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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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IRS update: digital communication and payroll

BMT Office Administration

He also confirmed FIRE’s eventual retirement, in favor of IRIS. The IRS must lean heavily into digital communication, Mamo said, including: Document upload tool. It’s more challenging with business and payroll returns, because of the power of attorney; the IRS is beginning a POA initiative, he added. Online accounts.

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The What, Who and How of Outsourcing… So You Can Let Go

Success

When Harry Hecht, an Orlando, Florida-based mentor with SCORE—originally named the Service Corps of Retired Executives—encounters business owners who are reluctant to outsource, he has them track their time. “I If you’re wondering whether you’re ready to outsource, the following tips and examples should be helpful: Deciding what to outsource.

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

BMT Office Administration

Employees need this document in order to file their personal income taxes each year. Examples of nonemployees are contract workers, freelancers, or sole proprietors that you have done business with. 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits.

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Standard Operating Procedures: Tips for Creating Business Systems | Office Organization & Office Efficiency | OfficeArrow

www.officearrow.com

Thats especially important for tasks that you handle less frequently - quarterly or annually, for example - or for when youve just come back from a long absence or vacation. Plus, well-documented business systems are a useful tool for training someone new or for meeting regulatory compliance. Every job and procedure is documented.