Payroll and Tax Consequences of the "One Big Beautiful Bill Act"
The One Big Beautiful Bill Act was signed into law on July 4, 2025, as Public Law 119-21, and goes into effect for the 2025 tax year. Check out the guidance from the IRS describing how the new law will impact various aspects of payroll and taxes.
Deadline for CA Mandatory Company-Sponsored Retirement Plan
Approaching Deadline for CA Mandatory Company-Sponsored Retirement Plan - You may already be aware of the California law requiring businesses to provide a company-sponsored retirement plan program to their employees. Currently this law applies to businesses with 5 or more employees, as measured by the number of employees listed on your CA DE9c Quarterly Wage Payroll Tax Return.
Higher 401K Catch-Up Contribution Limit to Apply at Ages 60-63
SECURE 2.0 Sec. 109 expanded catch-up contributions to allow a higher limit or what many plan administrators are calling "super" catch-up contributions beginning in 2025. Super catch-up contributions provide an opportunity for a group of employees ages 60, 61, 62, and 63 to maximize their retirement savings by increasing the annual limit of catch-up contributions.
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