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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.

Payroll 52
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What Is The Impact Of Hybrid Working On Space Optimization?

Allwork

This shift has many benefits, but it also leaves facility managers, CFOs, and business owners wondering what will happen with their office real estate. Real estate costs can be reduced by downsizing the amount of space needed and allowing for flexible desk booking policies. Does this bring with it an opportunity to save costs?

Policies 295
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Benefits of outsourcing HR for small businesses

BMT Office Administration

HR administration is an essential component of running a small business, but it’s often one of the most challenging to manage in the early stages of small business or start-up operations. With human resources outsourcing, small businesses can get help from an external party in managing their HR activities.

Payroll 52
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In-Depth Guide to the Timesheet Approval Process

BMT Office Administration

It’s up to each department manager to review the timesheets their employees submit to ensure accuracy. Timesheet approval provides a way for managers to double-check their employee’s time punches to ensure there are no mistakes or missed punches. Examining timesheets will also let managers know if certain employees are underperforming.

Payroll 52
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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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IRS releases e-filing waiver guidance

BMT Office Administration

You may qualify for a hardship waiver if the cost of e-filing exceeds the cost of filing on paper. These filers should notify the IRS that they qualify for a religious exemption in advance of filing returns and other documents by filing a Form 8508. 42-007 , Specifications for Filing Forms W-2 Electronically (EFW2).

Filing 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