November PBS Newsletter

November 26, 2024

Year-End Reminders

As we approach the end of the year, we encourage you to review our Year-End Reminder document to help ensure a smooth finish to 2024. This guide includes essential information on topics like Supplemental Bonus Payroll, W-2 and 1099-NEC Forms, Affordable Care Act compliance, 2024 federal and state filing requirements, and tips for a successful year-end process with PBS. Taking a few moments now can make a big difference in easing your year-end workload and helping you meet all necessary requirements.

Note: Do you want your CPA to have access to your year-end reports? Please let your Payroll Specialist know.

Click here to read more.

IRS Announces 2025 Contribution Limits for Retirement and Benefit Plans

The IRS has announced 2025 contribution limits for retirement and benefit plans. Key updates include: the 401(k) contribution limit rising to $23,500, unchanged $7,500 catch-up contributions for those 50+, and a new $11,250 catch-up option for ages 60-63 under the SECURE Act 2.0. For 2025, Health FSA limits are $3,300 (with a $660 carryover), QSEHRA limits are $6,350 (single) and $12,800 (family), the adoption assistance maximum is $17,280, and the commuter benefits cap will be $325 monthly for parking and transit.

Full details are in IRS Notice 2024-80 and Revenue Procedure 2024-40.

Tips for Hiring People with Developmental Disabilities

Hiring individuals with developmental disabilities can be a rewarding experience for both the employer and the employee. Here are some tips to make the hiring process inclusive and supportive.

Click here to read our article.