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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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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. We don’t yet know whether the IRS will issue final regulations dropping the mandatory e-filing threshold down to 100 or more information returns from 250 or more returns. Send independent contractors Form W-9 to capture their SSNs and addresses.

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Employee personnel files — what should and shouldn’t be included

BMT Office Administration

These documents tend to be ones containing sensitive or confidential information. For instance, employers cannot include medical information in an employee’s general personnel file due to the Americans with Disabilities Act (ADA). Health insurance forms. Beneficiary information. Dependent information.

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4 Monumental Ways Banning Noncompete Clauses Will Transform The Future Of Work

Allwork

Agreements like noncompete clauses are part of how information like that remains confidential. It would also require employers to rescind existing noncompetes and actively inform workers that they are no longer in effect.” . Loss of Intellectual Property and Proprietary Information . Look to Existing Laws.

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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

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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. Besides the EEOC, the IRS also has requirements for employee documents, including which forms you need to have for each employee, such as W-4s.

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

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2?

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