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Stay on track with this payroll compliance checklist

BMT Office Administration

Payroll compliance is no small task. Everyone knows that executing payroll accurately and on time is important, after all everyone wants to get paid for their world. However, there is also a lot more that goes into proper payroll processing including a large number of compliance functions and concerns.

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Small business tax credits and deductions you should know about

BMT Office Administration

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. For certain small businesses, however, the credit is effectively refundable , depending on the size of their payroll. For 2023, you can deduct up to $1.16

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Time management tools to help you get ahead at work

BMT Office Administration

From time management software to mobile apps to general tips and tricks, these tools can help you limit procrastination and better utilize your time at work. Many employees track their time via timesheets, timeclocks, or time tracking software so that employers can review their hours worked. Time tracking tools.

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IRS releases e-filing waiver guidance

BMT Office Administration

Finally, instructions on timely filing and correcting returns the IRS’ system has rejected during attempts to e-file may be found in IRS publications specific to each of its electronic filing systems: Publication 4164 , Modernized e-File (MeF) Guide for Software Developers and Transmitters.

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

BMT Office Administration

For example, a graphic designer employed as an independent contractor would likely use their own computer and design software whereas employees often have work devices and any necessary software program subscriptions provided. Employers also need to report and deposit payroll taxes to the internal revenue service (IRS) every quarter.

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5 SOP examples for your business

BMT Office Administration

Conduct the HR orientation to orient the new employee with the timekeeping and payroll software , necessary paperwork, and internal resources. Example 5 – Payroll processing. This Standard Operating Procedure details all of the steps that must be taken by the payroll department to process payroll each pay period.

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How to handle remote employee time tracking

BMT Office Administration

There are many ways to go about this, including time-tracking apps, project management software, timesheets, screenshots, spreadsheets, and asking team members to track their own progress. Besides software, organizations can also use spreadsheets, task lists, and self-reporting from employees.

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