Termination pay is riddled with potential problems, as a recent federal district court case shows. In Garcia v. Wal-Mart, an employee clocked in for work and a few minutes later was called into a meeting with his supervisor where he…
Payroll
UPDATE: The redesigned Form W-4P won't be available until 2022, IRS announced during its November Payroll Industry Call. Given the delay in implementation, you'll be able to use either the 2021 or 2022 version of the W-4P next year –…
Employers can no longer claim a tax credit on Form 941 for keeping workers on the payroll. In fact, a new law has discontinued the employee retention credit (ERC) retroactively. The Infrastructure Investment and Jobs Act, signed by President Biden…
It’s time to look ahead to 2022 and see how legal and banking holidays will affect you and your team. That way, you can ensure you’ll have coverage for Payroll’s responsibilities, such as making tax deposits. Plus, if you’ll need…
Encouraging news to pass along to your Payroll team! There are fewer direct deposit holdouts than ever before. That news comes from the latest Getting Paid in America survey from the American Payroll Association. Almost 96% of those surveyed receive their…
Ensuring 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…
