The Payroll Factory, Inc. August 2023 Newsletter
Welcome to The Payroll Factory August 2023 Newsletter. We focus this month on the Secure Act 2.0
which will affect high income taxpayers in regards to catch up contributions.
Effective after December 31st, 2023, any
retirement plan that permits catch up contributions must require certain
employees such as those who work for their employer and exceed $145.000 in the
prior calendar year to make catch up contributions on a Roth basis. This will be monitored over the next few
months if there are any changes made via the US Department of Treasury or
Congress.
Lastly, if you have clients in the state of Vermont, the IRS
has extended the due date for filing quarterly payroll tax returns because of
the flooding that took place. Businesses
can file those returns for quarter 2 and 3 returns normally due by July 31st
and October 31st by November 15th, 2023.
Please feel free to circulate this newsletter to your staff and clients. As always “whatever it take,” I look forward to working with you, your associates and above all your clients.
Thank you very much.
Sincerely,
Steve Sabel
Senior Account Relationship Manager
The Payroll Factory
18 East Lancaster Avenue
Malvern, Pennsylvania 19355
267-907-4179 cell
steve@prfusa.com
www.thepayrollfactory.com
