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It’s time to review (or create) your document retention policy

BMT Office Administration

Worried that your company might not have a particular document on hand if the IRS conducted an audit? They create a document retention policy that clarifies what needs to be saved, where, and for how long. Courts and government agencies frown upon individual employees selectively keeping or tossing important documents.

Policies 105
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Stay on track with this payroll compliance checklist

BMT Office Administration

Payroll compliance is no small task. Everyone knows that executing payroll accurately and on time is important, after all everyone wants to get paid for their world. However, there is also a lot more that goes into proper payroll processing including a large number of compliance functions and concerns.

Payroll 52
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What’s the deal with on-demand pay?

BMT Office Administration

There were at least 11 on-demand pay vendors at the American Payroll Association’s Annual Congress last month, not including the national third-party payroll providers. Nothing wrong with vendors highlighting their products at a convention of Payroll professionals. What regulating agencies say. 5 questions to ask vendors.

Payroll 97
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The Stimulus Programs Gig Workers and Freelancers Qualify For

Small Business Labs

  However, the final rules and details on how the various programs will work are still being worked out by the state and federal agencies tasked with administering them.   For more information and details, see the SBA's site and this document from the Senate Small Business Committee.    

Payroll 152
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IRS poised to allow e-filing of Form 941-X

BMT Office Administration

The IRS and the National Taxpayer Advocate have been going at each other hammer and tongs over the mountains of paper forms the agency still processes. The IRS’ paperless initiative takes this one step beyond scanning payroll returns. TIGTA reports the IRS isn’t including the required tracking document, Form 3210, with these packages.

Forms 52
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Stay organized and secure with electronic records management

BMT Office Administration

He put Laura in charge of going through a bunch of drawers with instructions to make folders to organize papers of current worth, box up other documents that somebody might need down the line, and toss insignificant and old material. Many serve as supporting evidence when the company files taxes or gives reports to other federal agencies.

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The DOL makes 401(K) cybersecurity recommendations

BMT Office Administration

Last year, the Department of Labor released a trio of documents advising employers with 401(k) plans about cybersecurity. The DOL is backing up the advice in those documents during plan audits by scrutinizing employers’ and third parties’ cybersecurity efforts. Perhaps the DOL should secure its own computer systems first.