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Bank failures and payroll — what employers should know

BMT Office Administration

Before the FDIC acted on Monday, they had good reason to—bank accounts are insured for up to $250,000. A close call The FDIC announced Monday that it would protect all deposits, which means employers should have no problem making their payrolls. Explore whether it’s possible to switch your payroll accounts to another bank.

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10 Best Financial Management Tools for Personal and Professional Use

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So, if you are keeping up with income and expenses, you can quickly pull the data without much thought. Google Sheets is also helpful if you’re self-employed and like to keep information in one place without needing a fancy user interface. You can connect all of your accounts to YNAB, so it can keep up with your balances.

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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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Payroll update: Student loans, free tax filing, and more

BMT Office Administration

One tidbit we’ve picked up? You should inform employees of this development. The pause in student loan collections is unrelated to the Department of Education’s plan to forgive up to $20,000 in student loan debt. In addition to state tax agencies, the IRS sends information to a wide array of state social service agencies.

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Upcoming regulatory initiatives and their impact on payroll

BMT Office Administration

the American Payroll Association’s director of government relations. Almost 100% of hands went up in response. Speaking at the American Payroll Association’s 40th Annual Congress this week in Las Vegas, Jacobson, Robert Wagner, Esq., and Mike Linehan caught attendees up on today’s hot payroll -related regulatory issues.

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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. Beef up computer security. Reach out to employees if SSNs are missing.

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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.

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