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From the Archives: The Ultimate Cost of Penny-Pinching

Success

I know a rich man who has become such a slave to the habit of economizing, formed when he was trying to get a start in the world, that he has not been able to break away from it. False economy has cost this man very dear. Trying to cut the payroll down to the lowest possible dollar has ruined many a concern.

Clothes 246
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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

The IRS released Forms 1095-C and 1094-C for 2022 healthcare information reporting last week. These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. The instructions are still in draft form , however not much has changed from the 2021 reporting.

Forms 52
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Benefits of outsourcing HR for small businesses

BMT Office Administration

Most small businesses focus on their product/service team and sales staff in the early years, but someone still needs to run payroll and handle onboarding for new hires. This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition. How does HR Outsourcing work for small businesses?

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

BMT Office Administration

Besides the EEOC, the IRS also has requirements for employee documents, including which forms you need to have for each employee, such as W-4s. These types of violations can cost your organization $75,000+ , so keeping confidential information separate is a must. Here’s what you’ll need to include in your confidential employee files.

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

BMT Office Administration

In fact, ROBS is currently the most popular form of business financing in 2023. Equity refers to the total value of a company’s assets minus the cost of its debts. Due to these costs, it’s sometimes necessary for businesses to go into debt to achieve the cash flow they need to survive. What are the advantages of debt financing?

Finance 105
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4 Monumental Ways Banning Noncompete Clauses Will Transform The Future Of Work

Allwork

The fight to keep and attract top candidates would also lead to higher salaries, and thus increased payroll costs. . But leaders can suppress the threat of employee turnover by giving workers what they desire from their jobs, typically in the form of better wages and benefits such as health insurance and paid time off. .

Policies 331