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IRS releases new FAQs on Form W-2c

BMT Office Administration

The IRS has released a new round of FAQs in two fact sheets, both of which clarify the circumstances under which you must provide employees with Forms W-2c if you took the payroll credits for providing them with pandemic-related paid sick or family leave during 2020 and/or 2021. Fact sheet 2022-15. 30, 2021.

Forms 52
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IRS fact sheet causes confusion around Form 941

BMT Office Administration

We admit we were thrown for a loop after reading the IRS’ latest fact sheets on reporting pandemic-related paid leave to employees on Form W-2c. 31, 2021 ) in box 14, or (2) provide a corrected statement to the employee correcting the prior reporting. What Form 941 says. Welcome to the club.

Forms 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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8 tips for completing your first-quarter 941

BMT Office Administration

Your first-quarter Form 941 is due Monday, May 2. So you have two more days to ensure your form is correct (yay!). Ensure the EIN you enter on the form exactly matches the EIN the IRS assigned to your business. You can’t use your Social Security number on Form 941. 1, 2021, is reported on Line 11d.

2021 52
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

In particular, traditional business financing options like bank loans have been declining since 2020 — where they fell 6% from 2019 (43% to 37%, respectively). In fact, ROBS is currently the most popular form of business financing in 2023. Besides that, the business finance landscape has gone through many changes as of late.

Finance 105
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How to handle remote employee time tracking

BMT Office Administration

Prior to 2020, only 6% of all employees worked remotely. Now in 2023, it’s projected that 25% of the workforce will engage in remote work in one form or another. Besides software, organizations can also use spreadsheets, task lists, and self-reporting from employees. Why is that?

Payroll 52
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Blockchain In Recruiting: Will That Impact A Recruiter's Job?

Recruit CRM

Decoding Blockchain Technology For Dummies Blockchain is an immutable and shared ledger (encrypted & anonymous) that records transactions and tracks various forms of tangible (houses, real estate, cars) or intangible assets (copyrights, intellectual property, patents, brandings) in a business network. billion dollars by 2025.

2025 52