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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.

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IRS releases details on how to withdraw ERC claims

BMT Office Administration

The IRS has kept its promise to provide relief to employers that filed Forms 941-X to claim the pandemic-era employee retention credit for which they aren’t eligible. 14, the day the IRS imposed a moratorium on processing Forms 941-X on which the credit is claimed, but who haven’t yet received their ERCs.

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W-2 E-filing guide: Brush up before you file

BMT Office Administration

Most employers are probably familiar with the e-filing process. With that in mind, even if you’ve e-filed your W-2s before, it’s still a good idea to review the process and ensure you’re following the right steps. Step 1: Navigating to the wage file upload page The SSA has redesigned its website.

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Final regs drop mandatory e-filing threshold to 10 or more information returns

BMT Office Administration

We’ve been waiting for the IRS to release final regulations on mandatory e-filing of information returns for quite some time. 31 e-filing deadline, we made an educated guess and said it wouldn’t make the same mistake again. Options for small employers: Small employers may never have thought about e-filing.

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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.

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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. Forms such as IRS Form W-2 and IRS Form 1099 need to be sent out by the end of January. A 1099 is a form used to report non- employee compensation. What is a W-2?

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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. How does HR Outsourcing work for small businesses? This includes things like payroll administration, employee benefits , HR compliance, and talent acquisition.

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