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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

Are there special reporting requirements? You also need to dig out the employee’s 401(k) beneficiary form—401(k) assets move independently from the employee’s will, so you need to know who the beneficiaries are. Reporting rules Tricky withholding rules lead to tricky reporting rules. What pay is taxable?

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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. 31 e-filing deadline, we made an educated guess and said it wouldn’t make the same mistake again. Options for small employers: Small employers may never have thought about e-filing.

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3 Ways to Create a Better System for Information Management

All Things Admin

Here’s how you can implement color coding: Physical Files : Use colored folders or labels to differentiate between different projects or document types. I love translucent colored poly pockets combined with colored file folders to create instant visual distinction of what’s waiting for me each day in my priority sorter.

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IRS releases details on how to withdraw ERC claims

BMT Office Administration

The IRS has kept its promise to provide relief to employers that filed Forms 941-X to claim the pandemic-era employee retention credit for which they aren’t eligible. 14, the day the IRS imposed a moratorium on processing Forms 941-X on which the credit is claimed, but who haven’t yet received their ERCs.

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What Is The Importance Of Task Automation In Productivity And Well-being?

Allwork

Among the reports on this topic, repetitive tasks are almost always those that workers say they spend too much time on. At least 65% of workers use some form of automation in their daily work routine, and 68% of workers say that their organization is in the process of developing such automation. .

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

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. A 1099 is a form used to report non- employee compensation.

Payroll 52
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Are your employee pay profiles correct? It’s time to check

BMT Office Administration

If an employee’s home state is wrong in their employee profile and they work remotely, you will not withhold and report the proper state’s income taxes. Downstream ramifications of incorrect codes Incorrect earnings codes lead to incorrect W-2s, which lead to corrections on Forms W-2c and 941-X, Stone pointed out.

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