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5 things you should do now to prepare for year-end payroll reporting

BMT Office Administration

However, Payroll teams are busy preparing for a different season — year-end reporting. Plan for a lower mandatory e-filing threshold. We don’t yet know whether the IRS will issue final regulations dropping the mandatory e-filing threshold down to 100 or more information returns from 250 or more returns.

Payroll 52
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Employee personnel files — what should and shouldn’t be included

BMT Office Administration

Setting up employee personnel files is an important part of the recordkeeping process. However, sometimes people mistakenly think of these files as a catch-all for an individual’s paperwork. Rather, understand that general personnel files serve a distinct purpose. What to include in an employee’s personnel file.

Filing 121
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Sorting out taxes and reporting for a deceased employee

BMT Office Administration

While fortunately a rare circumstance, dealing with payroll for a recently deceased employee can be tricky. Are there special reporting requirements? Hopefully this isn’t an issue that comes up for your payroll department often, but it’s important to know what to do, and get it right, in the event that it does happen.

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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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. 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? What is a 1099?

Payroll 52
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The Four Horsemen of the Mandated Return to Office

Allwork

Additionally, a September 2022 survey from the School of Politics and Economics at King’s College reported that 25% of respondents would quit if forced to return to the office full time. . Another centered on helping staff address burnout, such as by providing mental health benefits. Resistance . Compensation adjustments .

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