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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

Recruitment documents Human resources departments should retain documents related to the hiring process, especially if you need to refer back to them later. Confidential documents include medical files, tax documents, employee benefits , payroll records, and more. health insurance, dental, vision, etc.).

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

BMT Office Administration

Usually, when you hear about 1099s during tax season, people are referring to IRS form 1099-NEC, the tax form that is sent to independent contractors in place of a W-2 form. Is the worker treated as a supplemental resource to the business’ internal staff or are they working alongside them during similar hours and on similar projects?

Payroll 52
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Leveraging Procedures for Effective Training and Onboarding

All Things Admin

This not only aids in creating a comprehensive procedural document for future use, but also provides a reference for the new hire to revisit as needed while they’re learning the ropes. Health and Safety: Policies related to workplace safety, emergency procedures, and health guidelines.

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

BMT Office Administration

As a starting point, consider what these organizations say about some major types of records to keep and for what length of time: Per the Internal Revenue Service : The length of time you should keep a document depends on the action, expense, or event which the document records. Requirements may prove surprising.

Policies 105
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Stay organized and secure with electronic records management

BMT Office Administration

Some need to be easily retrievable should a government agency such as the Department of Labor (DOL) want to check employment verification or the Occupational Safety and Health Administration (OSHA) need to investigate an environmental concern. Payroll information. Do not expect employees to inherently know what stays and what goes.