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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

Nevertheless, 2023 is looking like another challenging year for Payroll as we get a few insights into what to expect. The IRS punted on its final regulations , dropping the mandatory e-filing threshold for information returns for 2021 and 2022 W-2s, 1099s, and 1095s. These regs will scoop up smaller employers into the e-filing net.

Payroll 52
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How long do employers keep employee records?

BMT Office Administration

Otherwise, your organization could wind up in hot water if you’re subjected to an audit, which is something you definitely don’t want to deal with. These include performance evaluations , signed copies of your employee handbook , employee identification numbers, emergency contact information, awards, training records, and termination letters.

Payroll 98
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Employee personnel files — what should and shouldn’t be included

BMT Office Administration

Setting up employee personnel files is an important part of the recordkeeping process. 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).

Filing 121
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

To clear things up, we’ve put together this extensive guide breaking down what you should and shouldn’t include in your employee files — so read on to learn more. Are your employees up to date with their fire safety and first-aid training? Why do you need to keep personnel files?

Filing 52
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Everything you need to know about geofencing time clocks

BMT Office Administration

It could be an office, medical facility, or even multiple job sites in different locations. as the tracking system will let you know what your team is up to during the day. Missed punches happen all the time, and they cause all sorts of problems with timekeeping and payroll processing.

Payroll 59
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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. 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. What information needs to be included on form 1099 NEC? Payer’s TIN.

Payroll 52
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Stay organized and secure with electronic records management

BMT Office Administration

He put Laura in charge of going through a bunch of drawers with instructions to make folders to organize papers of current worth, box up other documents that somebody might need down the line, and toss insignificant and old material. Such a management system utilizes information technology to organize and store records in electronic form.