effective January 1, 2024.

• Type:

  Employment Law Guide

  Taxation of Employee Benefits: Federal

  Updated to reflect long-term part-time employee 401(k) plan rules, effective with plan year 2024; and SECURE 2.0 Act of 2022 amendments to 401(k) plans, effective for plan years beginning after December 31, 2023.

• Type:

  Checklists

  Payroll Practices and Procedures Checklist

  Updated to reflect developments affecting year-end 2023 and 2024 payroll processes.

• Type:

  Legal Timetable

  Illinois Commuter Benefit Law Takes Effect