HCM Insights April 2023

Upcoming Holidays

Memorial Day

In observance of Memorial Day, CBIZ HCM offices will be closed on Monday, May 29, 2023. Memorial Day is a Federal Reserve Bank Holiday, which means payroll draft dates may need to be adjusted.

Important Payroll Deadlines

WOTC 101 - Everything You Need to Know

To maximize your hiring budget, consider taking advantage of the Work Opportunity Tax Credit (WOTC). This credit is available to employers who hire individuals from specific "targeted groups" who have faced significant obstacles in finding employment. Not only does this program benefit employers, but it also positively impacts the lives of those who may have otherwise faced employment challenges.

What the Secure 2.0 Act Means for Employers

President Biden signed the Consolidated Appropriations Act of 2023 (the Act) on December 29, 2022. Within this omnibus bill is the SECURE 2.0 Act. SECURE 2.0 introduces several key provisions for 401(k) and 403(b) plans and impacts many employer-sponsored plans.

ACA Pay or Play Penalties Will Increase for 2024

The IRS has released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). This announcement comes as many employers have had to increase their healthcare spending due to Revenue Procedure 2022-34, which reduced the ACA affordability percentage for 2023.

2023 State of Health Care Report

What is the state of employer-sponsored health care today, and where is it headed? To answer this question, our experts collected and analyzed health care-related data from large employers across the country and compiled that data in the CBIZ Health Innovations Practice 2023 State of Health Care Report.

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The information contained in this HCM Insights is not intended to be legal, accounting, or other professional advice, nor are these comments directed to specific situations. This information is provided as general guidance and may be affected by changes in law or regulation. This information is not intended to replace or substitute for accounting or other professional advice. You must consult your own attorney or tax advisor for assistance in specific situations. This information is provided as-is, with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.