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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. The IRS e-help desk phone number is 866-255-0654.

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Bank failures and payroll — what employers should know

BMT Office Administration

A close call The FDIC announced Monday that it would protect all deposits, which means employers should have no problem making their payrolls. Explore whether it’s possible to switch your payroll accounts to another bank. So employees are probably going to have questions about the security of your payroll processes.

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The Paperless Payroll

Eco-Office Gals

Be it computers, phones, tablets, and other digital devices, seldom will you find a position that doesn’t utilize at least a computer. What Are Some Advantages of the Paperless Payroll? One of the biggest conundrums that, what we call the paperless payroll, would solve would be human error.

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Everything you need to know about geofencing time clocks

BMT Office Administration

That’s because they’ll have to enable location tracking on their phone to download the app, so you’ll always know where your employees are during work hours. Missed punches happen all the time, and they cause all sorts of problems with timekeeping and payroll processing.

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Introducing FedNow: The Fed’s new direct deposit service

BMT Office Administration

You send the payroll file to your bank a few days before payday and your bank sends files through the ACH network to employees’ banks. The process for FedNow is similar to NACHA’s settlement process for direct deposit, but instead of NACHA settling transactions, the Federal Reserve does. Direct deposit is a closed loop.

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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. You need to map out the process,” he says. “If If it’s answering the phone, you should have a script. Tax laws change.

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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. 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. What pay is taxable?

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