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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. This includes income tax returns, Forms 941 and 940, and information returns.

Payroll 52
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How long do employers keep employee records?

BMT Office Administration

These include performance evaluations , signed copies of your employee handbook , employee identification numbers, emergency contact information, awards, training records, and termination letters. Payroll files. Your payroll files should include W-4s, W-2s, timesheets, direct deposits, and wage rates. Medical files.

Payroll 98
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5 SOP examples for your business

BMT Office Administration

In order to produce more consistent results and streamline your internal operations, it can be beneficial to create standard operating procedures for everyone to follow. New hire refers to any new employees beginning employment at the company. Encourage internal staff to share the opening with their networks. Related documents.

Payroll 72
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The What, Who and How of Outsourcing… So You Can Let Go

Success

From the moment she opened Ditto Boutique, a luxury consignment store in Dallas, Jane DeNike outsourced the complex tasks of payroll and paying taxes to a bookkeeper and accountant. What about the confidentiality of your business information? I use it with my interns for my blog. Tax laws change.

Elance 285
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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. These types of violations can cost your organization $75,000+ , so keeping confidential information separate is a must.

Filing 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. Usually, when you hear about 1099s during tax season, people are referring to IRS form 1099-NEC, the tax form that is sent to independent contractors in place of a W-2 form. What is a 1099?

Payroll 52
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Leveraging Procedures for Effective Training and Onboarding

All Things Admin

This not only aids in creating a comprehensive procedural document for future use, but also provides a reference for the new hire to revisit as needed while they’re learning the ropes. Share information on competitors and collaborators that overlap with our market and industry. showcasing how each tool facilitates team collaboration.