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Ensuring payroll compliance in 2024: What’s new?

BMT Office Administration

Maintaining payroll compliance is a must for accounting departments, but it’s often easier said than done. That’s especially true whenever new changes come about, and 2023 was a year rife with new payroll regulations, trends, and initiatives. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

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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.

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Final regs drop mandatory e-filing threshold to 10 or more information returns

BMT Office Administration

We’ve been waiting for the IRS to release final regulations on mandatory e-filing of information returns for quite some time. The regs will be published in tomorrow’s Federal Register and apply to information returns you’re required to file beginning in 2024. Once it missed this year’s W-2/1099-NEC Jan. What about other returns?

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IRS releases e-filing waiver guidance

BMT Office Administration

Final regulations implement the Taxpayer First Act by requiring you to e-file all your information returns—your W-2s, 1099s, 1095s, and other information returns—if you’re filing a combined total of at least 10 returns, beginning with returns filed next year. This isn’t a new standard.

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

BMT Office Administration

Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. What information needs to be included on form 1099 NEC? Payer’s TIN.

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Time management tools to help you get ahead at work

BMT Office Administration

There is a wealth of useful and actionable information that can come from time tracking. If you’re looking for a no-cost timekeeping option, Clockify is a great alternative to traditional time clocks or paid time and attendance software. If you use QuickBooks for payroll processing , the integration is convenient.

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What does it take to be a successful office manager?

Page Personnel

Multi-tasking skills Office managers would be pulled left, right and centre every other day by different people in the office, requesting information and asking for advice, from changing the printer ink, to finding stationery, checking on courier packages and even finding out about the boss's day.