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Upcoming regulatory initiatives and their impact on payroll

BMT Office Administration

the American Payroll Association’s director of government relations. Speaking at the American Payroll Association’s 40th Annual Congress this week in Las Vegas, Jacobson, Robert Wagner, Esq., and Mike Linehan caught attendees up on today’s hot payroll -related regulatory issues. This keeps Payroll in the loop.

Payroll 52
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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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3 Smart Money Moves to Make Before Starting a Business

Success

Once you get further along with your business, be sure to maintain accurate customer information, automate invoicing, and send invoices promptly. Because business growth requires capital to support payroll, accounts receivable, inventory and more, it’s a good idea to establish forecasting models. All investing involves risk.

Finance 345
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Employee Files: What to include, what to leave out, and what’s confidential

BMT Office Administration

That’s not even mentioning all the paperwork involved in the onboarding process, such as employee handbooks , contact information, and direct deposit/banking information — just to name a few. These types of violations can cost your organization $75,000+ , so keeping confidential information separate is a must.

Filing 52
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1099 vs W-2: The difference between employees and contractors

BMT Office Administration

Both forms provide end-of-year compensation information that employees and contractors need for tax purposes. 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

Legal consult proves especially helpful in matters involving the organization’s litigation hold policy. Their advice places a legal hold on physical and electronic records that should not be deleted because of potential future use. When constructing your policy, examine legal and regulatory guidelines.

Policies 105
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What electronic record-keeping software best fits your needs?

BMT Office Administration

It also ensures that any information necessary is easily retrievable. Software systems also tend to be more secure for sharing sensitive information including employee forms with SSNs and other private data. However, it is best to avoid keeping unnecessary documents on file if they have private information. Preventing lost data.

Filing 98