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Taxation of Compensation and Benefits
Updated to reflect rate reductions in Iowa, Missouri, South Carolina and West Virginia, effective January 1, 2025.
Updated to reflect SECURE 2.0 Act of 2022 amendments to 401(k) plans, effective for plan years beginning after December 31, 2024.
Updated to reflect developments affecting year-end 2024 and 2025 payroll processes.
Updated to reflect a changed IRC reference date in Massachusetts.
The IRS has released its 2025 cost-of-living adjustments (COLAs) to benefits and contributions to qualified retirement and deferred contribution plans.
Updated to reflect inflation-adjusted amounts relating to retirement plans and IRAs under IRS Notice 2024-80, effective January 1, 2025.
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.
Enhanced to improve the comprehensiveness, organization and scope of coverage.
A new notice from the IRS also provides guidance on Roth matching contributions, auto enrollment plans and more.
Updated to reflect the Transportation Benefits Program Act, effective January 1, 2024.
HR guidance on the taxation of compensation and benefits.