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Upcoming regulatory initiatives and their impact on payroll

BMT Office Administration

the American Payroll Association’s director of government relations. Speaking at the American Payroll Association’s 40th Annual Congress this week in Las Vegas, Jacobson, Robert Wagner, Esq., and Mike Linehan caught attendees up on today’s hot payroll -related regulatory issues. This keeps Payroll in the loop.

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3 Smart Money Moves to Make Before Starting a Business

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Borrowing funds from a close friend or family member, for example, can put a strain on relationships. For example, do research ahead of time to predict the average accounts receivable timelines for your industry. Your emergency fund should contain at least three to six months of non-discretionary expenses.

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Underwriting employees’ educational expenses tax-free

BMT Office Administration

You may underwrite all of the employees’ educational expenses tax-free, even if the education leads to a degree, if one of these conditions applies: The education is required by you or the law so employees can keep their present salary, status, or job. Sounds like tax-free education is expensive, doesn’t it? Time for some tax ed.

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

BMT Office Administration

For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. Also, you’re legally obligated to retain these records for at least one year by the EEOC. Confidential documents include medical files, tax documents, employee benefits , payroll records, and more.

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

BMT Office Administration

Examples of nonemployees are contract workers, freelancers, or sole proprietors that you have done business with. It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Employers also need to report and deposit payroll taxes to the internal revenue service (IRS) every quarter.

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