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IRS update: digital communication and payroll

BMT Office Administration

Information return filers filed about 300,000 to 400,000 1099s through IRIS this past winter. He also confirmed FIRE’s eventual retirement, in favor of IRIS. It’s more challenging with business and payroll returns, because of the power of attorney; the IRS is beginning a POA initiative, he added. Cloud capabilities.

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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.

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

Success

When Harry Hecht, an Orlando, Florida-based mentor with SCORE—originally named the Service Corps of Retired Executives—encounters business owners who are reluctant to outsource, he has them track their time. “I What about the confidentiality of your business information? Tax laws change.

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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.

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Navigating the IRS’ Interactive Tax Assistant

BMT Office Administration

Categories in the assistant include Filing Requirement, Form to Use, Due Date; Filing Status and Dependents; Retirement: Pensions, IRAs, Social Security; Other Income (e.g., Basic information to help us determine your gross income. It’s payroll -friendly, too! I stuck to the top—Do I Need to File a Tax Return?

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Workforce Participation: Where is Everyone Going?

Small Business Labs

 Non-farm payrolls grew by an anemic 93,000.  This resulted in a workforce particaption rate of just 63.5% - the lowest in 31 years.  The Washington Post article says it's a combination of discouraged workers waiting out the recession and retiring baby boomers. informal economy.

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