Ruder Ware News & Insights

Updates on key legal issues and business concerns.

On May 9, 2024, the IRS announced the Health Savings Account limits for 2025.  With respect to contribution limits, the limits are higher than the ones for 2024 and the required deductible and out-of-pocket maximums have increased as well.  As a reminder, these inflation adjusted amounts are effective for calendar year 2025.

HSA/HDHP Requirement
Cost-of-Living Adjustments

Limit on HSA Contributions – Self-only HDHP

2024 – $4,150

2025 – $4,300

Limit on HSA Contributions – Family HDHP

2024 – $8,300
Continue Reading 2025 HSA Limits Are Announced

Today the Department of Labor issued its long-awaited rule raising the fixed salary requirements for employees in the executive, professional, and administrative exemption categories (EAP) and increasing the standard salary level and the total annual compensation requirement for highly compensated employees (HCE). (Note that the State of Wisconsin does not recognize the HCE exemption, so that is not applicable to Wisconsin employees.)

  • On July 1, 2024, the standard salary level for EAP will equal $844 per week and HCE


Continue Reading Breaking News: FTC Finalizes Nationwide Noncompete Ban

Today the Department of Labor issued its long-awaited rule raising the fixed salary requirements for employees in the executive, professional, and administrative exemption categories (EAP) and increasing the standard salary level and the total annual compensation requirement for highly compensated employees (HCE). (Note that the State of Wisconsin does not recognize the HCE exemption, so that is not applicable to Wisconsin employees.)

  • On July 1, 2024, the standard salary level for EAP will equal $844 per week and HCE


Continue Reading Breaking News: DOL Issues Final Overtime Rule

By March 11, 2024

The push for sustainable energy presents farmers with an intriguing opportunity: leasing their land for solar energy projects. These arrangements, known as solar leases (or easements), offer a blend of benefits and risks to farmers.
Solar leases offer enticing benefits to farmers, including:

  • Rent payments often far exceed the profitability of traditional farming.
  • Solar leases typically extend over a considerable duration, providing a potentially stable source of income over time.
  • Solar leases


Continue Reading Solar Lease Dynamics: Balancing Risks and Rewards

Presenters:
Amy E. Ebeling, Mykayla A. Dado, Eric R. Johnson
<!–Eric R. Johnson–>

<!–Presentation–>


Ruder Ware and the Dairy Business Association are partnering to provide a series of informational events across the state. Non-DBA members are welcome to participate. There is no charge to attend, lunch will be provided. To register visit: Farmer to Farmer Legal Series – Dairy Business Association.
Topics covered:
The Time is Right for a Succession PlanPresenters:  Attorneys Mykayla Dado
Continue Reading Farmer to Farmer Legal Series

Federal laws place employers in a challenging position, requiring them to navigate between compliance with laws designed to prevent the employment of persons not eligible to work in the United States and laws punishing discrimination and document abuse. Non-compliance can lead to lawsuits, fines, and potentially even criminal prosecution. While all employers would benefit from consulting a knowledgeable attorney to establish proper employment verification procedures and resolve uncertainties, even seasoned HR professionals acquainted with current best practices should consider
Continue Reading Navigating Employment Verification Challenges: When to Seek Tailored Legal Advice

By January 9, 2024

As people begin to think about passing on their assets to the next generation, some consider gifting to their children during their life, rather than passing their assets by inheritance at their death.  Possible motivations for this type of transfer include transferring ownership of a business to a child or the protection of assets in the event nursing home care is needed.  However, the potential advantages of lifetime gifting should be weighed
Continue Reading Gifting, Inheritance, and Capital Gains Tax: When Should I Give My Kids Their Inheritance?

By December 28, 2023

There is a lot of confusion about estate planning. This is understandable. Most people don’t deal with these issues on a regular basis, and planning for what happens when we die or become incapacitated isn’t something most of us like to think or talk about.
Common misconceptions about estate planning include:
1. Having a will avoids probate. Probate is a court-supervised proceeding to administer someone’s estate when they die. A probate proceeding
Continue Reading Common Misconceptions About Estate Planning

The Internal Revenue Service issued the 2024 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes.  The most notable change is the slight per mile increase for businesses.

Effective January 1, 2024, the optional standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 67 cents per mile driven for business use.  This is a slight increase from the rate

  • Continue Reading IRS Releases Mileage Rates for 2024

    The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the November issue of the Capitol Connection.

    Inside this issue

    Legislature Stands Adjourned Until Mid-January

    On Tuesday, both the Assembly and Senate concluded the legislature’s business until after the holidays. Three major proposals will now move on to Governor Evers’ desk for a signature or veto.

    TOP THREE ISSUES OF INTEREST

    1. American Family Field

    The Senate amended
    Continue Reading Capitol Connection, November 2023

    Sarah experienced a deteriorating family dynamic first-hand after her grandmother was diagnosed with Alzheimer’s Disease.  She was inspired to become an estate planning attorney because she wanted to equip families with solutions so they wouldn’t have to live through the same experiences her family had.The post Welcome Attorney Sarah Reed first appeared on Wisconsin Business Attorneys.
    Continue Reading Welcome Attorney Sarah Reed

    On November 1, 2023, the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  Almost all of the limits shown below have increased from last year.
     

    Qualified Plan Limit
    Cost-of-Living Adjustments

    401(k) and 403(b) elective deferral limit

    2023 – $22,500

    2024 – $23,000

    $200,000 compensation limit

    2023 – $330,000

    2024 – $345,000

    $160,000 defined benefit limit

    2023 – $265,000

    2024 – $275,000

    $40,000 defined contribution limit

    2023 – $66,000

    2024 – $69,000

    $80,000 definition
    Continue Reading 2024 Qualified Plan Cost of Living Increases, 2024 Social Security Taxable Wage Base

    By October 23, 2023

    When your days are consumed with running a business, it can be hard to look ahead towards tomorrow’s to-do list, much less towards a to-do list for something far in the future, like estate planning. If you’ve pushed off putting in writing what will happen to your business once you’re gone, it’s time to tackle that to-do list. Here are four items to consider when doing so:
    1. The Importance of Having
    Continue Reading Estate Planning Considerations for Business Owners

    By October 23, 2023

    As a collection and banking attorney, I am often asked whether (or when) I think collections will restart now that we are somewhat “beyond” COVID-19, although not fully. In my own practice I have seen an increase in demand letters to businesses and consumers for past due accounts or debts. Banks and businesses need to start collecting past due accounts and my sense is a slew of consumer and commercial collections are
    Continue Reading Collections in a Post-COVID-19 World

    October 18, 2023
    In this issue:

    WELCOME TO THE RUDER WARE CAPITOL CONNECTION

    The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison.

    As such, our public affairs team monitors state government activities to identify legislative proposals and executive regulations that may be of interest to the firm’s clients.

    To find out more about a specific legislative proposal or how Ruder Ware can create a custom monitoring plan to fit
    Continue Reading Capitol Connection, October 2023