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U.S. Private Payrolls Miss Growth Targets, Prompting Economic Speculation

Allwork

private payrolls for the month of August increased by 177,000 jobs, revealing labor market growth that was less than anticipated, according to Reuters. in July, the lowest level since September 2021, according to another Reuters report. might see a continued slowdown in the coming months.

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U.S. Unemployment Claims Reach November 2021 Levels

Allwork

Labor Department shows that jobless claims have climbed to November 2021 levels. . According to the report, jobless claims came to 251,000 during the week ending in July 16, significantly higher than the Dow Jones forecast of 240,000. . Unemployment Claims Reach November 2021 Levels appeared first on Allwork.Space.

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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. You can be penalized for filing W-2s, 1099s, and 1095s on which you report incorrect Social Security numbers. For 1095 reporting by self-insured group health plans, you can also be penalized for not reporting employees’ dependents’ SSNs.

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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. 31, 2021, for leave taken before Sept.

Forms 52
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IRS Whistleblower Office is hard at work, extra caution advised

BMT Office Administration

Recently, we discussed Payroll ethics and whether you’d break any ethical rules if you revealed someone’s tax information. 30, 2021 (the end of the federal government’s fiscal year), the IRS Whistleblower Office successfully collected $6.39 And corporate audits often lead to payroll audits. In your own company? As of Sept.

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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 , for leave taken by an employee after March 31, 2021, and before Oct. 31, 2021 , for leave taken by an employee after March 31, 2021, and before Oct.

Forms 52
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8 tips for completing your first-quarter 941

BMT Office Administration

Check the proper quarter in the Report for this Quarter box to the right on the top of the form. Make sure you check the same quarter box on Schedule B , the Report of Tax Liability for Semiweekly Schedule Depositors. 1, 2021, complete Line 5a. 1, 2021, is reported on Line 11d. 1, 2021, is reported on Line 13e.

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