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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

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5 SOP examples for your business

BMT Office Administration

In order to produce more consistent results and streamline your internal operations, it can be beneficial to create standard operating procedures for everyone to follow. New hire refers to any new employees beginning employment at the company. Encourage internal staff to share the opening with their networks. Related documents.

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How long do employers keep employee records?

BMT Office Administration

Payroll files. Your payroll files should include W-4s, W-2s, timesheets, direct deposits, and wage rates. ADEA (Age Discrimination in Employment Act) record requirements state you must retain payroll records for three years. The Fair Labor Standards Act (FLSA) states employees must hold onto payroll records for three years.

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The What, Who and How of Outsourcing… So You Can Let Go

Success

From the moment she opened Ditto Boutique, a luxury consignment store in Dallas, Jane DeNike outsourced the complex tasks of payroll and paying taxes to a bookkeeper and accountant. I use it with my interns for my blog. Tax laws change. After merging her boutique with another, she and her co-owner planned to upgrade their website.

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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. Here’s what you’ll need to include in your confidential employee files.

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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?

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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. Human Resources Information Benefits and Compensation: Detailed information on employee benefits, compensation structure, and payroll schedule.