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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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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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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. The beginner’s business finance glossary “Our P&L report shows that our revenue is now greatly exceeding our expenses, and we’re showing a considerable profit.” “In Revenue differs from profit in that revenue doesn’t include expenses.

Finance 105
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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. Provide each new hire with all necessary onboarding documents including i9 forms, tax forms, and the employee handbook acknowledgment form. Direct Deposit Form.

Payroll 72
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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. Confidential documents include medical files, tax documents, employee benefits , payroll records, and more. Here’s what you’ll need to include in your confidential employee files.

Filing 52
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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. These incentives are fully taxable and are subject to W-2 reporting.

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

BMT Office Administration

As a starting point, consider what these organizations say about some major types of records to keep and for what length of time: Per the Internal Revenue Service : The length of time you should keep a document depends on the action, expense, or event which the document records. Per the U.S. Department of Labor.

Policies 105