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Learn MoreEnsuring that employees don’t exceed the contribution limits for retirement plans may involve more steps than you realize. Each year, IRS announces the defined contribution plan limit for total employer and employee contributions. For 2021, IRS has the dollar amount…
Is Payroll ready? The W-2 filing process will have an entirely new look and feel this year-end, the Social Security Administration (SSA) recently explained. Speaking at the IRS October Payroll Industry Call, SSA’s Matthew Newton laid out the changes. SSA…
As companies try to recover from the effects of the pandemic, many want to bring on new hires – but that’s easier said than done. Over half of companies plan to add new workers in the second half of 2021,…
December is fast approaching, and IRS has some important year-end updates your finance team needs. Both Accounts Payable and Payroll will need to be aware of these. And the sooner the better! 1. Updated process to set up e-file for…
Prep for 2022 is underway, and that includes thinking ahead to holidays. The new federal holiday, Juneteenth, will require some careful thought for employers. In 2021, you had zero time to prepare. President Biden signed the Juneteenth National Independence Day…
Let your Payroll team know: IRS has specified what information they'll need to include in box 14 of the TY 2021 Form W-2. In Notice 2021-53, the Service said certain wages must be reported in box 14 or in a…
Your employment tax returns may have been among the millions of unprocessed forms identified in a recent audit of IRS (yes, even IRS gets audited). Topping the list of unprocessed business tax returns? Form 941 and other forms in the…
Early funds availability is causing headaches for many employers. And it's only the beginning. Certain banks let workers access their pay earlier than the settlement date when they receive ACH credits toward customers’ accounts. So, if payday is Thursday, these…
Just as the COVID-19 pandemic impacted many Finance processes, it also affected how Americans work. The latest American Time Use Survey from the Bureau of Labor Statistics (BLS) shows exactly how workers have spent their time over the past two…
UPDATE: Your company was just given two more months to submit and certify your EEO-1 reports. The Equal Employment Opportunity Commission (EEOC) has extended the deadline yet again. Reports for 2019 and 2020 are now due Monday, Oct. 25. The…
New child support orders will look a little different this fall for your Payroll pros. That’s because state and tribal agencies will be required to use the revised Income Withholding for Support (IWO) form. The IWO was revised last year.…
Your company can now exclude certain things from gross receipts when determining if you're eligible to claim the Employee Retention Credit (ERC). IRS Revenue Procedure 2021-33 spells out a new safe harbor for employers. Here’s the scoop. What will earn…
Resourceful Finance Pro, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.
