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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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5 SOP examples for your business

BMT Office Administration

To help you visualize what an SOP should look like and include, we’ve created five simple SOP examples. Take a look at the following examples to see what a basic SOP should look like. SOP Example 1 – Employee onboarding. Direct Deposit Form. Employee Handbook and Acknowledgement Form. What is an SOP?

Payroll 72
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IRS releases details on how to withdraw ERC claims

BMT Office Administration

The IRS has kept its promise to provide relief to employers that filed Forms 941-X to claim the pandemic-era employee retention credit for which they aren’t eligible. 14, the day the IRS imposed a moratorium on processing Forms 941-X on which the credit is claimed, but who haven’t yet received their ERCs.

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

BMT Office Administration

Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. A W-2 is a tax form that businesses send to their employees as well as the government. What is a W-2? What is a 1099?

Payroll 52
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Final regs drop mandatory e-filing threshold to 10 or more information returns

BMT Office Administration

Small employers e-filing Forms 1095-B/1094-C will need to use the IRS’ AIR system. The IRS says it will evaluate these objections on a form-by-form basis and not on an employer-by-employer basis. Example: In 2024, Sparky files 12 Forms 1099-NEC on paper, but it should have e-filed all of those returns.

Filing 52
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Are your employee pay profiles correct? It’s time to check

BMT Office Administration

For example, he encountered a situation where an employee wanted 100% of his net pay to go into his 401(k) account. Downstream ramifications of incorrect codes Incorrect earnings codes lead to incorrect W-2s, which lead to corrections on Forms W-2c and 941-X, Stone pointed out. And employees often muddle the priorities, he commented.

Salary 52
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Establishing a Digital Presence

Recruit CRM

There should also be a ‘Write to Us’ or ‘Message Us ‘form that comes straight to your inbox, with an automated ‘thank you’ message and mentioning how quickly you will get back to them ( one or two working days at best). small form could pop up which is filled by the visitor).

Temping 52