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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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HR Professionals Are Burned Out. Can A.I. Help?

Allwork

Artificial intelligence systems can aid human resources teams by acting as informed HR assistants capable of automatically completing back-office tasks and answering easy questions. . The needs of today’s workforce are far more complex than they were even twenty years ago, and such complexity is increasing rapidly.

Payroll 264
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3 Smart Money Moves to Make Before Starting a Business

Success

Once you get further along with your business, be sure to maintain accurate customer information, automate invoicing, and send invoices promptly. Because business growth requires capital to support payroll, accounts receivable, inventory and more, it’s a good idea to establish forecasting models. Do your prep work.

Finance 345
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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?

Filing 52
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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.

Filing 52
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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.

Payroll 52
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

That’s not even mentioning all the paperwork involved in the onboarding process, such as employee handbooks , contact information, and direct deposit/banking information — just to name a few. These types of violations can cost your organization $75,000+ , so keeping confidential information separate is a must.

Filing 52