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

BMT Office Administration

While dealing with lots of paperwork doesn’t rank as most HR professionals’ favorite task, proper recordkeeping for employee personnel files is a must for any organization. For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. Why is that?

Filing 52
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6 Creative Ways to Solve a Problem

Success

Although it sounds complicated, a graphic example shows how easy it is: Sales are Down Store Inventory is Low Supplier is Unreliable Some Items Discontinued Outside Sales Team Below Goals High Team Turnover Low Team Morale. In this simple example, you’ve drilled down from one large problem to its core issues.

Suppliers 362
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The Four Horsemen of the Mandated Return to Office

Allwork

For example, an August 2022 Gallup survey of remote-capable workers showed that 34% of respondents want to work full-time remotely, 60% want to work a flexible hybrid schedule, and only 6% want to work in a traditional office-centric setting. . For example, Meta Platforms offers permanent fully remote work options. Resistance .

2022 341
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

While individuals have until April 18, 2023, to file their personal income taxes, businesses have to start thinking about tax requirements a bit sooner. If you’re not quite sure about the differences between a 1099 and a W-2, keep reading to learn which form to send and how to fill out and file them. What is a W-2?

Payroll 52
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Common mistakes made on Forms 1094-C and 1095-C — ACA reporting

BMT Office Administration

These forms are required reporting under the Affordable Care Act for employers required to offer health insurance coverage. Refresher: If you use the W-2, Box 1 safe harbor, health benefits are affordable to employees in 2022 if monthly premiums for the lowest-cost self-only plan don’t exceed 9.61% of their W-2, Box 1 wages.

Forms 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. But doing this would have left him with a negative deduction for health insurance. According to Stone, the order in which deductions are taken must be a consideration. The post Are your employee pay profiles correct?

Salary 52