There’s a new version of Form 941 for the second quarter of 2021 with some significant changes your Payroll pros will need to know about. The most recent version of the form was revised in June 2021. Most of the…
Payroll
Lately, lawmakers have been focusing more on boosting participation in retirement plans. And many of their solutions involve your Payroll team. Legislators have already made several changes. More could be coming soon, according to a statement from the ERISA Industry…
Over the years, your Payroll team has quickly adjusted to an earlier filing deadline for Forms W-2. Because of that, the IRS may decide to change the deadline for submitting other key Finance forms. In a recent report, the Electronic…
Your company may or may not have celebrated Juneteenth this year. But now that it’s a federal holiday, it’ll likely affect your company’s payroll and accounting processes going forward. President Biden signed legislation on June 17, 2021, making Juneteenth (June…
Less than two years after the new $35,568 overtime threshold went into effect, the feds are reviewing that number again. And spoiler-alert: Your company will likely have many more overtime-eligible employees. Labor Secretary Marty Walsh recently said that the Department…
When your Payroll department receives an Income Withholding Order for Support (IWO) for an employee, it’s crucial to make sure the right amount is being deducted for child support. Employers that don’t withhold per the terms of the order may…
Late last month the feds extended the deadline for remote I-9 checking until Aug. 31, 2021. That gives your company an additional three months to keep reviewing this critical employment documentation remotely. This is the ninth extension granted. You'll remember…
The summer season’s kicking into full gear! Summer holidays are fast approaching. So more employees will likely be taking vacations this year as restrictions lift. And to keep your company in compliance with wage and hour laws, your Payroll team…
Opinion letters from agencies like the Dept. of Labor (DOL) provide employers with helpful guidance for compliance. But beware, they aren’t the be-all and end-all for following wage and hour law. Relying too heavily on opinion letters can be a mistake…
Unfortunately, many employees experience financial stress. So, more employers are stepping up to help by offering their workers emergency savings accounts funded by payroll deductions. As the COVID-19 pandemic continues, workers have had trouble saving money for a rainy day.…
Employers just received additional penalty relief for your federal employment tax deposits reduced in anticipation of COVID-19-related tax credits. And it comes straight from IRS. That includes both deposits of withheld income taxes and employment taxes. Under IRS Notice 2021-24,…
It’s sometimes necessary to change your pay cycle. In this situation, it’s key to proceed with caution. Along with any compliance and legal issues that may arise due to state prompt payment laws, you’ll have to address workers’ concerns about…
