Don’t Wait Until Year-End to Improve Benefits Administration
If benefits aren’t on your radar until closer to year-end, you may want to consider assessing your current provider of administration. A clunky or challenging benefits administration process is a top complaint among employees who want it to be easy, streamlined, and accessible. But waiting until the end of the year often means that you’ll be using your current system for at least another plan year.
At Payroll People, we deliver a powerful platform that makes it easier than ever to enroll in and manage benefits. It pulls all the information from the payroll and HR modules, ensuring that employee data is accurate and doesn’t have to be entered multiple times. Other benefits of the ben admin solution include:
- Side-by-side plan comparisons to give employees insights into their options
- Fully customizable plan setups, open enrollment periods and dates, deduction amounts, and waiting periods
- Access from anywhere, allowing employees to assess benefits at home with their dependents
Before the craziness of year-end begins, contact your customer service rep to find out if benefits administration would be a worthwhile addition for your business. You can also learn more about the module by clicking here.
IRS Mileage Rate Increase
Earlier this month, the IRS announced an increase to the optional standard mileage rate. The updated rate will be in effect through the remaining six months of 2022. Taxpayers can use the optional standard mileage rates when calculating the deductible costs of operating a vehicle for business and other applicable purposes.
For the final six months of 2022, the standard mileage rate will be 62.5 cents per mile, marking an increase of four (4) cents per mile. The new rate for deductible moving or medical expenses (available to active-duty members of the military) is 22 cents, also marking a four-cent increase. Additional guidance regarding the new rates is available in Announcement 2022-13.
Upcoming Important Dates
July 4: Federal Holiday (Payroll People and Federal Reserve Closed)