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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. 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. What pay is taxable?

Payroll 52
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Business finance: The ultimate guide for non-finance people

BMT Office Administration

The catch is that a business’s fiscal year does not have to line up with the traditional calendar year. However, to avoid confusion, most companies ensure that their fiscal year aligns with the current calendar year. In fact, ROBS is currently the most popular form of business financing in 2023. Data from the previous year.

Finance 105
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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. From the implementation of SECURE 2.0 From the implementation of SECURE 2.0

Payroll 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

However, there is sometimes some confusion on which to send — and you don’t want to get it wrong. 1099 workers also are not generally paid through regular payroll and do not typically have taxes withheld from their checks or deposits. What is a W-2? Are the business aspects of the worker’s job controlled by the business?

Payroll 52