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IRS update: digital communication and payroll

BMT Office Administration

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. Zoom in for the payroll picture The IRS calls withholding voluntary, although your employees may beg to differ.

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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

While fortunately a rare circumstance, dealing with payroll for a recently deceased employee can be tricky. Are there special reporting requirements? Hopefully this isn’t an issue that comes up for your payroll department often, but it’s important to know what to do, and get it right, in the event that it does happen.

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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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Want to Reach Your Potential? Be a Learner

Success

professor emeritus of human resource management at Rutgers University and editor of Compensation & Benefits Review. Some managers worry about investing in developing people who can then easily take those skills to a competitor,” says David G. a former human resource management professor at Rutgers. Allen, Ph.D.,

Skills 284
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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. These incentives are fully taxable and are subject to W-2 reporting.

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Business finance: The ultimate guide for non-finance people

BMT Office Administration

While this may seem complicated at first glance, it becomes easier to grasp when you understand a few key concepts about financial management. The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” What is a ROB?

Finance 105
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

A 1099 is a form used to report non- employee compensation. 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. If you are paying someone through your normal employee payroll process with income tax withholdings, you typically need to send them a W-2.

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