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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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What Is Cryptocurrency’s Role In The Future Of Work?

Allwork

Cryptocurrency – the most famous example of which being Bitcoin – is a decentralized digital currency that does not depend on traditional institutions, such as the government, to maintain its use and exchange rates. . An example of a company that does this is the crypto wallet company Exodus, where its employees are paid in Bitcoin. .

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In-Depth Guide to the Timesheet Approval Process

BMT Office Administration

For example, a solid timesheet approval system will help you stay on budget, and you can gain insights into your workforce’s productivity. Other reasons why timesheet approval is a necessity include: It ensures proper payroll processing. Whenever a manager submits their employee timecards to payroll , they need to be extremely precise.

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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

A 1099 is a form used to report non- employee compensation. 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. What is a 1099?

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Employee Records: End of year review & preparing for next year

BMT Office Administration

Not only that, but with the end of the year just around the corner, companies need to know which documents they need to keep and which they can discard without incurring any legal penalties. Employers keep many records and documents about their employees, not only for legal requirements but also because it’s just a good business practice.

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