The federal Work Opportunity Tax Credit (WOTC) could be a boost to your bottom line - a one-time credit up to $9,600 per qualified new hire. To be eligible for a WOTC, employers need to hire workers that qualify as…
Payroll
You've had a choice about whether to use the redesigned Form W-4P and new Form W-4R during 2022, but the withholding forms won't be optional much longer. The draft version of Publication 15-T, Federal Income Tax Withholding Methods, states that…
Form 1099-MISC and 1099-NEC deadlines are fast approaching, and you don't want an IRS audit revealing that your company sent vendors the wrong form. Determining when to use 1099-NEC for payments of $600 or more to nonemployees can be tricky…
Your Payroll pros may be distracted this year-end because IRS still hasn't committed to dropping the mandatory threshold for e-filing information returns in 2023, there's a new e-filing option for 1099s being rolled out in January, and Forms W-2, 1099…
If you can uncover and correct any mistakes before you run Forms W-2 for Tax Year 2022, you'll save yourself some time. Plus, employees will thank you (well, maybe not, but at least you can head off some complaints). Best…
Here's a checklist of the 2023 legal and banking holidays. As for Veterans Day, Payroll pros in some states have additional considerations. First, the checklist: It'll help Payroll get a plan in place for 2023, making adjustments to schedules as…
A top priority for your Payroll and A/P teams at the start of 2023 will be processing 1099 forms and getting them into the hands of vendors by the January 31 deadline (the deadline's Feb. 15, 2023 for Form 1099-MISCs…
Some employers will owe more FUTA tax than expected when it's time to send Form 940 to IRS and make tax deposits for the fourth quarter of 2022. As always at year-end, it'll be important to know the states where…
Make sure Payroll knows the latest on what to look for when examining new employees’ documents for Form I-9 purposes. Recently, USCIS extended the validity of Permanent Resident Cards employees may present for I-9 purposes. As of Sept. 26, 2022,…
When your peers were asked in August what they were planning to do with their 2023 annual salary increase budgets, not many said they were planning to freeze salaries. Salary increase budgets are likely to be larger than this year's…
Good news to pass on to your Payroll team: The vast majority of employees are confident with the accuracy of their paychecks and receive them as scheduled each pay period. That’s according to the latest “Getting Paid in America” survey…
The Dept. of Labor (DOL) is still thinking about updating FLSA overtime rules affecting executive, administrative and professional employees. Based on the Biden administration’s regulatory agenda released on June 21, 2022, several reports indicate the DOL’s Wage and Hour Division…
