Payroll may be a big expense at your company, but dealing with wage and hour violations is even more costly. Despite all the disruption related to COVID-19, the Dept. of Labor (DOL) has been aggressive with enforcement action in 2020.…
News
Good news for your finance team: The Service’s new online platform for filing 1099s is coming along nicely. As you know, the Taxpayer First Act calls for the development of a new online portal – similar to the SSA’s Business…
If your company makes a cash charitable contribution for disaster relief, you can take a larger deduction. But only if you act fast. Your company can deduct up to 100% of your taxable income for cash contributions for relief efforts…
It’s important for your Payroll pros to treat exempt workers differently than hourly employees in most circumstances. But there are exceptions your people need to know about, especially if your company has some common policies in place for absences and…
Pause and think about all the people at your company who could be targeted for a phishing scam – finance staffers, purchasers, executives. Now consider: Are you fully confident all those people know exactly what phishing is? Is it possible…
Put EEO-1 reporting back on Payroll’s 2021 to-do list. Last year the reporting was postponed due to COVID-19. But now this regulatory requirement has returned. And the deadlines differ depending on your industry. Here's what you need to know to…
If the chaos of the pandemic and year-end caused your finance team to put the idea of an IRS audit on the backburner, it's time to bring that focus front and center again. IRS is planning to increase the number…
The Biden administration has just extended this student loan relief through at least Sept. 30, 2021. Make sure Payroll hasn’t been garnishing employee wages to repay federal student loans in the first month of the new year. There’s been another…
Good news: IRS has offered guidance on what employees can do regarding fringe benefits that weren’t used due to the coronavirus pandemic. In short, the world shut down last year. Office commutes ceased, business travel plans were canceled, and in-person…
A new final rule from the Department of Labor (DOL) makes it clear how employers should handle their workers’ tips. The rule, which amends the Fair Labor Standards Act, specifically makes two things clear: Employers aren’t allowed to keep these…
How confident are you that your finance staff is accurately and timely filing Forms 1042-S? IRS has its eye on those information returns. Recently, the Treasury Inspector General for Tax Administration (TIGTA) released a performance audit, looking at the Service’s…
A big part of year-end prep includes getting ready for the next year, which means figuring out where legal and banking holidays fall in 2021. As you know, it’s critical for your finance team to start preparing for the new year’s…
