The GASB (Governmental Accounting Standards Board) standards play a pivotal role in ensuring transparency and accuracy in financial reporting for governmental entities. GASB Statement No. 101, Compensated Absences, addresses a crucial aspect of accounting: compensated absences. This standard provides guidelines for how governmental entities should account for and report compensated absences, including vacation, sick leave, and other paid time off.
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The majority of — if not all — employers understand that they must report the salary, overtime pay and bonuses that their employees receive as compensation for the jobs they perform. But did you know that the IRS also wants to know about other forms of taxable compensation?
Regardless of race, income, or geography, every family needs and deserves a place to call home. It’s a place not only for shelter from life’s many storms; but also, where families come after school or work, celebrate birthdays or holidays – and all the activities that together turn a house into a home. But in recent years, the ability to have a home – as a renter or as a home owner – has been an increasing financial strain.
NNPA NEWSWIRE — The IRS also plans to gradually expand the range of tax situations supported by Direct File. Over the coming years, officials said the goal is to accommodate the most common tax scenarios, focusing on those affecting working families. Announcements about new state partners and expanded eligibility are expected soon.
Summertime is for fun — and also, sometimes, for working a side hustle or doing gig work. Visit the Gig Economy Tax Center at IRS.gov to see how gig work can affect your taxes — or those of someone close to you. If you and your friends and family are reimbursed through payment apps for services during the year, you all should know that IRS Form 1099-K may be in your future. And if you want to know more about why or what to do with it, go to IRS.gov/1099k.
This entrepreneurial trend transcends specific sectors, impacting industries such as tech, healthcare, hospitality, and retail alike. It is hoped that 2025 will continue this growth, particularly among women of color. These entrepreneurs founded enterprises at record rates and created growth-oriented firms that resulted in job creation and transformation.
What is a new-collar worker? According to Indeed, new-collar jobs are associated with industries where employees develop their technical and soft skills, often in technology industries, through nontraditional education paths. In other words, applicants are considered for open positions even though they do not have a B.A., B.S., or graduate degree. Instead, the company practices skills-based hiring, considering aptitude and insight to determine excellent job candidates.
Are there any misconceptions that you’ve had about payroll? Did you end up finding out the reality of the situation after experiencing a series of unfortunate events? Hopefully, your answer is no, but whether you have been duped by nonfactual information or not, staying informed is the key to protecting yourself. So, keep reading for a chance to separate fact from fiction when running payroll for your business. Let’s get started!
May 14 was the day that the Consumer Financial Protection Bureau (CFPB) was set to implement a new rule that would save credit card holders an estimated $14 billion each year. The rule would provide savings of $220 per year on average for people who are charged late fees. Instead, a federal district judge imposed a temporary injunction that halted the rule’s implementation.
It is unrealistic to try to abolish social media during paid hours, especially since every Fortune 500 company already uses social media platforms for internal use. If companies block it, employees may perceive a challenge, goading them to circumvent restrictions or to spend more time on their personal devices. Now that the train has long since left the station, managers need to figure out the smartest ways to use social media to their advantage.