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

Allwork

Because of inflation and contentious global affairs, payment in the form of cryptocurrency has been growing in popularity among workers. . The legal status of cryptocurrency is somewhat ambiguous, and regulations on it are quite likely given its high environmental costs and its potential for facilitating fraud and illegal marketplaces. .

Salary 299
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Employee personnel files — what should and shouldn’t be included

BMT Office Administration

Accident reports. Health insurance forms. Note that employers who are required to encourage applicants and employees to self-identify as an individual with a disability under Section 503 of the Rehabilitation Act must keep these self-identification forms separate from all other records, including other medical records.

Filing 121
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In-Depth Guide to the Timesheet Approval Process

BMT Office Administration

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. Recordkeeping for legal requirements. Each timesheet should have a deadline to ensure managers have time to submit them to payroll.

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

BMT Office Administration

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. Also, you’re legally obligated to retain these records for at least one year by the EEOC. That means there aren’t any crucial files that you must include by federal or state law.

Filing 52
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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? What is a 1099?

Payroll 52
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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.

Medical 52