Advice
Questions regarding overtime and holiday pay commonly arise this time of year. If you stick to these nine key rules, the holiday season will run smoothly for you and your employees.
No, not your Thanksgiving feast, but the feast of year-end responsibilities awaiting anyone who delays year-end prep much longer. Here’s help getting started.
Holiday bonuses are a tradition at many companies. Employees may count on them. Bonuses take planning, and Payroll usually begins planning for them now. You need look no further for what you need to know to make the bonus process run smoothly.
If you pay independent contractors $600 or more, you must e-file Forms 1099-NEC with the IRS and provide your contractors with their copies by Feb. 2, 2026. Here’s what you need to know for the upcoming 1099 filing season.
One cornerstone of pandemic relief was allowing employers to defer the deposit of their portion of Social Security taxes during 2020. Those deferrals had to be made up: half by Jan. 3, 2021, and the other half by Jan. 3, 2022. According to the Treasury Inspector General for Tax Administration, the IRS incorrectly assessed manual failure-to-deposit penalties totaling $73.7 million on 9,548 business tax accounts.
Payroll is complicated and your time is limited. Spend two minutes reading these digests and you’ll be able to keep the C-suite up-to-date on key payroll developments.
You can’t pay employees correctly if you don’t know how many hours they’ve worked. And no matter how many times you stress the importance to employees of getting their time sheets to you on time, they and their managers still just blank. One thing is abundantly clear: You can’t hold employees’ pay until they comply. You need a better strategy.
The Genius Act, signed into law earlier this year, establishes a regulatory framework for payment in stablecoins, a type of cryptocurrency. They may look like cash money, since their value is pegged to the U.S. dollar, but they’re not, according to the IRS. Stablecoins require an entirely new reporting and record-keeping regime for you.
Employees working remotely is enough of a tax-compliance headache for you. New twist: Your company policy on remote work now allows employees to work from almost anywhere. The compliance issues are endless.
FumbleBees fail to plan. Take time now to get these administrative duties out of the way. Your employees can do likewise. The result will be a considerably smoother year-end process.
