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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

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. It’s unlikely it will postpone releasing the final regs for yet another filing season. These regs will scoop up smaller employers into the e-filing net.

Payroll 52
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It’s time to review (or create) your document retention policy

BMT Office Administration

Courts and government agencies frown upon individual employees selectively keeping or tossing important documents. Keep copies of your filed tax returns permanently. Employers covered by the Family and Medical Leave Act ( FMLA ) are required to make, keep and preserve certain records pertaining to their obligations under the law.

Policies 105
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Stay organized and secure with electronic records management

BMT Office Administration

Many serve as supporting evidence when the company files taxes or gives reports to other federal agencies. Electronic files allow approved people to get what they need regardless of where they are at. Requirements may prove surprising, such as certain employee medical records that OSHA wants retained for 30 years.