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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. not signing up for your 401(k) plan).

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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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From the Archives: The Ultimate Cost of Penny-Pinching

Success

The Expensive Is Often the Cheapest. If they would reckon up what they have expended in a year, they would generally find that they have spent more than if they had only bought what they actually wanted, when they needed it, and had paid the regular price for it. Bargain hunters are often victims of false economy.

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Small business tax credits and deductions you should know about

BMT Office Administration

Unused credits may be carried back one year and forward for up to 20 years. For 2023, you can deduct up to $1.16 Deductions exceeding your income may be carried forward for up to 20 years. IRC § 41 refundable research credit IRC § 41 allows you to claim a tax credit for qualified research expenses above a base amount.

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What Is The Impact Of Hybrid Working On Space Optimization?

Allwork

From Colliers’ 2022 Innovation Summit , we gather that 60% of companies will only need 50% to 70% of their existing office space in the coming three years. After all, commercial real estate is, on average, the second-highest expense for most businesses, only surpassed by payroll. So how do you set up these policies?

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W-2 E-filing guide: Brush up before you file

BMT Office Administration

However, mistakes can be expensive and draw unwanted attention from the IRS. Click on the radio button W-2/W-3 forms for tax year 2022 or previous tax years (EFW2). The post W-2 E-filing guide: Brush up before you file appeared first on Business Management Daily. Most employers are probably familiar with the e-filing process.

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

BMT Office Administration

It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Some expenses may be included on independent contractor invoices, but the basic tools or programs required to complete the work are often provided by the contractor. Booth copies must be sent out by January 31. Medicare wages.

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