IRS Adjusts HSA Amounts

In Rev. Proc. 2024-25, the IRS made changes for health savings accounts for 2025. The maximum annual HSA contribution is: $4,300 for an eligible individual with self-only coverage. $8,550 for family coverage. HSAs are used in conjunction with a High Deductible Health Plan. The 2025 maximum annual out-of-pocket amount for HDHP self-only coverage is $8,300. […]

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Major Overtime Change Will Deeply Affect Employers

According to a Department of Labor release, a newly issued rule increases the salary threshold required to exempt a salaried bona fide executive, administrative or professional employee from federal overtime pay requirements. The release states, “Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase […]

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Independent Contractor: A New Definition?

Who counts as an employee versus an independent contractor may be about to change. A DOL proposal suggests revamping employee classification, reclassifying workers who are economically dependent on a company as employees entitled to more benefits and legal protections. The DOL has received 12,469 comments on the proposed rule, so the agency may not issue […]

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