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…
Payroll
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…
If your company needs to file an amended Form 941-X to claim any new tax credits or correct a quarterly return, heads up: The IRS has released a new draft version of the form. Here’s a preview of the most…
UPDATE: You’ve just been given more time to keep your coronavirus leave donation program running. IRS extended the allowance of donations of vacation, sick or personal leave through a leave-based donation program through the end of 2021 in IRS Notice…
Finance pros are already taking advantage of the new expanded window of time for Same Day ACH. And it can benefit your company, too. The third window, added in March 2021, allows same-day transactions to be initiated as late as 4:45…
