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

BMT Office Administration

Health insurance forms. Note that employers who are required to encourage applicants and employees to self-identify as an individual with a disability under Section 503 of the Rehabilitation Act must keep these self-identification forms separate from all other records, including other medical records. Pay authorization forms.

Filing 121
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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. Recruitment documents Human resources departments should retain documents related to the hiring process, especially if you need to refer back to them later.

Filing 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. So whenever you hear someone talk about their fiscal year, they’re referring to the 12-month period they use for accounting and taxes. Equity (net worth) What does it mean when someone refers to their business’s equity?

Finance 105
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It’s time to review (or create) your document retention policy

BMT Office Administration

Never dispose of a current employee’s Form I-9; you must keep it for as long as the employee works for you, and for a certain amount of time after they stop working for you. Only when an employee stops working for you should you calculate how much longer you must keep their Form I-9. Per the U.S. Department of Labor.

Policies 105
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Stay organized and secure with electronic records management

BMT Office Administration

Such a management system utilizes information technology to organize and store records in electronic form. Basically, the term refers to evidence of business-related activities, such as events, transactions, discussions, and communications. OSHA forms. Payroll information. Figuring out what to keep and for how long.

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Registering your business – Start Up Guides – Part 5 | THE SMALL.

The Small Business Blog

HM Revenue & Customs ‘HMRC’ If you are self employed as a sole trader or partnership you will need to inform HMRC of this fact, this is done by completing form CWF1. If you are operating through a limited company the form you use is CT41G. To register you need to complete form VAT1.

UPS 100