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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. In addition, if an employee is involuntarily let go, their employee file must be kept for one year following the termination date. Why is that?

Filing 52
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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.

Filing 52
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How long do employers keep employee records?

BMT Office Administration

Which Files Do You Need for Your Employees? Should an unhappy applicant file a discrimination claim against your organization, having job application & interview records on hand can be a lifesaver. In general, there are three types of employee files you should keep: Personnel files. Payroll files.

Payroll 98
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8 tips for completing your first-quarter 941

BMT Office Administration

Your first-quarter Form 941 is due Monday, May 2. So you have two more days to ensure your form is correct (yay!). Here are eight tips to help you get you out of the office free and clear on Friday afternoon. Ensure the EIN you enter on the form exactly matches the EIN the IRS assigned to your business.

2021 52
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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?

Payroll 52
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Employee Records: End of year review & preparing for next year

BMT Office Administration

If you aren’t part of HR or are new to the department, you may not know which employment records you need to keep on file. After all, the US Department of Labor has some stringent requirements for employee files, including some federal laws. Confidential employee files. These files include: Worker’s compensation claims.

Medical 52