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TRICOM News
We are constantly on the alert for all the latest industry news, legislative updates, trends and more that could possibly impact your staffing business. Our CEO, Julie Ann Bittner, also shares her insights on the staffing industry in her message. And when we don’t see information about a topic we feel is critical for you to know, we create it ourselves to share in our monthly email.
PRESS ROOM
We know the end of the year is already a hectic time between holidays, commitments with family and friends, and year end business goals. It’s also the time of year when important tax and legislative updates for the next year are announced. It can be hard to keep up with all the changes that may impact your staffing company: from minimum wage increases to state and federal tax changes, to unemployment wage bases, and more.
We’ve assembled a list of changes, charts, and resources that may impact your staffing company in the new year, as well as tax tools that can help you plan and prepare. We’ll keep making updates as we receive them, but in the meantime, we invite you to review the host of changes coming up in 2025.
During the pandemic, numerous government programs were created to help businesses stay afloat during those turbulent economic times. Program names reduced to acronyms, such as the PPP (Payroll Protection Program), became common parlance. With these programs came aggressive marketing techniques by promoter groups targeting businesses and urging them to apply for assistance whether they actually qualified for the programs or not.
One such program is the Employee Retention Credit (ERC). The ERC is a fairly complex tax provision aimed at helping businesses (not individuals) who were impacted by the pandemic.
On the federal level:
Starting July 1st, millions of “white collar” exempt employees received a raise as the federal government increased the minimum salary level for exempt employees from $684 to $844 per week. This translates to $35,568 per year and $43,888 per year. The change includes executive, administrative, professional, outside sales, and computer employees.
This is the first of two steps to increase the salary threshold. The second step takes place on January 1, 2025, when the weekly minimum salary level increases from $844 to $1,128 (or from $43,888 to $58,656 per year).
LATEST UPDATE: On June 28, 2024, A judge for the U.S. District Court for the Eastern District of Texas blocked the enforcement of the new U.S. Department of Labor rule to increase the minimum salary thresholds for the Fair Labor Standards Act’s white-collar overtime exemptions against the state of Texas. The order is limited to enjoining enforcement of the rule against the state of Texas as an employer.
There’s been a lot of talk about the economy lately. From inflation to employment, wages, rising interest rates, and more, 2022 is starting out as a year where the economy is set to take center stage.
Recently, TRICOM’s President / CEO Julie Ann Bittner sat down with Jason Turner, Chief Investment Strategist of Great Lakes Advisors to talk about the economic outlook as it stands today. They discussed what it tells us about the current environment and what the year may bring in terms of changes and trends. Jason also addressed questions such as:
What is “the Great Resignation” of 2021 and how is it impacting employment supply and demand?
Will wages increase to meet the shortfall between job openings and hiring as well as workers demands due to the rising cost of living?
What is the media not talking about?
Earlier this month, Julie Ann and Jason sat down to discuss the topic that’s been on everyone’s mind lately: the economy.
After facing another tumultuous year, we’re getting ready to wrap up 2021 and are looking to 2022 with hope and anticipation. If there’s anything we’ve learned over the last two years, it’s that sometimes it can be hard to know what to expect.
That’s why it’s important to be prepared for the changes we know are coming — specifically tax and wage changes.
We’ve put together a list of the top changes that you’ll need to prepare your staffing business for 2022. From minimum wage increases, to states with changing tax tables, to Earned Income tax credit notice requirements, we’ve collected the information you need to face the tax changes coming in 2022 with confidence.
Earned Income Tax Credit Notice Information:
For 2021, you are encouraged to notify the following employees that they may be able to claim EIC on their 2021 tax returns:
We don’t need to tell you that 2020 was a tough year for staffing. The industry as a whole was down approximately 11 percent for the year. In 2021 the industry has reversed course and is currently at 16 percent growth overall, with some segments greatly exceeding this mark.
Will this trend continue for 2022?
Julie Ann Bittner, TRICOM President & CEO, spoke with Adrianne Nelson, Staffing Industry Analysts Senior Director of Global Membership Products, in this month’s Insights With Insiders podcast to discuss the research and trends propelling the staffing industry into the next year.
Adrianne reveals staffing segments that are growth drivers, as well as those struggling to make a comeback and suggestions on breaking into new segments. Adrianne and Julie Ann also look at how automation and staffing platforms are transforming the industry, as well as lessons learned from COVID including trends in remote work and e-commerce, and vaccine mandates.
You’ll want to listen to the podcast for the full details, but in the meantime, we’ve outlined some key points.
As staffing company business owners and managers, you’ve had a lot to think about and adapt to in the last 18 months or so. That’s why part of our job at TRICOM is to make sure we stay abreast of any changes – tax, legislative, or otherwise – that could impact your business.
One such change is the FUTA Credit Reduction.
The standard FUTA tax rate is 6% on the first $7,000 of wages subject to FUTA. Employers receive a credit of 5.4% if they pay their quarterly unemployment in a timely manner using Form 940, making the rate .6% (the percentage we are used to). If your state has a federal loan for unemployment that has not been paid within the given timeframe, your credit is reduced by .3% each year.
We’ve always been big proponents of well-run staffing industry conferences. We love the opportunity to learn more about what’s going on in the industry, as well as what’s on the horizon. But most importantly, we look forward to all the face-to-face conversations we have with colleagues and friends. It’s those connections that we cherish and that we missed last year.
Conference organizers did a tremendous job of carrying on in a virtual format last year. But we’re very excited to be back in-person for what we think are some of the best national staffing conferences of the year: ASA Staffing World 2021, SIA Healthcare Summit, and TechServe Alliance Executive Summit.
They’ve got it all: excellent speakers and itineraries, great opportunities for networking, a focus on safety, and fantastic venues.
Plus, there’s still time to register if you haven’t already!
ASA Staffing World 2021
September 28 – 30
Denver, CO
https://americanstaffing.net/sw21/
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We know the end of the year is already a hectic time between holidays, commitments with family and friends, and year end business goals. It’s also the time of year when important tax and legislative updates for the next year are announced. It can be hard to keep up with all the changes that may impact your staffing company: from minimum wage increases to state and federal tax changes, to unemployment wage bases, and more.
We’ve assembled a list of changes, charts, and resources that may impact your staffing company in the new year, as well as tax tools that can help you plan and prepare. We’ll keep making updates as we receive them, but in the meantime, we invite you to review the host of changes coming up in 2025.
During the pandemic, numerous government programs were created to help businesses stay afloat during those turbulent economic times. Program names reduced to acronyms, such as the PPP (Payroll Protection Program), became common parlance. With these programs came aggressive marketing techniques by promoter groups targeting businesses and urging them to apply for assistance whether they actually qualified for the programs or not.
One such program is the Employee Retention Credit (ERC). The ERC is a fairly complex tax provision aimed at helping businesses (not individuals) who were impacted by the pandemic.
On the federal level:
Starting July 1st, millions of “white collar” exempt employees received a raise as the federal government increased the minimum salary level for exempt employees from $684 to $844 per week. This translates to $35,568 per year and $43,888 per year. The change includes executive, administrative, professional, outside sales, and computer employees.
This is the first of two steps to increase the salary threshold. The second step takes place on January 1, 2025, when the weekly minimum salary level increases from $844 to $1,128 (or from $43,888 to $58,656 per year).
LATEST UPDATE: On June 28, 2024, A judge for the U.S. District Court for the Eastern District of Texas blocked the enforcement of the new U.S. Department of Labor rule to increase the minimum salary thresholds for the Fair Labor Standards Act’s white-collar overtime exemptions against the state of Texas. The order is limited to enjoining enforcement of the rule against the state of Texas as an employer.
There’s been a lot of talk about the economy lately. From inflation to employment, wages, rising interest rates, and more, 2022 is starting out as a year where the economy is set to take center stage.
Recently, TRICOM’s President / CEO Julie Ann Bittner sat down with Jason Turner, Chief Investment Strategist of Great Lakes Advisors to talk about the economic outlook as it stands today. They discussed what it tells us about the current environment and what the year may bring in terms of changes and trends. Jason also addressed questions such as:
What is “the Great Resignation” of 2021 and how is it impacting employment supply and demand?
Will wages increase to meet the shortfall between job openings and hiring as well as workers demands due to the rising cost of living?
What is the media not talking about?
Earlier this month, Julie Ann and Jason sat down to discuss the topic that’s been on everyone’s mind lately: the economy.
After facing another tumultuous year, we’re getting ready to wrap up 2021 and are looking to 2022 with hope and anticipation. If there’s anything we’ve learned over the last two years, it’s that sometimes it can be hard to know what to expect.
That’s why it’s important to be prepared for the changes we know are coming — specifically tax and wage changes.
We’ve put together a list of the top changes that you’ll need to prepare your staffing business for 2022. From minimum wage increases, to states with changing tax tables, to Earned Income tax credit notice requirements, we’ve collected the information you need to face the tax changes coming in 2022 with confidence.
Earned Income Tax Credit Notice Information:
For 2021, you are encouraged to notify the following employees that they may be able to claim EIC on their 2021 tax returns:
We don’t need to tell you that 2020 was a tough year for staffing. The industry as a whole was down approximately 11 percent for the year. In 2021 the industry has reversed course and is currently at 16 percent growth overall, with some segments greatly exceeding this mark.
Will this trend continue for 2022?
Julie Ann Bittner, TRICOM President & CEO, spoke with Adrianne Nelson, Staffing Industry Analysts Senior Director of Global Membership Products, in this month’s Insights With Insiders podcast to discuss the research and trends propelling the staffing industry into the next year.
Adrianne reveals staffing segments that are growth drivers, as well as those struggling to make a comeback and suggestions on breaking into new segments. Adrianne and Julie Ann also look at how automation and staffing platforms are transforming the industry, as well as lessons learned from COVID including trends in remote work and e-commerce, and vaccine mandates.
You’ll want to listen to the podcast for the full details, but in the meantime, we’ve outlined some key points.
As staffing company business owners and managers, you’ve had a lot to think about and adapt to in the last 18 months or so. That’s why part of our job at TRICOM is to make sure we stay abreast of any changes – tax, legislative, or otherwise – that could impact your business.
One such change is the FUTA Credit Reduction.
The standard FUTA tax rate is 6% on the first $7,000 of wages subject to FUTA. Employers receive a credit of 5.4% if they pay their quarterly unemployment in a timely manner using Form 940, making the rate .6% (the percentage we are used to). If your state has a federal loan for unemployment that has not been paid within the given timeframe, your credit is reduced by .3% each year.
We’ve always been big proponents of well-run staffing industry conferences. We love the opportunity to learn more about what’s going on in the industry, as well as what’s on the horizon. But most importantly, we look forward to all the face-to-face conversations we have with colleagues and friends. It’s those connections that we cherish and that we missed last year.
Conference organizers did a tremendous job of carrying on in a virtual format last year. But we’re very excited to be back in-person for what we think are some of the best national staffing conferences of the year: ASA Staffing World 2021, SIA Healthcare Summit, and TechServe Alliance Executive Summit.
They’ve got it all: excellent speakers and itineraries, great opportunities for networking, a focus on safety, and fantastic venues.
Plus, there’s still time to register if you haven’t already!
ASA Staffing World 2021
September 28 – 30
Denver, CO
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- Container 3
- Container 4
- Container 5
- Container 6
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LEGISLATIVE UPDATES
Post date: Jan 17, 2025
Post date: Nov 30, 2024
Post date: Oct 28, 2024
Post date: Oct 28, 2024
HEAR WHAT OUR CLIENTS HAVE TO SAY
They share any information that’s available concerning our business or things that might affect our business. And I think they also are very effective in helping you understand why you need to look at things differently if you’re not looking at them the right way.
Tanya Henry
Executive Director, Milwaukee Careers Cooperative
They share any information that’s available concerning our business or things that might affect our business. And I think they also are very effective in helping you understand why you need to look at things differently if you’re not looking at them the right way.
Tanya Henry
Executive Director, Milwaukee Careers Cooperative
