The IRS has released its 2023 cost-of-living adjustments (COLAs) to the dollar limitations on benefits and contributions to qualified retirement and deferred contribution plans.
Some employer benefits will be more generous next year, thanks to inflation, as a result of the IRS announcement.
The Social Security Administration (SSA) announced that, for 2023, the maximum earnings subject to the Social Security payroll tax will increase nearly 9%.
The IRS issued Notice 2021-65 providing penalty relief to employers regarding the early repeal of the Employee Retention Credit, and guidance regarding the rules applicable to recovery startup businesses, for the fourth quarter of 2021.
Under the new infrastructure law, wages paid after September 30 are ineligible for the Employee Retention Credit. Employers also will receive no relief from potential penalties they may incur due to the early repeal of the credit.
The US Department of Labor has provided employers with help regarding time-sensitive notice requirements related to the COBRA subsidies established by the American Rescue Plan Act.
Congress has passed the sweeping $1.9 trillion COVID-19 relief bill and sent it to the White House for President Biden to sign.
News: HR guidance on compliance with payroll taxes, including income taxes, Social Security and Medicare (FICA) taxes, and unemployment, disability and workers' compensation insurance taxes.
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