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4 important payroll issues to keep an eye on in 2023

BMT Office Administration

Nevertheless, 2023 is looking like another challenging year for Payroll as we get a few insights into what to expect. But business travel is still vital to many companies. You must tax per diems exceeding the GSA’s rates, unless employees provide a full accounting of their expenses. We wish we had a crystal ball, but we don’t.

Payroll 52
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

Besides complying with federal and state laws, keeping employee records helps you stay organized, aids decision-making, and protects your company if a terminated employee files a lawsuit. Confidential documents include medical files, tax documents, employee benefits , payroll records, and more.

Filing 52
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Counting the costs: What government funding for scientific research will cover?

The Small Business Blog

And if you’re working in scientific, technological, medical or engineering research, the government can end up giving you quite a lot of money, through a scheme called research and development tax credits. Subcontracted work: There are different rules here depending on whether you are a small or large company.

Agencies 120
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Does the company control or have the right to control what the worker does and how the worker does his or her job? It can also help to look at whether the worker is reimbursed for expenses incurred while completing the work. Employers also need to report and deposit payroll taxes to the internal revenue service (IRS) every quarter.

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

BMT Office Administration

Worried that your company might not have a particular document on hand if the IRS conducted an audit? Creating an effective documentation retention policy involves reviewing company and human resources requirements, state law, federal law, industry and governmental regulatory requirements, and insurance policies. Per the U.S.

Policies 105
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Stay organized and secure with electronic records management

BMT Office Administration

She also explained that the only items she actually tossed were some electronic mail printouts from last year that were originally sent to the account of a person no longer with the company. Many serve as supporting evidence when the company files taxes or gives reports to other federal agencies. The need for company policies.

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Everything you need to know about geofencing time clocks

BMT Office Administration

It could be an office, medical facility, or even multiple job sites in different locations. Also, 75% of companies lose money from buddy punching , which is the most common way for employees to steal time. The same is true for companies with any type of mobile employees (sales, field service, etc.),

Payroll 59