BMT Office Administration

JUNE 3, 2023

One tidbit we’ve picked up? Section 271 of the Fiscal Responsibility Acts of 2023 ( H.R. 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. The IRS says it can and will pilot it during next year’s filing season.

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BMT Office Administration

JANUARY 11, 2023

Nevertheless, 2023 is looking like another challenging year for Payroll as we get a few insights into what to expect. Final e-filing regs. 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. This is prescient.

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BMT Office Administration

AUGUST 18, 2023

Final regulations implement the Taxpayer First Act by requiring you to e-file all your information returns—your W-2s, 1099s, 1095s, and other information returns—if you’re filing a combined total of at least 10 returns, beginning with returns filed next year. This is a new standard. Updates will be available in the same way.

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BMT Office Administration

OCTOBER 6, 2022

However, Payroll teams are busy preparing for a different season — year-end reporting. Plan for a lower mandatory e-filing threshold. 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. With this in mind: 3.

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BMT Office Administration

DECEMBER 6, 2023

This gives us more time to explore W-2 issues, which, based on questions we’ve been encountering, are beginning to trip up employers. Today’s inaugural edition is focused on applying for a waiver from filing electronically. Who must file electronically? What about those e-filing waivers? Almost everyone.

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Success

JULY 18, 2023

You might be familiar with 401(k) plans and automatic payroll deductions at a traditional employer. Under a SIMPLE IRA, the employer must make contributions each year, either a matching contribution of up to 3% of an employee’s compensation or a 2% contribution that is nonelective for each employee.

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BMT Office Administration

MARCH 3, 2023

And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. Unused credits may be carried back one year and forward for up to 20 years. For 2023, you can deduct up to $1.16 In 2023, this amount is $2.89

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