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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.

Payroll 52
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The Promotion Paradox: Is This Retention Strategy Backfiring?

Allwork

Promotions, typically seen as milestones that boost an employee’s position within a company, might actually be pushing people out the door, according to payroll-services provider ADP’s new Today at Work survey. The report reveals a staggering 29% of employees quit their jobs within a month after their first promotion.

Promotion 147
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How Hiring Virtual Assistants Can Boost Employee Performance and Work-Life Balance

Success

Laith Masarweh, founder and CEO of Assistantly, an agency that connects businesses with virtual assistants around the world, says that in the third quarter of 2022, bosses hiring VAs for their employees increased significantly, by 10% to 15% of Assistantly’s business. Many companies approached Assistantly for help.

2023 245
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The Four Horsemen of the Mandated Return to Office

Allwork

For example, an August 2022 Gallup survey of remote-capable workers showed that 34% of respondents want to work full-time remotely, 60% want to work a flexible hybrid schedule, and only 6% want to work in a traditional office-centric setting. . A September 2022 survey by Gallup found that such quiet quitters make up about half of the U.S.

2022 342
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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. The new FAQ 98a reads like this.

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

Forms 52
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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

Forms 52