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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

Nevertheless, 2023 is looking like another challenging year for Payroll as we get a few insights into what to expect. The IRS punted on its final regulations , dropping the mandatory e-filing threshold for information returns for 2021 and 2022 W-2s, 1099s, and 1095s. Here are five items we see coming this year. Final e-filing regs.

Payroll 52
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Navigating the IRS’ Interactive Tax Assistant

BMT Office Administration

I zipped through the Did I receive Social Security benefits during 2021 and Did I provide more than half my support during 2021 screens, only to be stymied by how the assistant displays one’s date of birth. It’s payroll -friendly, too! 503, Child and Dependent Care Expenses , does a good job of explaining these changes.

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

BMT Office Administration

It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Some expenses may be included on independent contractor invoices, but the basic tools or programs required to complete the work are often provided by the contractor. Booth copies must be sent out by January 31.

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

BMT Office Administration

That trend continued in 2021, with only 34% of small businesses applying for bank loans. The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” “In Revenue differs from profit in that revenue doesn’t include expenses.

Finance 105
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The Blended Role of Executive Personal Assistants

C-Suite Assistants

In 2021, that number has skyrocketed to 40 percent! In public corporations, the executive assistant is on the company payroll, and most often, the personal assistant is on a personal payroll. This role is gaining in popularity. In this case, these will be two separate people.

Payroll 74